Not so long ago, Latin America seemed an unlikely cradle for globally recognized technology companies. Mercado Libre stood out as an extraordinary pioneer, a unicorn in every sense of the word. Today, however, the region has firmly established itself as a hotspot of innovation, home to numerous startups valued at billions of dollars. These companies not only reflect Latin America’s broadening entrepreneurial ambitions, but also its resilience amid recent market shifts.
Brazil and Mexico continue to lead in sheer numbers; however, unicorn startups have also emerged from Argentina, Colombia, Chile, and Uruguay, underscoring how widespread startup activity now is across the region. While fintech remains a dominant sector driving valuations, other industries such as e-commerce, proptech, logistics, SaaS, and health tech are swiftly gaining prominence. Some valuations derived from funding rounds conducted at the peak of venture investment in 2021 may currently represent “paper valuations.” Nevertheless, these companies hold lasting importance and could experience renewed growth given recent signs of venture capital recovery throughout Latin America.
Here are Latin America’s top startups ranked by valuation, although it’s worth noting some valuations might have shifted significantly over time:
Rappi, founded in Colombia in 2015, was valued at $5.25 billion in July 2021. The delivery super-app expanded rapidly across multiple countries fueled by a substantial SoftBank-led capital infusion, but it had to navigate challenging conditions, including layoffs and evolving gig economy regulations. Recently, Rappi refocused its ambitions, announcing substantial investment in its Mexican operations and preparing strategically for an IPO.
Brazilian proptech giant QuintoAndar reached a valuation of $5.1 billion in August 2021 after raising two sizable rounds totaling $420 million within a few months. Specializing in residential property rentals and sales, QuintoAndar expanded significantly, acquiring smaller competitors while growing its team internationally.
Another standout from Brazil, Creditas, was valued at $4.8 billion after a Series F round in January 2022, driven by substantial revenue growth and investments from reputed international funds like Fidelity and SoftBank. Specializing in consumer lending, Creditas also strategically expanded into banking by acquiring Andbank’s Brazilian license.
Nuvemshop (Tiendanube in Spanish-speaking markets), the Brazilian e-commerce platform often referred to as “Latin America’s Shopify,” secured a $3.1 billion valuation through a $500 million round in August 2021. Supported by backers like Insight Partners and Tiger Global, the platform remains key for SMEs aiming to launch online sales.
Wildlife Studios, a mobile gaming developer from Brazil, achieved a nearly $3 billion valuation in August 2020. Following rapid growth, co-founder Victor Lazarte claimed that raising excessive capital at elevated valuations had been a strategic misstep; the company underwent leadership changes and significant layoffs more recently.
Loft, another Brazilian proptech founded in 2018, reached a valuation of $2.9 billion in April 2021 after massive funding from leading Silicon Valley investors. Although it faced challenging market conditions requiring workforce reductions, Loft eventually secured fresh investments from international backers and claimed to have achieved financial break-even.
Unico, founded in Brazil in 2007, reached a $2.6 billion valuation in 2022. Specializing in digital identity solutions and SaaS, Unico attracted support from heavyweight investors like Goldman Sachs, General Atlantic, and SoftBank.
C6 Bank, a digital bank founded in Brazil in 2018, attained a $2.28 billion valuation in 2020 before JPMorgan Chase became a strategic shareholder. Recently, it reported profitability and has grown a large customer base within Brazil alone.
Mexico’s Kavak, a used car marketplace, once reached an impressive $8.7 billion valuation in 2021 but saw its value substantially reduced to $2.2 billion by early 2025, reflecting difficult expansions and a more challenging operational environment. Nevertheless, new fundraising rounds and significant debt placements signal potential stability plans and an eventual IPO.
Bitso, a cryptocurrency exchange facilitating cross-border payments from Mexico, obtained a valuation of $2.2 billion after raising a significant Series C round in May 2021.
Brazilian payment infrastructure provider CloudWalk, valued at $2.15 billion during its Series C round in November 2021, recently reported robust revenue growth and profitability, emphasizing its dominance in fintech.
Clip, Mexico’s answer to Square and a thriving fintech startup founded by former PayPal employees, was most recently valued at $2 billion in June 2024 after securing additional funding as it neared profitability.
Lastly, Loggi, the Brazilian logistics and last-mile delivery platform, achieved a valuation close to $2 billion in early 2021, backed by notable investors like SoftBank, Monashees, and Qualcomm Ventures.
The rankings continue to evolve as new startups enter Latin America’s dynamic markets, but these companies undoubtedly depict a vibrant, innovative sector poised for sustained future growth.
