Brazil Fintech Market Report and Forecast 2025-2034

Brazil Fintech Market Outlook

• In 2023, Brazil was the most active fintech country in Latin America, boasting 111 deals.

• The country has established its position as a pioneer of Open Finance. In 2021, the Brazilian Central Bank introduced Open Banking Regulations.

• PagSeguro, Mercado Pago, and PayPal were among the favoured payment platforms utilised by 80% of Brazilians from 2022 to 2023.

Brazil Fintech Market Growth

With the population on the rise, there is a growing demand for banking and financial services in Brazil. As of January 2024, 84% of adults in Brazil possessed a financial account. Approximately 80% of adults actively utilise their accounts, a percentage that ranks among the highest globally. This increase in customer demand provides a larger market for fintech solutions.

Brazil, with a population of 203 million and a real GDP per capita of US$8,802 in 2022, is a vast federal country consisting of the union (federal government), 26 states (plus the Federal District), and over 5,500 municipalities. As the population grows, so do the diverse financial needs, ranging from basic banking services to more complex financial products such as loans, investments, and insurance. Fintech companies have the opportunity to meet these varied demands with customised solutions.

The rise of digital banking has led to a significant increase in bank account ownership, with 88% of Brazilians having a digital account in 2021. In 2023, PagBank, the digital bank of PagSeguro, reported a deposit volume of US$4 billion.

Furthermore, Brazil currently boasts over 22 digital banks, with the top five neobanks being Nubank, PicPay, C6 Bank, Banco Inter, and Mercado Pago. Due to their agile structure, these institutions have rapidly increased in value and can compete effectively with traditional players.

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Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Brazil Fintech Industry Segmentation

Brazil Fintech Market Share

Based on the services, the market is segmented into banking, trading, taxation, and insurance, among others. The banking sector is projected to grow at a CAGR of 21.8% during the forecast period of 2025-2034. The merging of banking and financial technology (fintech) has transformed the financial services sector. Conventional banks and fintech firms are progressively working together to provide creative solutions that improve customer satisfaction, simplify processes, and promote financial accessibility.

Leading Companies in the Brazil Fintech Market

Major players are focusing on technological advancements and product and service innovation to gain a competitive edge in the market.

• Mastercard International Incorporated

• Nu Payments SA 

• Ebanx SA 

• Creditas Soluções Financeiras Ltda. 

• FITBANK Instituição de Pagamentos Eletrônicos S/A 

• RecargaPay Instituição de Paço Ltda 

• Fiserv, Inc.

• STARK BANK S.A.

• CloudWalk, Inc. 

• Others