- 51% of Brazilian SMEs use services from fintechs, according to Capterra;
- Financial management solutions and payments are the most used fintech services used by SMEs in the country.
More than half of the small and medium-sized companies in Brazil rely more on fintechs than traditional banks and financial institutions. That is what a survey carried out by the software search and comparison platform Capterra with more than 300 managers of small and medium-sized companies (SMEs) in the country indicates: 51% of the companies consulted said that they use the services of financial startups. Payment and financial management solutions are the most used among SMEs.
The company interviewed 349 managers responsible for the financial and accounting areas or directly involved in the task at the companies where they work. According to Capterra, 71% of SMEs in Brazil that use fintechs have a high (55%) or very high (16%) confidence level in contracted services, which among companies that use traditional financial institutions drops to 28% and 4%, respectively.
Of the total respondents, 51% stated that their businesses use the services of a fintech for one or more of the following seven areas: payments, financial management / accounting, loan / debt negotiation, investments, blockchain and bitcoin, insurance and crowdfunding .

Interviews also point out that payment fintechs (60%) and financial management / accounting fintechs (61%) are the most used among small businesses in the country.

Capterra’s interviews also point out to a higher level of customer satisfaction among those who adopt fintechs: 57% say they are satisfied with the contracted services and 18%, very satisfied. Among companies that use traditional financial institutions, the numbers drop to 14% and 2%, respectively.
More than half (56%) of the managers interviewed highlight that is less bureaucratic to hire services from a fintech. On the other hand, only one in three highlighted the variety of services offered by these institutions as a reason for choosing fintechs.
Brazil has been experiencing a fintech boom in recent years. Latest Fintech Map of Brazil, published by Finnovation in 2019, the number of such companies operating in the country jumped from 377 in 2018 to 504 in 2019, an increase of 34%. This year, the number may grow again, with consolidated companies creating financial arms to aggregate Brazilians race for investments and digital wallets, for instance: PagSeguro, Banco Inter, Dotz , and 99.