The Biggest Startups in Latin America Ranked by Valuation

Not too long ago, the rise of public tech companies in Latin America seemed far-fetched, with Mercado Libre being compared to a rare and mythical unicorn. Today, however, the region is home to many startups that have achieved billion-dollar valuations.

Several of these startups have gained traction through cross-border expansion and are increasingly recognized beyond their home countries, with Nubank notably going public in the U.S.

Additionally, there is a significant group of Latin American scale-ups worth highlighting; predominantly in fintech, yet also spanning sectors like e-commerce, health tech, logistics, proptech, and SaaS.

While some domestic unicorns may currently have “paper valuations” from funding rounds raised during the market highs of 2021, the significance is undeniable: they are key players, and many could recover alongside the market, as evidenced by the ongoing resilience of VC investment in Latin America in 2024.

Collectively, these unicorns showcase the diverse startup hubs emerging throughout Latin America. While Brazil and Mexico lead in unicorn count, others have also emerged in Argentina, Colombia, Chile, and Uruguay, contributing to the growth of these ecosystems.

Let’s explore the leading Latin American unicorns by valuation, keeping in mind that the oldest valuations necessitate cautious interpretation.

Rappi (2015): Valued at $5.25 billion in July 2021

Originating from Colombia, Rappi is an on-demand delivery platform that has transformed into a super app, expanding its presence across multiple countries.

Its growth was solidified before the pandemic: In 2019, it secured a $1 billion investment from SoftBank. The $5.25 billion valuation came from a funding round exceeding $500 million in July 2021.

Since then, Rappi has faced more challenging conditions, undergoing several rounds of layoffs and adjusting to changing gig economy regulations in Mexico, where it plans to invest $110 million to enhance its operations. Nevertheless, the company remains hopeful about an IPO, having appointed a CFO to prepare for this milestone after achieving break-even for the first time in late 2023.

QuintoAndar (2012): Valued at $5.1 billion in August 2021

QuintoAndar is a Brazilian proptech firm specializing in the rental and sale of residential properties. It operates commercially in six Latin American countries and maintains a tech hub in Europe, having made several acquisitions and growing into a group with over 3,500 employees.

In 2021, the startup actively engaged in fundraising: Less than three months after announcing a $300 million Series E at a $4 billion valuation, QuintoAndar secured an additional $120 million at a $5.1 billion valuation. Having raised a total of $755 million to date, its cap table includes investors like Kaszek, General Atlantic, SoftBank, and Tencent.

Creditas (2012): Valued at $4.8 billion in January 2022

Creditas is a Brazilian fintech company that specializes in lending, including consumer credit.

Its latest funding round was a $260 million Series F in January 2022, elevating the lender’s valuation to $4.8 billion, up from $1.75 billion in December 2020.

The Series F was led by Fidelity, with participation from both new and existing investors, including Kaszek Ventures, QED Investors, and SoftBank. This was extended in July 2022 at the same valuation, allowing Creditas to acquire the Brazilian license of Andorran bank Andbank for approximately $93 million.

Nuvemshop (2011): Valued at $3.1 billion in August 2021

Known as Tiendanube in Spanish-speaking regions, Nuvemshop is a Brazilian e-commerce platform designed for SMEs and entrepreneurs to conduct online commerce — often dubbed “Latin America’s Shopify.”

Its latest valuation of $3.1 billion stems from a $500 million Series E mega-round co-led by Insight Partners and Tiger Global Management in August 2021, shortly after its Accel-led $90 million Series D.

Wildlife Studios (2011): Valued at ~$3 billion in August 2020

Wildlife Studios is a Brazilian mobile gaming company.

Co-founded by Victor Lazarte, now a general partner at Benchmark, which led Wildlife Studios’ $60 million Series A in 2019 at a $1.3 billion valuation. Less than a year later, the startup reached a valuation nearing $3 billion from its Series B round.

In a candid discussion at Slush 2023, Lazarte admitted that raising excessive capital at such a high valuation was a “mistake.” In June 2023, the company announced the appointment of former Amazon executive Peter Hill as CEO, following multiple rounds of layoffs.

Loft (2018): Valued at $2.9 billion in April 2021

Loft is a Brazilian proptech firm supported by prominent Silicon Valley investors since its inception in 2018.

Loft’s $175 million Series C was co-led by a16z and Vulcan Capital in 2020. This was followed by a $425 million Series D led by New York-based D1 Capital Partners in March 2021, with its extension in April 2021 valuing the company at $2.9 billion.

The digital real estate platform confronted market challenges, undergoing two rounds of layoffs in 2022, yet denied raising a down round in November 2022. In 2023, after receiving new funding from a Middle Eastern sovereign fund at an undisclosed valuation along with another round of layoffs, it claimed to have reached break-even.

Ualá (2017): Valued at $2.81 billion in March 2025

Ualá is an Argentine neobank offering fintech services that include loans, investments, payment solutions, and credit scoring technology.

Founded in 2017, it achieved unicorn status with its $350 million Series D in 2021 and later raised a $300 million Series E, attaining a post-money valuation of $2.75 billion, followed by a second close in March 2025, adding $66 million and bringing its post-money valuation to $2.81 billion.

Unico (2007): Valued at $2.6 billion in April 2022

Unico is a Brazilian ID tech startup and one of Latin America’s largest SaaS companies.

Its $2.6 billion valuation, more recent than many on this list, originated from a $100 million Series D raised in April 2022, led by Goldman Sachs with contributions from existing investors General Atlantic and the SoftBank Latin America Fund.

C6 Bank (2018): Valued at $2.28 billion in December 2020

C6 Bank is a Brazilian digital banking platform that operates exclusively within Brazil, serving over 35 million customers.

C6 was valued at $2.28 billion in December 2020, six months prior to JPMorgan Chase acquiring a 40% stake in the neobank in 2021. Following an increase in its stake in 2023, JPMorgan now holds a 46% ownership in C6, which celebrated its first profitable year in 2024.

Kavak (2016): Valued at $2.2 billion in April 2025

Supported by General Catalyst and SoftBank, Kavak is a Mexico-based platform for the online buying and selling of used cars.

Once valued at $8.7 billion following a Series E round that doubled its valuation in 2021, Kavak faced a reduction of $6.5 billion due to challenges in expansion and layoffs. After raising a $127 million equity round and securing two $200 million debt facilities in March 2025, the company aims to prepare for a potential IPO within the next three to five years.

Bitso (2014): Valued at $2.2 billion in May 2021

Bitso is a cryptocurrency exchange catering to Latin America, also facilitating cross-border transactions.

In May 2021, Bitso raised a $250 million Series C round, valuing the company at $2.2 billion. This round was co-led by Tiger Global and Coatue, with participation from various new and existing investors, including Kaszek and QED.

CloudWalk (2013): Valued at $2.15 billion in November 2021

Recognized for its InfinitePay and Jim.com brands, CloudWalk is a Brazilian payment infrastructure provider (not to be confused with the Chinese facial-recognition software company sharing its name).

CloudWalk’s $2.15 billion valuation came from a $150 million Series C led by Coatue in November 2021. Since then, the company achieved its first full year of profitability in 2023, ending 2024 with $497 million in revenue.

Clip (2012): Valued at $2 billion in June 2024

Initially operating as BlitzPay and founded by former PayPal employees, Clip is often referred to as the Square of Latin America, providing POS devices and fintech solutions for businesses.

Clip reached unicorn status in 2021 after a $250 million funding round led by SoftBank and Viking, and it has maintained this status since. The $100 million raised in June 2024 confirmed its $2 billion valuation as the company was “on the verge of profitability,” as conveyed by its CEO to Bloomberg.

Loggi (2013): Valued at ~$2 billion in March 2021

Loggi is a Brazilian logistics company known for its focus on last-mile delivery.

Supported by Monashees, Qualcomm Ventures, and SoftBank, its latest funding was a $205 million Series F led by CapSur Capital in March 2021, resulting in a valuation close to $2 billion.

Speculation continues about who might join this list, and how the rankings might shift, so we will ensure to keep this updated.

This article was first published on April 27, 2025, and will be regularly updated.