Open Finance completed its first 2 years in Brazil with 15 million users. The challenge, however, is to grow beyond the specialized audience.
The investment, which was made in two parts, will serve to expand Kala's commercial and engineering team, as well as lay the groundwork to take its operations to other parts of LatAm.
This is Visa's second offer for the Brazilian fintech. Previously, the American company offered $1 billion to acquire the startup, but the offer was refused.
Brazil's Pix has not only reshaped its national payment landscape but also emerged as a catalyst for financial innovation across Latin America, showcasing the potential of instant payment systems. By 2026, Pix is poised to become a dominant force in Brazil's digital economy, reflecting its significant impact on financial inclusion and market competition. Its rapid adoption and innovative features are now inspiring neighboring countries, paving the way for a comprehensive digital payment transformation throughout the region.
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The payment operation, which has been awaiting regulatory approval for three years, will first focus on small merchants and will be implemented gradually in the South American country.
Fintechs are targeting the huge LatAm remittance market, as increased digitization paves the way for more affordable money transfers.
Argentine payments fintech Pomelo secured $40 million in a Series B round led by Kaszek Ventures, taking total funding to over $100 million.
Fintechs in Latin America market high-yield saving accounts to win customers off from traditional financial institutions.
After the FTX crash rocked the crypto world, Brazil was one of the fastest nations to adapt to the new scenario. Now what's next?