Colombian Picap to start operations in Mexico The motorbike ride-sharing platform established in 2016 has entered the Mexican market focusing on reducing commute times in Mexico City, where residents spend up to two hours traveling to work. The app, known as "the Uber of motorcycles," aims to save users about 30% on fares compared to other ride-sharing apps, with an average cost between 33 and 78 pesos. Despite offering potential time savings and competitive earnings for drivers, Picap faces significant challenges in Mexico, including road safety and user mistrust. In its home country, Colombia, the startup has faced legal issues regarding the legality of its motorcycle taxi model. While very common in South East Asia, the model face reticence in Latin America. Would you ride the chaotic streets of CDMX?

Mexico has a new VC fund 🇲🇽🤑 Semilla Ventures has announced the closing of its US$ 9.25 million Fund. This fund is set to invest in tech startups at the pre-seed stage across Spanish-speaking Latin America, particularly those that drive the digitalization of businesses, industries, and consumers. Semilla Ventures is led by José Vielma (@vielmajose ), managing partner with over 9 years of experience doing business angel investing. He invested in approximately 80 startups, including Billpocket, Nowports, Zenfi, 100Ladrillos, Boletomovil, Nexu, Bego, Parco, Eden, Beek, Prixz, Crabi, among others. Following the steps of @HarryStebbings , José also recently launched a podcast interviewing successful entrepreneurs from Mexico - @Cronicascapital

Uber freezes its FinTech plans in Mexico Uber has paused its FinTech ventures in Mexico, despite obtaining a FinTech license for an electronic payment funds institution in May, which would have enabled it to launch a digital wallet and debit card. The reasons for this decision remain unspecified. In contrast, competitors inDrive and DiDi are doubling down on their financial services. InDrive has introduced loan and credit card services for drivers through partnerships with companies like R2, Galileo, and Mastercard, boosting driver retention and revenue generation. DiDi has expanded its financial offerings to all Mexicans with the DiDi Finanzas app, disbursing over 5 million loans and handling over 2 million transactions through DiDi Pay. DiDi also launched a credit card last year and is pursuing a super-app strategy, integrating various daily services into one platform. Any idea why Uber decided to take the other route?