| 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 Payment FinTechs. Brazil, however, is highly dependent on cash; nearly 40% of all payments are still made in cash. The extensive use of cash leaves enough room for the growth of the Digital Payments segment. |
