The Digital Real is one of the most ambitious undertakings of the BCB, which has been seeking to accelerate financial inclusion in Brazil.
As fintechs gained traction in Argentina, financial access to accounts has become nearly universal, according to a central bank report.
Latin America's neobanks showed growing profits and robust customer acquisition in the quarter, a sign of resilience amid economic troubles.
According to the company, the goal of this expansion is to consolidate the fintech as one of the major players in LatAm, helping small businesses to reduce costs with payments by improving their financial management.
Can a retail bank offer a motorcycle to its clients? Might a fintech sell furniture or tennis shoes while providing financing?
Low multiples could lead to strategic fintech M&A as companies with abundant capital take the opportunity to scoop deals.
Funds such as Soma Capital, GBV, Techstars, Devlabs, Ripio Ventures, and Platanus Ventures also joined Arch's investment round.
Nine months after its IPO with a dual listing on the São Paulo Stock Exchange and the NYSE, Nubank announced that it will no longer be a publicly traded company in Brazil.
Mercado Libre has seen great success in providing financing to millions of people who struggled to obtain it through traditional lenders.
As of May 2022, the PIX system had roughly 118 million users, 56% of Brazil's population.