Strategic View: A landmark Crunchbase report for Q2 2025 shows Mexico has surpassed Brazil in VC dollar volume for the first time in 13 years. This historic shift was not driven by a mega-deal, but by a surge in late-stage fintech rounds, like Klar’s, which are increasingly structured as “club deals” to attract global capital.
Full story: The tectonic plates of LatAm venture capital just shifted. For the first time in over a decade, Mexico, not Brazil, is the king of VC funding. Crunchbase data for Q2 2025 confirms that Mexican startups raised more dollars than their Brazilian counterparts, a stunning reversal that has electrified the market.
What’s behind this coup? The answer is fintech. But more specifically, it’s the way fintech is being funded. While Brazil’s ecosystem is broad, Mexico’s is deep. The country’s top fintechs, like Klar, are reaching a new level of maturity. They are now raising massive, late-stage rounds that require a different kind of financing.
Enter the “global VC club deal.” These $100M+ rounds are too large for a single LatAm fund. As seen with Klar’s $170M round, they are being financed by clubs of US, European, and local investors. These clubs form to provide the massive capital needed, de-risk the investment, and signal to the market that the company is a “blue chip” asset.
This Q2 data is a validation of Mexico’s entire fintech-friendly “nearshoring” thesis. As more US companies build supply chains in Mexico, the digital payment and credit infrastructure must keep pace. The “VC club deal” is the financial engine making that transformation possible, and it has just put Mexico on top.
Summary: Mexico surpassed Brazil in Q2 VC funding for the first time in 13 years. This matters because it shows a new market maturity, led by large-scale fintech “club deals” that are attracting a powerful coalition of global and local investors, reshaping the entire LatAm venture landscape.
Source: Crunchbase News
