Brazil has emerged as a fintech powerhouse in Latin America (LatAm), now dwelling to the very best variety of fintech startups. In 2023, Brazil accounted for twenty-four% of all fintech firms in Latin America and the Caribbean (LAC) with 722 firms, based on a 2024 report by the Inter-American Growth Financial institution (IDB) and Finnovista.
The nation additionally persistently attracts the lion’s share of fintech funding in LatAm. In 2024, Brazilian fintech startups secured a complete of US$1 billion in enterprise capital (VC) funding, representing 42% of all fintech investments within the area. This underscores the nation’s management in LatAm, information from CB Insights’ State of Fintech 2024 present.
With Brazil persevering with to guide the LatAm fintech scene, we glance at the moment on the nation’s largest and most distinguished fintech startups and unicorns, spotlighting the nation’s fintech innovators and trailblazers.
For this listing, we give attention to impartial, fintech startups headquartered in Brazil, excluding firms which were acquired or which have gone public. We discover their worth propositions, progress methods and up to date strides, emphasizing their success and scale.
C6 Financial institution
Based in 2018 and headquartered in Sao Paulo, C6 Financial institution is a full-service financial institution for people and companies. The corporate operates with out bodily branches and provides inexpensive monetary merchandise to prospects of all profiles, together with private checking and financial savings accounts, bank cards, loans, investments, and cost processing.
C6 Financial institution expenses no charges for fundamental merchandise, corresponding to checking account upkeep, funds, withdrawals and transfers, and focuses on offering revolutionary companies, corresponding to Conta International, its worldwide account; C6 Tag, its automated toll cost system; and C6 Make investments, a whole funding platform. Along with its core banking operations, the group additionally operates C6 Seg, an insurance coverage recommendation and consultancy; and IDEA9, a company training platform.
In 2021, JPMorgan Chase turned a associate in C6 Financial institution, buying a 40% stake within the Brazilian financial institution. Although C6 Financial institution nonetheless primarily focuses on the Brazilian market, the financial institution plans to broaden to different LatAm international locations sooner or later.
Final 12 months, C6 Financial institution achieved its first annual revenue, reporting BRL 2.3 billion (US$383 million) in internet earnings. Buyer deposits surged by 54% year-over-year (YoY) to BRL 57 billion (US$9.5 billion) whereas its buyer base surged to just about 30 million prospects, from simply 8 million in 2021. This underscores the financial institution’s speedy progress.
C6 Financial institution has raised about US$335 million in VC funding, based on Dealroom. The corporate is value US$5.05 billion, making it essentially the most priceless fintech startup from Brazil.
CloudWalk
Based in 2013, CloudWalk is a fintech firm that gives synthetic intelligence (AI) and blockchain-driven monetary options to people and small companies. With a give attention to modernizing funds and monetary instruments, the corporate operates primarily by its flagship manufacturers: InfinitePay in Brazil, and JIM.com within the US. InfinitePay provides cost options, corresponding to card machines, financial institution accounts and numerous monetary companies for retailers and firms, whereas JIM.com is a software program that lets retailers settle for contactless debit and bank cards or digital wallets proper from their telephone, with no additional {hardware} wanted.
Different key merchandise and options embrace Infinite Nitro for fast payouts, Fee Hyperlink for seamless on-line transactions, Supercobra for streamlined accounts receivable administration, and its proprietary tap-to-pay answer, Infinite Faucet. Moreover, CloudWalk provides AI-driven lending by Infinite Money and helps immediate funds by way of PIX processing.
CloudWalk serves greater than 1 million prospects throughout over 5,500 Brazilian cities. The corporate instructions 1% of the market.
CloudWalk reached its first full 12 months of profitability in 2023, reaching complete income of US$320.5 million. In 2024, the corporate expanded to the US, beginning in New York Metropolis, San Francisco, and Austin. That 12 months, it reached an annualized income of US$562 million, tripled its vendor base to three million, and strengthened international growth with fintech options for micro, small, and medium-sized enterprises (MSMEs).
CloudWalk has raised over US$365 million from prime traders together with Coatue, DST, A*, The Hive, The Mild Capital, and Plug and Play Ventures. It’s value US$2.15 billion, making it the second most dear fintech startup from Brazil.
Creditas
Based in 2012, Creditas is a fintech platform for secured and specialised monetary options. Working throughout three ecosystems, specifically auto, dwelling and worker advantages, the corporate supplies financing merchandise, digital insurance coverage and shopper options, utilizing proprietary expertise to ship a singular buyer expertise.
With 12 years of operation, Creditas claims it’s the largest on-line credit score platform in LatAm, surpassing 13 million credit score requests, a credit score portfolio of BRL 6 billion (US$1 billion), and greater than 60 issuances within the capital markets. In This fall 2024, the startup continued to ship file monetary efficiency, producing BRL 530.7 million (US$90 million) in quarterly income, up 11.7% quarter-on-quarter (QoQ).
This 12 months, Creditas was as soon as once more acknowledged as one of the crucial high-impact firms globally, securing a spot on Endeavor’s annual “Outliers” listing for the eighth consecutive 12 months.
Creditas has raised about US$879 million in funding from main worldwide funds, corresponding to Softbank, VEF, Kaszek, and Redpoint, amongst others. The startup is valued at US$1.75 billion.
Dock
Initially based as Conductor in 1999, Dock has developed from being a cost authorizer targeted on card processing into turning into a number one tech platform for funds and digital banking throughout LatAm.
Immediately, the corporate supplies a complete suite of fintech options by Dock One, its end-to-end platform that brings collectively card issuance, digital banking, credit score, fraud prevention and buying options. It serves
It manages expertise, operations, and regulatory complexity so shoppers can give attention to rising their companies.
Dock claims greater than 300 shoppers, 75 million energetic finish customers, and over 8 billion transactions yearly, totaling US$240 billion. The corporate operates in Brazil, Mexico, Peru, Colombia, Ecuador, Argentina, Panama, Chile, and the Cayman Islands.
Dock has raised US$293 million in funding, based on Dealroom. It’s value US$1.5 billion.
Agibank
Based in 1999, Agibank is a Brazilian fintech firm that blends digital banking companies with a bodily presence. The corporate provides a spread of monetary merchandise, together with digital checking accounts, bank cards, and private loans, primarily concentrating on underserved populations corresponding to retirees and state staff.
Agibank operates underneath an hybrid mannequin, which mixes a whole, mild and quick digital financial institution, with “Sensible Hubs” that present an accessible face-to-face expertise for all Brazilians. This method permits it to accumulate extra prospects and construct lasting relationships.
Agibank recorded robust ends in H1 2024, reporting a internet earnings of BRL 440.5 million (US$US$85.7 million), 3 times larger than in the identical interval the earlier 12 months. It claims greater than 3.2 million energetic prospects.
Agibank has raised about US$136 million in funding, based on Dealroom. It’s valued at US$1.49 billion.
Neon
Based in 2016, Neon is a neobanking startup,providing digital accounts, bank cards, private loans, and investments. The corporate goals to supply accessible monetary options for Brazilians, emphasizing ease and comfort.
Neon’s choices embrace a no-annual-fee Visa bank card, digital accounts with Pix and transfers, and the Neon CDB funding product, which provides excessive returns. The corporate serves greater than 30 million prospects.
Neon has been specializing in reaching profitability. The corporate has additionally been pursuing strategic acquisitions, just lately buying Biorc, Leve, and Consiga Mais, and Mangliano Make investments, a brokerage agency.
Neon has raised about US$754 million in fairness funding up to now,based on Dealroom. The corporate raised its final spherical in September 2024,securing US$102 million in a Collection E to reinforce its expertise. Neon is valued at US$1.38 billion.
QI Tech
Established in 2018, QI Tech is a monetary infrastructure platform spanning monetary, credit score, banking, and anti-fraud options. This platform provides a complete set of software programming interfaces (APIs) that permits any enterprise to combine digital banking instruments corresponding to digital onboarding, facial recognition, credit score scoring, digital account opening, wire transfers, Pix funds and credit score underwriting.
With licenses from the Brazilian central financial institution, QI Tech’s full-stack banking-as-a-service (BaaS) answer is designed to make acquiring and providing banking companies easier, extra accessible and compliant. The corporate supplies agility and comfort by making debt issuances totally digital, permitting QI Tech’s shoppers to give attention to creating nice merchandise whereas the corporate takes care of the banking necessities.
QI Tech has a consumer base of over 400 prospects, amongst which firms like Vivo, 99, and QuintoAndar. The startup has secured a complete of US$312 million in fairness funding up to now, information from Dealroom and CB Insights present. It’s valued at US$1 billion.
Ebanx
Based in 2012, Ebanx is a number one cost firm connecting international firms with prospects from fast-growing digital markets throughout Africa, Asia and LatAm. The corporate provides a platform for processing on-line purchases, managing funds from pay-ins to payouts, and facilitating transactions in numerous currencies and cost strategies, together with various choices.
Leveraging proprietary expertise, deep market experience, and sturdy infrastructure, Ebanx permits international firms to supply lots of of native cost strategies. Extra than simply funds, the answer additionally drives progress, enhances gross sales, and delivers seamless buy experiences for companies and customers alike.
Ebanx serves greater than 1,600 international digital firms throughout verticals corresponding to e-commerce, gaming, software-as-a-service (SaaS), streaming, social media, creator’s financial system at giant, and journey, serving to manufacturers corresponding to Airbnb, Spotify, Aliexpress, Shopee, Sony, and Uber broaden their companies worldwide by providing over 200 cost strategies in our portfolio to combine. The corporate claims it has reached greater than 100 million customers.
With 9 workplaces worldwide and a presence in almost 20 international locations, Ebanx is one in all Brazil’s most profitable fintech startups, having raised US$460 million in funding and reaching a US$1 billion valuation, information from CB Insights and Dealroom present.
Featured picture credit score: edited from freepik
