Lula has a plan for Brazil. But will venture capital investors keep putting resources into the South American country's fintech sector?
As of May 2022, the PIX system had roughly 118 million users, 56% of Brazil's population.
Companies served by EBANX can now offer consumers the ability to pay for online purchases with PIX directly through the checkout.
Latin America's leading e-commerce Mercado Libre reported 49 million fintech customers in the quarter, up 40% year over year.
Fintechs in Latin America market high-yield saving accounts to win customers off from traditional financial institutions.
By the end of 2020, the Central Bank of Brazil launched its own instant payment system, called PIX, with the ambitious goal of speeding up and facilitating transactions.
Argentine payments fintech Pomelo secured $40 million in a Series B round led by Kaszek Ventures, taking total funding to over $100 million.
The island seeks to consolidate itself as a leading Caribbean fintech hub, with 55 reported fintech companies as of 2021.
Cortex collaborates with several fintechs and giants of the financial market in Brazil, such as BTG Pactual and XP.
Nubank, the largest neobank in Latin America, nearly doubled its revenue in the first quarter to $1.6 billion, up 87% year-over-year.