Brazil stands out because the main fintech hub in Latin America (LatAm). The nation boasts the very best variety of fintech corporations throughout the area, internet hosting over 700 startups within the sector and accounting for twenty-four% of all of LatAm’s 3,000+ fintech ventures, in accordance with analysis by the Inter-American Growth Financial institution (IDB) and Finnovista.
Brazil has additionally produced a few of LatAm’s largest and most profitable fintech corporations, amongst which digital banking big Nubank, some of the outstanding fintechs globally.
In 2024, Brazil maintained its dominance within the area’s fintech scene, with startups within the sector securing US$1 billion in enterprise capital (VC) funding. The sum represents 42% of all fintech investments within the area, underscoring the nation’s management in LatAm, information from CB Insights’ State of Fintech 2024 present.
As Brazil’s fintech ecosystem continues to develop, we glance as we speak at among the business’s leaders, spotlighting the fintech startups from the nation which have secured essentially the most VC funding. For this checklist, we used information from Dealroom, CB Insights, corporations’ bulletins and media coverages, specializing in impartial, personal corporations, and the disclosed fairness funding they’ve raised.
Prime Funded Fintech Startups from Brazil in 2024
C6 Financial institution – US$2 billion
Digital financial institution C6 Financial institution has raised greater than US$2 billion in funding thus far, in accordance with Crunchbase and Fintech International. The sum makes the corporate essentially the most well-funded fintech startup in Brazil of 2024.
Based in 2019, C6 Financial institution is a digital financial institution backed by JP Morgan Chase that serves people and companies. The corporate provides a spread of economic companies via its cellular app and web site, together with private checking and financial savings accounts, bank cards, loans, investments, and fee processing.
C6 Financial institution claims round 30 million clients. In Q1 2024, the corporate recorded its first ever revenue, posting a BRL 461 million (US$90 million) revenue, in comparison with a US$57.3 million loss a yr earlier, Reuters reported.
At the moment, C6 Financial institution plans to maintain its focus in Brazil on the medium time period, and has no plans to develop to different LatAm nations like a few of its opponents.
In keeping with CB Insights, C6 Financial institution is value US$5.05 billion, making it the second most beneficial tech startup in Brazil.
Creditas – US$829 million
Client fintech platform Creditas has secured a complete of US$829 million in fairness funding, making it the second most well-funded fintech startup from Brazil in 2024. The corporate secured its final spherical in January 2022, elevating US$260 million in a Collection F at a US$4.8 billion valuation.
Based in 2012, Creditas is a fintech platform for secured and specialised monetary options. Working throughout three ecosystems, particularly auto, house and worker advantages, the corporate offers financing merchandise, digital insurance coverage and client options, utilizing proprietary expertise to ship a novel buyer expertise.
Creditas’ monetary report for Q3 2023 confirmed revenues of BRL 482 million (US$82 million), a 16% improve from the identical interval in 2022. The gross revenue was BRL 170.9 million (US$29 million), marking a 219% improve from the earlier yr’s third quarter. The corporate is now seeking to go public within the US.
Neon – US$754 million
Brazilian neobank Neon has raised about US$754 million in fairness funding thus far, in accordance with Dealroom, making it the third most well-funded fintech startup from Brazil. The corporate secured its final spherical in 2024, elevating BRL 518 million (US$102 million) in a Collection E.
Based in 2016, Neon provides digital accounts, bank cards, private loans, and investments to over 30 million clients in Brazil.
The corporate has been specializing in reaching profitability. It additionally has been pursuing strategic acquisitions, not too long ago buying corporations like Biorc, Leve, and Consiga Mais, and Mangliano Make investments, a brokerage agency.
Neon’s fee establishment, Neon Pagamentos, reported a lack of BRL 278.9 million (US$47.5 million) in H1 2024. The quantity represents a 41.4% year-over-year (YoY) lower from BRL 476.1 million (US$81 million) in H1 2023, highlighting vital monetary enchancment.
Ebanx – US$460 million
Cost platform Ebanx has raised US$460 million in funding thus far, making it the fourth most well-funded fintech startup from Brazil, information from CB Insights and Dealroom present. The corporate secured its final spherical in June 2021, elevating US$430 million from personal fairness agency Creation Worldwide.
Based in 2012, Ebanx is a number one fee firm connecting world corporations with clients 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 varied currencies and fee strategies, together with different choices.
It serves greater than 1,600 world digital corporations throughout verticals corresponding to e-commerce, gaming, software-as-a-service (SaaS), streaming, social media, creator’s financial system at massive, and journey, serving to manufacturers corresponding to Ubisoft, AliExpress, Sony, Microsoft, TikTok, Coinbase and Uber.
CloudWalk – US$365 million
Cost startup CloudWalk has raised US$365 million in fairness funding, making it the fifth most well-funded fintech startup from Brazil in 2024. The corporate secured its final spherical in November 2021, elevating US$150 million in a Collection C at a US$2.15 billion valuation.
Based in 2013, CloudWalk is a world fee community constructed on trendy expertise and proprietary blockchain, targeted in bringing a revolution to the fee ecosystem for small and medium-sized enterprises (SMEs). This platform offers merchandise together with digital banking, loans, cashback playing cards, on-line gross sales, digital wallets, and fee terminals, serving greater than 1 million clients throughout over 5,500 Brazilian cities.
CloudWalk reached its first full yr of profitability in 2023, attaining whole income of US$320.5 million. In 2024, the corporate expanded to the US, beginning in New York Metropolis, San Francisco, and Austin with an app known as Jim.com, which permits retailers to immediately course of and obtain funds through smartphones.
QI Tech – US$312 million
Banking-as-a-service (BaaS) startup QI Tech has secured a complete of US$312 million in fairness funding thus far, information from Dealroom and CB Insights present. The sum makes the corporate the sixth most well-funded fintech startup from Brazil in 2024. Its most up-to-date funding got here in Might 2024, when it secured a US$50 million Collection B extension, bringing its whole Collection B funding to US$260 million, Fintech Nexus reported.
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 enables 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.
QI Tech has a shopper base of over 400 clients, amongst which corporations like Vivo, 99, and QuintoAndar.
Dock – US$280 million
Fintech infrastructure agency Dock has raised a complete of US$280 million in fairness funding thus far, making the corporate the seventh most well-funded fintech startup from Brazil, information from CB Insights present. The corporate’s most up-to-date funding got here in Might 2022, when it secured US$110 million in development funding at a US$1.5 billion valuation.
Dock is a number one tech firm for funds and digital banking in LatAm, delivering options via its open API and cloud-native platform. The corporate’s end-to-end Dock One platform brings collectively card issuance, digital banking, credit score, threat and buying options, accelerating the power of corporations to supply modern companies to their clients. Dock manages the expertise, operations, and regulatory complexity so clients can concentrate on rising their enterprise.
Dock claims greater than 300 purchasers, 70 million energetic finish customers, and over 8 billion annual transactions.
Asaas – US$174 million
Monetary administration platform Asaas has raised about US$174 million in fairness funding thus far, making the corporate the eighth most well-funded fintech startups from Brazil, information from Dealroom and CB Insights present. Asaas secured its most up-to-date funding in October 2024, elevating US$148 million in Collection C to develop its operations, advance analysis and improvement (R&D) efforts, and speed up inorganic development via new acquisitions.
Based in 2010, Asaas makes monetary software program for SMEs, together with fee processing, invoicing and fraud safety. The corporate automates invoicing and assortment processes and integrates varied monetary companies, corresponding to digital accounts, pay as you go playing cards, and billing anticipation. Moreover, it offers instruments for money circulation administration, issuing business proposals, and creating service orders.
Asaas expects to shut 2024 with BRL 400 million (US$68.6 million) in income and 180,000 energetic clients. The corporate goals to surpass BRL 1 billion (US$170 million) in annual income by 2026 and attain over BRL 2 billion (US$340 million) by 2027.
Clara – US$160 million
Spend administration startup Clara has secured a complete of US$160 million in fairness funding thus far, making it the nineth most well-funded fintech startups from Brazil in 2024. The corporate’s most up-to-date funding got here in April 2023, when it secured US$60 million in an fairness financing spherical led by GGV Capital.
Launched in 2021, Clara is a number one answer in LatAm for corporations to make and handle all their funds. The corporate’s platform contains company bank cards, in addition to a digital account.
With operations in Brazil, Colombia, and Mexico, Clara claims greater than 10,000 purchasers, together with massive corporations corresponding to Mapfre, Sensible Match, Rappi, and Burger King. It presently operates at a fee of seven million funds per yr, equal to over US$1.5 billion.
Most not too long ago, Clara opened an workplace in Buenos Aires as a part of a expertise attraction and retention technique in Argentina. With over 5% of its workforce already based mostly within the nation, the startup goals to recruit prime professionals in areas like software program engineering, advertising, and operations, leveraging Argentina’s extremely expert workforce.
Celcoin – US$144 million
BaaS startup Celcoin has raised about US$144 million in fairness funding thus far, making it the tenth most well-funded fintech startup in Brazil in 2024, information from Dealroom and CB Insights present. The corporate secured its most up-to-date funding in June 2024, elevating a US$125 million spherical led by development fairness investor Summit Companions.
Based in 2016, Celcoin offers monetary infrastructure companies and options for banks, fintech startups, and enterprise corporations. Targeted in three key verticals, particularly funds, banking, and lending, Celcoin’s choices are designed to allow customized embedded finance options for corporations throughout any phase and stage of improvement.
Celcoin claims greater than 400 clients within the monetary business and over 5,000 non-financial corporations. It processes greater than 200 million Pix transactions month-to-month.
Featured picture credit score: edited from freepik
