Top Latin American Startups by Valuation: A Look at Unicorns

Latin America has seen a dramatic rise in the number of Latin American startups that have reached billion-dollar valuations, with some companies becoming global household names. These unicorns are playing a pivotal role in shaping the region’s business ecosystem, with sectors such as fintech, e-commerce, health tech, logistics, and proptech driving innovation and growth.

Here is the list:

1. Rappi: The Colombian Delivery Super App

Founded in 2015, Rappi is one of the most prominent Latin American startups. Valued at $5.25 billion in 2021, this Colombian on-demand delivery platform has evolved into a super app, providing not just delivery services, but also a range of financial and retail services. Rappi’s success accelerated in the pre-pandemic years, securing significant investments like the $1 billion from SoftBank in 2019. Although the company faced challenges with gig economy regulations in Mexico, it is still aiming for an IPO, having reached profitability in late 2023.

2. QuintoAndar: Transforming Brazilian Real Estate

A major player in the Brazilian proptech scene, QuintoAndar, was valued at $5.1 billion in August 2021. Founded in 2012, this real estate platform has expanded across multiple Latin American countries and operates a tech hub in Europe. With a strong focus on simplifying the rental and sales process for residential properties, QuintoAndar’s impressive growth is backed by significant funding rounds, including a $300 million Series E at a $4 billion valuation. The company continues to innovate, building a strong workforce of over 3,500 employees.

3. Creditas: Revolutionizing Fintech in Brazil

Creditas, a fintech company founded in 2012, specializes in offering consumer loans, and it is a standout in the Brazilian financial landscape. Valued at $4.8 billion in January 2022, Creditas raised $260 million in its Series F round. Over the years, the company has expanded its offerings and acquired the Brazilian license of Andorran bank Andbank in a $93 million deal. With backing from major investors like Fidelity and SoftBank, Creditas continues to disrupt the Brazilian lending market.

4. Nuvemshop: Latin America’s Shopify Alternative

Nuvemshop, also known as Tiendanube in Spanish-speaking countries, is a Brazilian e-commerce platform designed for small and medium-sized businesses (SMEs) to set up online stores. Valued at $3.1 billion in August 2021, Nuvemshop raised $500 million in a Series E funding round co-led by Insight Partners and Tiger Global Management. As the region’s answer to Shopify, Nuvemshop has facilitated the growth of countless entrepreneurs and is integral to the Latin American e-commerce landscape.

5. Wildlife Studios: A Mobile Gaming Giant

Wildlife Studios, founded in 2011, is a leading mobile gaming company based in Brazil. Valued at nearly $3 billion in 2020, the company raised a $60 million Series A in 2019, propelling its valuation from $1.3 billion to close to $3 billion in less than a year. Despite challenges with rapid growth and a shift in leadership, Wildlife Studios continues to be a dominant force in the mobile gaming market.

6. Loft: Digitizing Brazil’s Real Estate Market

Founded in 2018, Loft is a Brazilian proptech startup that simplifies real estate transactions through a digital platform. Loft’s Series D round in 2021, which raised $425 million, valued the company at $2.9 billion. Though it faced some struggles in 2022, including layoffs, Loft has remained resilient and continues to innovate in the real estate sector.

7. Unico: Latin America’s Largest SaaS Company

Unico, founded in 2007, is a Brazilian ID tech startup that has grown into one of the largest SaaS companies in Latin America. The company reached a valuation of $2.6 billion in April 2022 after raising $100 million in its Series D funding round. Unico’s success is attributed to its cutting-edge technology in the identification and verification space.

8. C6 Bank: A Leading Digital Bank in Brazil

C6 Bank, a digital bank founded in 2018, has emerged as a key player in Brazil’s financial ecosystem. Valued at $2.28 billion in December 2020, C6 Bank has more than 35 million clients and offers a wide range of financial services. With continued backing from JPMorgan Chase, C6 Bank is now profitable and well-positioned for future growth.

9. Kavak: Revolutionizing the Used Car Market

Kavak, founded in 2016 in Mexico, has quickly become a leader in the online used car marketplace. Initially valued at $8.7 billion, Kavak’s valuation has fluctuated due to expansion challenges and layoffs. However, the company is still on track to reach an IPO in the next few years. With a recent $127 million equity round, Kavak remains a significant player in Latin America’s e-commerce space.

10. Bitso: A Leading Cryptocurrency Exchange

Founded in 2014, Bitso is a cryptocurrency exchange that facilitates cross-border payments and digital asset trading. With a valuation of $2.2 billion in 2021, Bitso is a standout in Latin America’s fintech and crypto sector. The company raised $250 million in a Series C funding round, signaling strong investor confidence in its future growth.

11. CloudWalk: Payment Solutions for the Digital Age

CloudWalk, a Brazilian payment infrastructure company, operates under the brands InfinitePay and Jim.com. In November 2021, the company was valued at $2.15 billion after raising $150 million in a Series C round. With a focus on providing digital payment solutions, CloudWalk continues to grow and achieved profitability in 2023.

12. Clip: Enabling POS Solutions for Businesses

Clip, founded in 2012, is a fintech company offering point-of-sale (POS) solutions for businesses across Latin America. The company became a unicorn in 2021 and is now valued at $2 billion. Clip’s recent $100 million funding round in 2024 confirmed its valuation, as the company approaches profitability.

13. Loggi: Innovating Logistics in Brazil

Loggi, a logistics company based in Brazil, specializes in last-mile delivery services. With backing from SoftBank and other notable investors, Loggi raised $205 million in a Series F round, reaching a valuation close to $2 billion. As e-commerce continues to grow, Loggi is well-positioned to meet the demand for fast, efficient deliveries.

Conclusion: The Future of Latin America’s Startup Ecosystem

The rise of unicorns in Latin America is a testament to the region’s growing influence in the global startup ecosystem. With fintech, e-commerce, and other sectors showing strong growth, these companies are expected to continue shaping the future of business in Latin America. As the market stabilizes and new opportunities arise, these unicorns may recover and thrive even further.

As Latin America’s startup hubs continue to evolve, countries like Brazil, Mexico, and Argentina remain at the forefront of this innovation, with a new wave of unicorns emerging from other regions like Colombia and Uruguay. The future of Latin American startups is bright, and the world will be watching closely as these companies continue to grow and make their mark.