Start-ups and VCs are finding opportunities in open banking, finance and insurance
According to statistics from the Central Bank of Brazil, Brazil’s instant payment system Pix closed over 8 billion transactions in 2021. This is a very impressive number for a product just launched in November 2020 and shows how Pix has become popular in the country.
As fintech Z1 founder Joo Pedro Thompson told TechCrunch, Pix can be described as a “government version of Venmo.” However, this analogy does not fully capture the fact that Pix not only pays coffee to friends, but also appeals to many, to digitally savvy teens. Otherwise, it will not be used by 6 out of 10 Brazilians.
In countries where many people have not yet been deposited in banks and lining up to pay invoices is part of their daily lives, the impact of being able to pay immediately to anyone is modest. I can’t say. In addition, Pix has come to support more services, such as withdrawing cash from businesses.
It is interesting that Pix is an institutional initiative and part of a broader public effort to transform Brazil’s financial situation. “The central bank is doing a great job and Pix is one of the most relevant structural changes,” Brazil’s VC Bruno Yoshimura told TechCrunch when he wrote about the Latin American fintech boom.
This was of course intriguing to me as I lived in Brazil. At that time, entrepreneurs were constantly complaining about bureaucracy, and their greatest hope was to keep the institution out of the way. But now VCs and founders are really praising the central bank’s initiative and the opportunities it has created.
“Both open banking and pix will level new challenges, and we look forward to seeing a lot of innovation around them,” Yoshimura said in another central bank project. Said by mentioning.
It’s not just Pix, it’s not the central bank’s BC # agenda. Brazil’s Private Insurance Regulatory Authority (Susep) is working on an open insurance plan. This means that insurers could become the next sector to benefit from regulatory tailwinds.
To understand what’s happening in Brazilian regulation and how this is affecting startups, we contacted an expert who knows the Latin American fintech ecosystem directly.
On the VC side, we contacted Amy Cheetham, a partner at Costanoa Ventures. His recent investment includes a Rio de Janeiro-based plug. For additional thoughts on InsurTech, see Javier Santiso from Alma Mundi Ventures. On the startup side, we talked to Recarga Pay CEO Rodrigo Teijeiro and True Pay Pedro Snego de Oliveira.
There are many opportunities
“The open banking initiative adopted by the Central Bank of Brazil is a tailwind for fintech innovation,” said Amy Chisam of Costa Noah. “When consumers regain control of their data, they create space for new entrants to the banking ecosystem, intensify competition, and consumers get better, cheaper, fairer, and safer finance. You will have access to goods and services, including empowering Fintech to build for the past. [underserved] Or the unserviced segment of the population, “she explained.
RecargaPay is one of the start-ups that leverages new regulations to extend B2C services. “Our mission at Recarga Pay is to democratize Brazil’s mobile payments and financial services. Therefore, open banking and Pix are the perfect recipes to accelerate our mission.”
Teijeiro especially appreciates Pix and its “incredible” orbit. “In just one year, the tremendous turmoil that would benefit millions of Brazilians by making payments easier, faster and cheaper was the Central Bank of Brazil. “Deserves to be recognized as a” fintech startup of the year “,” and described the impact of Pix on mobilization as “a great blessing for Recarga Pay.”
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