Transfeera, a banking-as-a-service provider in Brazil focusing on B2B transactions, raised $ 1.3 million this month in a series A round.
A survey by Fiserv indicate the growing use of modern payment methods in Brazil such as Pix, QR codes and online shopping.
The president of the Central Bank of Brazil announced Pix protocols would be made available to other regulators.
Brazil's instant payment system, Pix, has reached another milestone as its popularity continues to increase.
BNPL business models gained momentum in Brazil earlier in the year among financial technology firms catering services to cardless customers.
The co-founder and head of Pix, Brazil's instant payment tool, talks about how the Central Bank was able to achieve a scale of around 130 million users in just two years.
Pix has led to a dramatic acceleration in financial inclusion, Carlos Brandt, head of Pix at the central bank, said at Fintech Nexus LatAm.
As digital banking moves forward, Brazil's fintech sector will incur higher cybersecurity spending following greater risks.
Pix's massive success has triggered the fraudsters who always go where the action and money are congregating.