# Latin America’s Unicorn Herd: A Look at the Region’s Highest-Valued Startups

## Latin America’s Unicorn Herd: A Look at the Region’s Highest-Valued Startups

For years, the prospect of Latin American tech companies reaching public markets seemed a distant dream. Mercado Libre was once considered a rare anomaly, a unicorn in the truest sense. Today, the landscape has dramatically shifted. Latin America now boasts a thriving ecosystem of startups achieving billion-dollar valuations, attracting global attention and investment.

While some, like Nubank, have achieved international recognition through US public offerings, a broader cohort of Latin American scale-ups is poised to make waves. Fintech leads the charge, but e-commerce, health tech, logistics, proptech, and SaaS are also significant players, driving innovation across the region.

While some valuations might reflect the exuberance of the 2021 funding peak, the underlying strength of these companies remains. Venture capital investment in Latin America has demonstrated remarkable resilience, signaling a promising outlook for these unicorns to rebound and thrive. Furthermore, these unicorns represent a diverse range of startup hubs, with Brazil and Mexico leading the pack, alongside emerging contenders from Argentina, Colombia, Chile, and Uruguay. This diversification strengthens the overall Latin American tech ecosystem.

Let’s delve into the top Latin American unicorns, ranked by their latest known valuations – keeping in mind that some of these figures might require a “grain of salt” given the dynamic market conditions.

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

Hailing from Colombia, Rappi is an on-demand delivery platform that rapidly evolved into a super app, expanding its reach across multiple countries. Propelled by a $1 billion investment from SoftBank in 2019, Rappi achieved a $5.25 billion valuation in July 2021 after securing over $500 million in funding. Despite facing challenges such as layoffs and evolving gig economy regulations in key markets like Mexico, where it intends to invest $110 million, Rappi maintains ambitions for an IPO. The company reported reaching break-even in late 2023 and has since hired a CFO to steer its IPO preparations.

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

Brazilian proptech company QuintoAndar focuses on residential real estate rentals and sales. Operating in six Latin American countries and boasting a European tech hub, QuintoAndar’s growth has been fueled by strategic acquisitions. In 2021 alone, the company raised $300 million in a Series E round at a $4 billion valuation, followed by an additional $120 million at a $5.1 billion valuation. With a total of $755 million raised, QuintoAndar boasts a cap table that includes prominent investors like Kaszek, General Atlantic, SoftBank, and Tencent.

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

Creditas is a Brazilian fintech specializing in loans, particularly consumer credit. A $260 million Series F funding round in January 2022, led by Fidelity, propelled the company to a $4.8 billion valuation, a significant jump from its $1.75 billion valuation in December 2020. The Series F was later extended in July 2022 at the same valuation, enabling Creditas to acquire the Brazilian license of Andorran bank Andbank for approximately $93 million.

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

Operating as Tiendanube in Spanish-speaking markets, Nuvemshop is an e-commerce platform empowering SMEs and entrepreneurs to establish their online presence. Often referred to as “Latin America’s answer to Shopify,” Nuvemshop’s $3.1 billion valuation stems from a $500 million Series E mega-round co-led by Insight Partners and Tiger Global Management in August 2021, just months after an Accel-led $90 million Series D.

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

Brazilian mobile gaming company Wildlife Studios reached a valuation close to $3 billion after its Series B round. However, co-founder Victor Lazarte, now a general partner at Benchmark, has since stated that raising too much capital at too high a valuation was a mistake in retrospect. In June 2023, former Amazon executive Peter Hill replaced Lazarte as CEO, and the company has undergone several rounds of layoffs.

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

Loft, a Brazilian proptech company backed by prominent Silicon Valley investors, secured a $175 million Series C in 2020, co-led by a16z and Vulcan Capital. A $425 million Series D, led by D1 Capital Partners, followed in March 2021, valuing the company at $2.9 billion the following month. Like many, Loft faced market headwinds and implemented layoffs in 2022. In 2023, after securing funding from a Middle Eastern sovereign fund and undergoing further layoffs, the company claimed to have achieved break-even.

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

Unico, a Brazilian ID tech startup and one of Latin America’s largest SaaS companies, reached a $2.6 billion valuation following a $100 million Series D in April 2022, led by Goldman Sachs, with participation from existing investors General Atlantic and SoftBank Latin America Fund.

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

C6 Bank is a Brazilian digital bank focused solely on the Brazilian market, serving over 35 million clients. Valued at $2.28 billion in December 2020, JPMorgan Chase acquired a 40% stake in the neobank in 2021, subsequently increasing its ownership to 46% in 2023. C6 Bank achieved its first profitable year in 2024.

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

Kavak, a Mexico-based e-commerce platform for buying and selling used cars, once held a valuation of $8.7 billion after a Series E round in 2021. However, expansion difficulties and layoffs led to a significant valuation cut of $6.5 billion. Following a $127 million equity round and two $200 million debt facilities in March 2025, Kavak aims to position itself for a potential IPO within the next three to five years.

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

Bitso, a Latin American cryptocurrency exchange facilitating cross-border payments, secured a $250 million Series C round in May 2021, valuing the company at $2.2 billion. The round was co-led by Tiger Global and Coatue.

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

CloudWalk, known for its InfinitePay and Jim.com brands, is a Brazilian payment infrastructure company. Its $2.15 billion valuation resulted from a $150 million Series C led by Coatue in November 2021. CloudWalk achieved its first full year of profitability in 2023 and closed 2024 with $497 million in revenue.

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

Clip, often dubbed the “Square of Latin America,” provides POS devices and fintech solutions for businesses. Clip became a unicorn in 2021 following a $250 million round led by SoftBank and Viking and maintained this status since then. The $100 million round it raised in June 2024 confirmed its $2 billion valuation as the company was reportedly “on the brink of profitability.”

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

Loggi is a Brazil-based logistics company specializing in last-mile delivery. A $205 million Series F led by CapSur Capital in March 2021 valued the company close to $2 billion.

The race to identify the next Latin American unicorn remains open, and the rankings are likely to be reshuffled as the region’s tech landscape continues to evolve. We will continue to monitor and update this list as new developments unfold.