Jack Ma-Backed Ant Group Expands in Latin America with Strategic Investment in Fintech R2

Ant International, the overseas division of Jack Ma-backed Ant Group Co., is deepening its presence in Latin America through a new investment in R2, a fintech that enables businesses to offer embedded lending and financial services.

The investment, which includes a primary capital injection, marks Ant’s latest step toward strengthening its global fintech footprint. While financial details remain undisclosed, the partnership aims to expand credit access for small and medium-sized enterprises (SMEs) across the region — a sector often underserved by traditional banking systems.

Driving Financial Inclusion Through Embedded Lending

Founded to empower businesses with credit infrastructure, R2 provides the technological and financial backbone for companies such as Rappi and InDrive to offer financial products under their own brands. The firm specializes in revenue-based lending, where repayments occur automatically as a percentage of sales, a model that reduces delinquency risks and helps small businesses manage cash flow more effectively.

By partnering with Ant International, R2 will gain access to AI-powered tools designed to lower the cost of credit and improve risk assessment. According to Ant, these innovations will enhance R2’s ability to scale lending operations efficiently while ensuring responsible credit expansion.

Earlier this year, Ant International also launched SME working capital solutions in Brazil, further signaling its commitment to supporting small businesses in emerging markets.

Strategic Expansion Amid Venture Capital Slowdown

The partnership comes at a challenging time for Latin America’s startup ecosystem. According to PitchBook, venture capital dealmaking in the region has slowed to its lowest level in nearly seven years, as global investors pull back amid tighter liquidity conditions.

Despite the slowdown, Asian fintech firms have increasingly turned their attention to Latin America, recognizing similarities with their own markets a decade ago — from underbanked consumers and low credit penetration to rising digital payment adoption.

In October, Indonesian fintech Xendit announced plans to expand cross-border payment processing in the region. Similarly, Chinese tech giant Tencent Holdings Ltd has invested in several Latin American fintechs, including Argentina’s Ualá, Brazil’s Nubank, and Jeeves, an expense management platform.

Meanwhile, venture firms such as Notable Capital (formerly part of GGV), BAI Capital, and Endeavor Catalyst have backed notable regional players like Stori, Clara, and Addi — all aiming to reshape Latin America’s fintech ecosystem.

Ant’s Broader Global Push

For Ant Group, the investment in R2 aligns with its broader strategy of expanding financial inclusion through digital innovation. The company continues to diversify beyond China following increased regulatory scrutiny in its home market.

This latest move underscores Ant’s belief in Latin America’s fintech potential — a region where digital transformation, entrepreneurship, and demand for accessible financial services are growing rapidly.

As global fintechs recalibrate strategies amid shifting capital flows, Ant International’s partnership with R2 signals renewed confidence in the region’s long-term financial technology growth story.

Key Highlights:

• Ant International invests in R2, an embedded lending fintech in Latin America.
• Focus on expanding credit access for SMEs using AI-powered lending tools.
• R2 partners with brands like Rappi and InDrive to offer lending under their names.
• Investment follows Ant’s launch of SME working capital solutions in Brazil.
• Comes amid a slowdown in VC activity across Latin America.

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