Fintech Blooms Raises $2.6 Million
Blooms, a fintech company providing AI-driven financing solutions for Latin American exporters of fruits and vegetables to the US and Canada, announced it has secured $2.6 million in a capital raise from venture capitalists.
Blooms plans to utilize these funds to tackle liquidity issues faced by the Latin American agricultural sector through smarter financial tools.
The round was led by Brazilian fund SP Ventures, with participation from Angel Ventures, The Yield Lab Latam, Eqwow Ventures, Glocal Managers, and Mercy Corps Ventures.
Vasconia Faces $35.4 Million Payment
Grupo Vasconia, a manufacturer of aluminum and steel home goods, revealed that the International Chamber of Commerce in New York ordered them to pay $35.4 million to the US-based Perennial Group.
This payment is expected to impact the company’s second-quarter results by approximately $8.4 million, according to a statement.
Since 2023, Almexa, a subsidiary of Vasconia, has been facing an arbitration lawsuit in the US from Perennial Group due to non-payment of certain aluminum supply contracts.
Perennial Group claimed non-payment for specific aluminum supply contracts between Almexa (as buyer) and Perennial Group (as supplier).
In January, a Mexican commercial bankruptcy court judge accepted a petition for a commercial bankruptcy declaration against Promotora de Hoteles Norte 19, a major hospitality company for business travelers in Mexico.
Norte 19 Reports Lower Occupancy
Promotora de Hoteles Norte 19, a leading hospitality company for business travelers in Mexico, reported an occupancy rate of 56% in April, which is 1.6 percentage points lower than the same period last year.
During April, Norte 19’s average rate increased by 8% compared to the same period in 2024, reaching $1,427 MXN.
The company’s RevPAR (Revenue per Available Room) was $799 MXN in April, a 4.9% increase compared to the same period in the previous year.
Norte 19 generated consolidated revenues of $364.6 million MXN (approximately $18.9 million USD) in April, marking an 11.7% increase compared to the same month in 2024.
Google Under Scrutiny in Mexico
Keep an eye on Google’s presence in Mexico, as it has been absent from Senate forums discussing new telecommunications and economic competition measures.
The legislative environment has become heated with the federal government over Google’s anti-competitive practices. The case of Google is the only example used by President Claudia Sheinbaum in her competition law initiative to illustrate anti-competitive practices.
Key Questions and Answers
- Q: What is Fintech Blooms and what does it do? A: Fintech Blooms is a company offering AI-driven financial solutions for Latin American exporters of fruits and vegetables to the US and Canada.
- Q: Who led Blooms’ recent capital raise, and who participated? A: The round was led by SP Ventures, a Brazilian fund, with participation from Angel Ventures, The Yield Lab Latam, Eqwow Ventures, Glocal Managers, and Mercy Corps Ventures.
- Q: Why is Vasconia facing a $35.4 million payment, and what impact will it have? A: Vasconia’s subsidiary, Almexa, is facing an arbitration lawsuit from Perennial Group for non-payment of aluminum supply contracts. This payment will impact Vasconia’s second-quarter results by approximately $8.4 million.
- Q: How did Norte 19 perform in April regarding occupancy and revenue? A: Norte 19 reported a 56% occupancy rate in April, an 8% increase in average rates, and a 4.9% rise in RevPAR compared to the same period last year.
- Q: Why is Google under scrutiny in Mexico? A: Google has been absent from Senate forums discussing new telecommunications and economic competition measures. President Claudia Sheinbaum used Google’s case as an example of anti-competitive practices in her competition law initiative.
