• $66 million were raised by Brazilian startup Superlógica;
• This year alone, investments in Brazilian fintechs totaled $67 million.

Brazilian payment fintechs have received investments of $120 million in the past five years, according to a research by the open innovation company Distrito, with support from the consultancy KPMG. This year alone, investments in Brazilian newcomers totaled $67 million, reports O Estado de São Paulo.

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According to the newspaper, of the total, $66 million were raised by Superlógica, a startup that recently entered the financial segment with a digital account for condominium administrators. This account is held at PJ Bank, which received a contribution from the private equity fund Warburg Pincus.

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O Estado de São Paulo also says that the growth of investments in the sector has been driven by the sharing of information brought by open banking. Pix, the Brazilian Central Bank’s instant payment solution, which will be officially launched in November, also boosted it.