Brazil’s fintech sector has rapidly grown into Latin America’s largest and most dynamic ecosystem, earning a reputation for innovation on the global stage. 

Through our work with many of the companies driving this transformation, we have gained valuable insights into the innovative products and strategies shaping the industry. In this article, we delve into the factors behind Brazil’s rise and highlight the Top 50 disruptors redefining financial services in the region.

Brazil accounts for 58.7% of all fintechs in Latin America, solidifying its status as a regional leader. With a population of over 200 million and a history of systemic inefficiencies, the country has become a hotspot for innovation, driven by a blend of entrepreneurial ambition and forward-thinking regulation.

Central to this growth is the Central Bank of Brazil’s proactive approach. Unlike regions where regulation often stifles progress, Brazil’s BC+ Agenda has actively encouraged innovation. Designed to address inefficiencies, lower credit costs, and enhance competition, the initiative has laid the foundation for new fintech business models to flourish.

Brazil’s fintech ecosystem is now constantly evolving as B2C giants like Nubank and Creditas paved the way for a new surge in B2B players, which now represent 47.3% of the sector. The rise of specialized infrastructure providers, such as Banking-as-a-Service (BaaS), has played a key role in these new entrants developing efficient, scalable products.

Historically, about five banks held control over 80% of Brazil's commercial banking assets. This heavy concentration led to unusually high banking fees, limited access to financial services for many Brazilians, and interest rates soaring up to 37.5%.

Recognizing the need for change, the Central Bank of Brazil initiated a wave of reforms starting in 2010:

These reforms eventually paved the way for Agenda BC# in 2019, a framework aimed at boosting financial inclusion, encouraging competition, improving transparency, and promoting financial education—all key pillars for driving fintech innovation.

The BC# Agenda introduced many changes to Brazil’s financial system, but two key innovations stand out as the foundation of the country’s modern financial ecosystem: PIX and Open Finance.

Launched in 2020, PIX is a groundbreaking instant payment system developed by the Central Bank of Brazil. It allows users to make real-time payments 24/7, making it faster, simpler, and more accessible than traditional methods. For individuals, it offers free consumer-to-consumer transfers, while businesses benefit from low-cost transactions, making it the preferred payment method for millions of Brazilians.

According to the Central Bank of Brazil, on April 5, 2024, PIX set a new record, processing 201.6 million transactions in a single day and handling BRL 105 billion. To put this into perspective, with an adult population of 162.9 million, the sheer volume of transactions highlights just how integral PIX has become in daily life in Brazil.

Looking ahead, PIX continues to evolve with features like:

PIX has empowered businesses like Zippi, a Taktile customer, to revolutionize how working capital solutions are provided to micro-entrepreneurs. Leveraging seamless PIX transfers, Zippi enables fast, secure, and cost-effective disbursements of credit, removing traditional barriers such as high transaction fees or slow processing times. 

This innovation not only provides micro-entrepreneurs with immediate access to the funds they need to manage cash flow or invest in growth but also demonstrates how PIX can support scalable and customer-centric financial solutions.

Open Finance regulation has also been a key part of Brazil's financial transformation, giving consumers control over their financial data and allowing them to securely share it with third parties. This regulation opens up new options for individuals, breaking the traditional reliance on a handful of major banks.

For businesses, open finance is also a significant shift. It creates space for fintechs to compete directly with banks by offering tailored, data-driven products that meet specific customer needs. Companies like Belvo, a Taktile partner, are using this framework to improve risk assessments, making credit more accessible and expanding financial inclusion for underserved groups.

This approach fosters a healthier financial system by increasing competition, lowering costs, and encouraging new fintech business models. Together with PIX, it has demonstrated how thoughtful regulation can create a financial ecosystem that works better for everyone.

Over the past few years, Brazil’s regulatory and technological changes have sparked a wave of innovation, creating the perfect environment for a thriving fintech sector.

To highlight the latest forward-thinking fintech business models, we have compiled a list of the Top 50 disruptors using Brazil’s regulatory framework and evolving technological infrastructure to drive innovation in payments, credit, and more.

Our selection criteria focus on spotlighting agile and emerging players: companies founded after 2016, with fewer than 250 employees, and have raised no more than $80M in funding. We have also excluded sub-businesses of larger corporations and any fintechs that have been acquired. The result is a list that showcases the independent innovators shaping the future of Brazil’s fintech ecosystem.

Some highlights from Taktile’s Top 50 are:

Brazil’s fintech ecosystem has made remarkable strides, but its full potential is still unfolding. As the market matures, new opportunities continue to emerge, building on the foundation of forward-thinking regulation and technological innovation.

One significant area of growth is credit expansion. Fintechs are reaching underserved segments with tailored solutions like microcredit, vehicle loans, and payroll financing—filling gaps that traditional financial institutions have long overlooked. These specialized offerings are opening doors to greater financial inclusion and economic empowerment.

Another key development is the growing accessibility of Receivables Investment Funds (FIDCs). Thanks to the CVM 175 regulation, these funds are now open to non-qualified investors, providing fintechs with new avenues for capital.

"CloudWalk, for instance, recently raised $450M through a receivables vehicle backed by major banks, illustrating the scalability and trust these structures bring to the financial ecosystem. The market for such vehicles has grown significantly, reaching $93.5 billion in 2024, with a CAGR of over 15% in the past five years," says Gabriel Rosenthal Gil, Associate at Valor Capital Group.

At the same time, the rise of Fintech as a Service (FaaS) is pushing the boundaries of financial services. Powered by mature B2B infrastructure like Banking-as-a-Service (BaaS), businesses outside the financial sector are launching their own fintech products. Industries like retail are embracing this trend to create new revenue streams, boost customer loyalty, and remain competitive, further blurring the lines between financial and non-financial services.

"As long-time supporters of fintech leaders across payments, vertical lending (agriculture, trade finance, solar, education), and infrastructure, we remain enthusiastic about the sector's potential," explains Gabriel. He goes on to say, "emerging trends—including new use cases leveraging the PIX infrastructure, next-generation capital markets and credit infrastructure (exemplified by Valor portfolio company Kanastra), innovations in SMB lending and embedded finance, and vertical software solutions targeting underpenetrated sectors—are driving a profound transformation in the financial landscape."

Brazil’s fintech story is one of limitless opportunity, and the next chapter promises to be even more exciting.