Business

Brazilian payment fintechs have received investments of $120 million in the last 5 years

Only in 2020, Brazilian fintechs raised $67 million, according to O Estado de São Paulo

Brazil is the 5th largest global destination for investments in fintechs. Photo: Shutterstock
Photo: Shutterstock
  • $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.

READ ALSO: Warburg Pincus to invest BRL 300 million in Brazilian Superlógica

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.

READ ALSO: Brazilian fintech Neon raises a new round of $300 million, the largest in its history, led by General Atlantic

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.

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