Brazil GraphicBI Intelligence

Even though Latin America’s fintech scene isn't getting much attention, one player in particular — Brazil — is off to a strong start. Over 200 fintechs are currently operating in the country and are expected to bring in an estimated $24 billion in revenue over the next 10 years, according to Goldman Sachs. That makes Brazil's fintech industry the biggest in Latin America, and the country is already seen as the continent's leading fintech power in terms of both number of firms and total investment. Ninety percent of fintechs only operate domestically — but with a population of over 200 million, Brazil already has a large addressable market. Additionally, 40% of Brazilians are unbanked, offering consumer-facing, or B2C, fintechs a substantial opportunity. For these reasons, we expect most fintechs to choose this model and focus on the domestic market first, only expanding as saturation approaches. All told, the rapid development in Brazil's fintech ecosystem thus far makes it likely that Latin America's biggest country will remain the region's fintech leader for the foreseeable future.

brazil by numbersBI Intelligence

Fintech Hubs

Sao Paulo. Sao Paulo has a population of around 12 million, making it the largest city in the country and 12th biggest in the world. Half of those residents are under 20, giving B2C fintechs an almost unrivaled potential market size, as early adopters are often younger. Sao Paulo is the financial center of Brazil and all of Latin America, which additionally gives fintechs a significant opportunity to partner with, or sell to, leading banks when operating a business-to-business (B2B) model. Furthermore, the city and its environs are home to the two best universities in Latin America, the University of Campinas and the University of Sao Paulo. Both [...]