Accel, Tiger and Stripe’s COO back Mexico City-based Higo as it raises $23M for its B2B payments platform

Source: TechCrunch

Just six months after raising $3.3 million in seed funding, Mexico City-based Higo announced today it has raised $23 million in a Series A round led by Accel.

Tiger Global Management also participated in the financing, along with existing backers Haystack, Homebrew, Audacious, Susa Ventures and J Ventures. A number of angel investors also put money in the round, including Stripe COO Claire Hughes-Johnson and Cristina Cordova, former head of partnerships at Stripe. 


Goldman Traders Caught in Mexico Stalemate Chasing $400 Million From Texas Freeze


Source: Bloomberg

(Bloomberg) — It’s a Wall Street nightmare. You score hundreds of millions of dollars on a trade and you just can’t get paid.

That’s what Goldman Sachs Group Inc. faces in a transaction pitting its traders against Mexico’s dominant power company, championed by none other than President Andres Manuel Lopez Obrador, according to people with knowledge of the matter. At issue: roughly $400 million the Wall Street bank believes it’s owed from a natural-gas trade that went wild when a deep freeze hit Texas in February.

In private discussions with Goldman Sachs, state-owned utility Comision Federal de Electricidad has blamed rogue traders, ejected staff and even hinted that the side lacking financial sophistication in the trade was, perhaps, the Wall Street bank, the people said.


IMF approves smaller $61 billion credit line for Mexico


11/25/19 – Reuters

By Andrea Shalal, Anthony Esposito

The International Monetary Fund said on Monday its executive board had approved a smaller two-year lending arrangement for Mexico worth $61 billion, replacing the current flexible credit line of about $74 billion.

It said the new arrangement would bolster market confidence at a time when trade uncertainty, a sharp pullback in capital from emerging markets and increased risk premiums posed continued external risks to the Mexican economy.

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IMF Says Mexico Credit Line May Be Cut From Current $74 Billion


11/20/19 – Bloomberg

By Eric Martin and Patrick Gillespie

The International Monetary Fund’s board plans to vote on Mexico’s request to renew its flexible credit line, possibly for less than the current $74 billion, before it expires next week.

Mexico is interested in reducing the size now that there’s greater certainty around its trade relationship with the U.S., Alejandro Werner, the IMF’s Western Hemisphere director, said in an interview Wednesday at Bloomberg’s headquarters in New York. Werner said he expects the board’s decision before the current agreement expires Nov. 28.

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IMF says it will remain ‘strong partner’ of Mexico


10/20/19 – Reuters

By Anthony Esposito and Lizbeth Diaz

The International Monetary Fund will remain a “strong partner” of Mexico, the organization’s managing director, Kristalina Georgieva, said on Sunday following a meeting with the heads of the Mexican Finance Ministry and central bank.

“The Fund will continue to be a strong partner as Mexico seeks to deliver economic stability and prosperity for all Mexicans,” Georgieva said on Twitter.

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Mexico probes suspected rigging of government bond trading


10/14/19 – Reuters

By Noe Torres, Dave Graham, & Abraham Gonzalez

Some participants in Mexico’s financial market are under investigation on suspicion of engaging in “absolute monopolistic practices” in the brokerage market for Mexican government debt, the country’s antitrust watchdog said on Monday.

The Federal Economic Competition Commission (Cofece) said in a brief statement an unspecified number of suspects had been summoned to shed light on what the watchdog described as efforts to manipulate the price of Mexican sovereign debt.

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Mexico’s Senate aims to pass bills cutting bank fees by end-October: MORENA


10/15/19 – Reuters

By Diego Oré

Mexico’s Senate aims to pass a first raft of bills to regulate fees for financial services by the end of October, said Ricardo Monreal, Senate leader of the ruling National Regeneration Movement (MORENA) party.

Last November, shortly before President Andres Manuel Lopez Obrador took office, MORENA lawmakers presented a bill to limit bank fees, sparking an investor backlash that pummeled the peso MXN=, Mexico’s S&P/BMV IPC stock index and banking shares.

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Mexican finance minister says tax reform may be necessary


10/01/19 – Reuters

By Anthony Esposito & Julia Love

Mexico’s finance minister said on Tuesday that the country may eventually require a revamped tax code, although he reiterated President Andres Manuel Lopez Obrador’s promise of no new taxes during the first three years of the administration.

“The tax structure will not change in the first three years, but we have to think about what tax structure the country will need in 2022 and beyond,” Finance Minister Arturo Herrera said at an event in Mexico City.

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Losing the edge: Mexican leftist’s risk levels near Brazilian rightwinger


09/27/19 – Reuters

By Abraham Gonzalez

The risks of betting on Mexico, with its staunchly leftist government, and Brazil, which is run by a hard-right administration, are more even now than they have been for six years – according to traders in credit default swaps (CDS).

Risk premia for both countries have improved in 2019, but the advantage Mexico once enjoyed over Brazil has narrowed, due to a blend of rhetoric, results and expectations about their two presidents as they approach nearly a year in power, analysts say.

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Mexico’s Pemex offers to prepay chunk of $14.7 billion in bonds

pemex09/13/219 – Reuters

By Ana Isabel Martinez & Abraham Gonzalez

Mexico’s Pemex said on Thursday it had launched a tender offer to prepay around a third of $14.7 billion in bonds maturing between 2020-2023, in President Andres Manuel Lopez Obrador’s latest effort to shore up the state oil firm.

The offer says Pemex is looking to prepay up to $5 billion of those bonds, using a major capital injection announced by the Mexican government for this purpose on Wednesday.

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