May 5, 2021
Brazil represents half of Latin America’s economy with a $3 trillion+ GDP. It is the largest economy and the largest FinTech market in Latin America. Out of the 500+ FinTechs in Brazil, over 150 are in the Payments domain. All four FinTech Unicorns in this country are also in the Payments domain. Brazil, however, is highly dependent on cash; nearly 40% of all payments are still made in cash.