According to the authorization announcement, the new payment institution of Pomelo will be headquartered in São Paulo.
With the rise of fintech Brazil has seen a more competitive banking system with the largest banks losing market share
Brazilian Nubank reached 79.1 million customers in Latin America by early April. That is up almost 20 million compared to a year ago.
Brazil's teenage-focused neobank Z1 received a $10.4 million investment to build new products to cater to young adults as well.
Companies around the South American country are driving a movement towards the "fintechtization" of the sector.
Low multiples could lead to strategic fintech M&A as companies with abundant capital take the opportunity to scoop deals.
Picpay was expecting to break even only in the middle of 2024 and could prepare again to go public on the New York Stock Exchanges.
Lula has a plan for Brazil. But will venture capital investors keep putting resources into the South American country's fintech sector?
Creditas is an online secured loan provider in Brazil; the company has announced the release of its 2017 Brazil Lending Market Report which provides an overview of the country's trends in consumer lending; also reports on market metrics including interest rate spreads and outstanding debt by lending categories. Source
Brazilian fintech Koin announced a partnership with U.S. payments giant Mastercard to advance Buy Now, Pay Later in Latin America over the next five years.