Brazil stands out as the leading fintech hub in Latin America (LatAm). The country boasts the highest number of fintech companies across the region, hosting over 700 startups in the sector and accounting for 24% of all of LatAm’s 3,000+ fintech ventures, according to research by the Inter-American Development Bank (IDB) and Finnovista.
Brazil has also produced some of LatAm’s largest and most successful fintech firms, among which digital banking giant Nubank, one of the most prominent fintechs globally.
In 2024, Brazil maintained its dominance in the region’s fintech scene, with startups in the sector securing US$1 billion in venture capital (VC) funding. The sum represents 42% of all fintech investments in the region, underscoring the country’s leadership in LatAm, data from CB Insights’ State of Fintech 2024 show.
As Brazil’s fintech ecosystem continues to expand, we look today at some of the industry’s leaders, spotlighting the fintech startups from the country that have secured the most VC funding. For this list, we used data from Dealroom, CB Insights, companies’ announcements and media coverages, focusing on independent, private companies, and the disclosed equity funding they’ve raised.
Top Funded Fintech Startups from Brazil in 2024
C6 Bank – US$2 billion
Digital bank C6 Bank has raised more than US$2 billion in funding to date, according to Crunchbase and Fintech Global. The sum makes the company the most well-funded fintech startup in Brazil of 2024.
Founded in 2019, C6 Bank is a digital bank backed by JP Morgan Chase that serves individuals and businesses. The company offers a range of financial services through its mobile app and website, including personal checking and savings accounts, credit cards, loans, investments, and payment processing.
C6 Bank claims around 30 million customers. In Q1 2024, the company recorded its first ever profit, posting a BRL 461 million (US$90 million) profit, compared to a US$57.3 million loss a year earlier, Reuters reported.
Currently, C6 Bank plans to keep its focus in Brazil on the medium term, and has no plans to expand to other LatAm countries like some of its competitors.
According to CB Insights, C6 Bank is worth US$5.05 billion, making it the second most valuable tech startup in Brazil.
Creditas – US$829 million
Consumer fintech platform Creditas has secured a total of US$829 million in equity funding, making it the second most well-funded fintech startup from Brazil in 2024. The company secured its last round in January 2022, raising US$260 million in a Series F at a US$4.8 billion valuation.
Founded in 2012, Creditas is a fintech platform for secured and specialized financial solutions. Operating across three ecosystems, namely auto, home and employee benefits, the company provides financing products, digital insurance and consumer solutions, using proprietary technology to deliver a unique customer experience.
Creditas’ financial report for Q3 2023 showed revenues of BRL 482 million (US$82 million), a 16% increase from the same period in 2022. The gross profit was BRL 170.9 million (US$29 million), marking a 219% increase from the previous year’s third quarter. The company is now looking to go public in the US.
Neon – US$754 million
Brazilian neobank Neon has raised about US$754 million in equity funding to date, according to Dealroom, making it the third most well-funded fintech startup from Brazil. The company secured its last round in 2024, raising BRL 518 million (US$102 million) in a Series E.
Founded in 2016, Neon offers digital accounts, credit cards, personal loans, and investments to over 30 million customers in Brazil.
The company has been focusing on reaching profitability. It also has been pursuing strategic acquisitions, recently purchasing companies like Biorc, Leve, and Consiga Mais, and Mangliano Invest, a brokerage firm.
Neon’s payment institution, Neon Pagamentos, reported a loss of BRL 278.9 million (US$47.5 million) in H1 2024. The amount represents a 41.4% year-over-year (YoY) decrease from BRL 476.1 million (US$81 million) in H1 2023, highlighting significant financial improvement.
Ebanx – US$460 million
Payment platform Ebanx has raised US$460 million in funding to date, making it the fourth most well-funded fintech startup from Brazil, data from CB Insights and Dealroom show. The company secured its last round in June 2021, raising US$430 million from private equity firm Advent International.
Founded in 2012, Ebanx is a leading payment company connecting global companies with customers from fast-growing digital markets across Africa, Asia and LatAm. The company offers a platform for processing online purchases, managing funds from pay-ins to payouts, and facilitating transactions in various currencies and payment methods, including alternative options.
It serves more than 1,600 global digital companies across verticals such as e-commerce, gaming, software-as-a-service (SaaS), streaming, social media, creator’s economy at large, and travel, helping brands such as Ubisoft, AliExpress, Sony, Microsoft, TikTok, Coinbase and Uber.
CloudWalk – US$365 million
Payment startup CloudWalk has raised US$365 million in equity funding, making it the fifth most well-funded fintech startup from Brazil in 2024. The company secured its last round in November 2021, raising US$150 million in a Series C at a US$2.15 billion valuation.
Founded in 2013, CloudWalk is a global payment network built on modern technology and proprietary blockchain, focused in bringing a revolution to the payment ecosystem for small and medium-sized enterprises (SMEs). This platform provides products including digital banking, loans, cashback cards, online sales, digital wallets, and payment terminals, serving more than 1 million customers across over 5,500 Brazilian cities.
CloudWalk reached its first full year of profitability in 2023, achieving total revenue of US$320.5 million. In 2024, the company expanded to the US, starting in New York City, San Francisco, and Austin with an app called Jim.com, which allows merchants to instantly process and receive payments via smartphones.
QI Tech – US$312 million
Banking-as-a-service (BaaS) startup QI Tech has secured a total of US$312 million in equity funding to date, data from Dealroom and CB Insights show. The sum makes the company the sixth most well-funded fintech startup from Brazil in 2024. Its most recent funding came in May 2024, when it secured a US$50 million Series B extension, bringing its total Series B funding to US$260 million, Fintech Nexus reported.
Established in 2018, QI Tech is a financial infrastructure platform spanning financial, credit, banking, and anti-fraud solutions. This platform offers a comprehensive set of application programming interfaces (APIs) that allows any business to integrate digital banking tools such as digital onboarding, facial recognition, credit scoring, digital account opening, wire transfers, Pix payments and credit underwriting.
QI Tech has a client base of over 400 customers, among which companies like Vivo, 99, and QuintoAndar.
Dock – US$280 million
Fintech infrastructure firm Dock has raised a total of US$280 million in equity funding to date, making the company the seventh most well-funded fintech startup from Brazil, data from CB Insights show. The company’s most recent funding came in May 2022, when it secured US$110 million in growth funding at a US$1.5 billion valuation.
Dock is a leading tech company for payments and digital banking in LatAm, delivering solutions through its open API and cloud-native platform. The company’s end-to-end Dock One platform brings together card issuance, digital banking, credit, risk and acquiring solutions, accelerating the ability of companies to offer innovative services to their customers. Dock manages the technology, operations, and regulatory complexity so customers can focus on growing their business.
Dock claims more than 300 clients, 70 million active end users, and over 8 billion annual transactions.
Asaas – US$174 million
Financial management platform Asaas has raised about US$174 million in equity funding to date, making the company the eighth most well-funded fintech startups from Brazil, data from Dealroom and CB Insights show. Asaas secured its most recent funding in October 2024, raising US$148 million in Series C to expand its operations, advance research and development (R&D) efforts, and accelerate inorganic growth through new acquisitions.
Founded in 2010, Asaas makes financial software for SMEs, including payment processing, invoicing and fraud protection. The company automates invoicing and collection processes and integrates various financial services, such as digital accounts, prepaid cards, and billing anticipation. Additionally, it provides tools for cash flow management, issuing commercial proposals, and creating service orders.
Asaas expects to close 2024 with BRL 400 million (US$68.6 million) in revenue and 180,000 active customers. The company aims to surpass BRL 1 billion (US$170 million) in annual revenue by 2026 and reach over BRL 2 billion (US$340 million) by 2027.
Clara – US$160 million
Spend management startup Clara has secured a total of US$160 million in equity funding to date, making it the nineth most well-funded fintech startups from Brazil in 2024. The company’s most recent funding came in April 2023, when it secured US$60 million in an equity financing round led by GGV Capital.
Launched in 2021, Clara is a leading solution in LatAm for companies to make and manage all their payments. The company’s platform includes corporate credit cards, as well as a digital account.
With operations in Brazil, Colombia, and Mexico, Clara claims more than 10,000 clients, including large companies such as Mapfre, Smart Fit, Rappi, and Burger King. It currently operates at a rate of seven million payments per year, equivalent to over US$1.5 billion.
Most recently, Clara opened an office in Buenos Aires as part of a talent attraction and retention strategy in Argentina. With over 5% of its workforce already based in the country, the startup aims to recruit top professionals in areas like software engineering, marketing, and operations, leveraging Argentina’s highly skilled workforce.
Celcoin – US$144 million
BaaS startup Celcoin has raised about US$144 million in equity funding to date, making it the tenth most well-funded fintech startup in Brazil in 2024, data from Dealroom and CB Insights show. The company secured its most recent funding in June 2024, raising a US$125 million round led by growth equity investor Summit Partners.
Founded in 2016, Celcoin provides financial infrastructure services and solutions for banks, fintech startups, and enterprise companies. Focused in three key verticals, namely payments, banking, and lending, Celcoin’s offerings are designed to enable personalized embedded finance solutions for companies across any segment and stage of development.
Celcoin claims more than 400 customers in the financial industry and over 5,000 non-financial companies. It processes more than 200 million Pix transactions monthly.
Featured image credit: edited from freepik
