LatAm List – The demand for financial reform in Brazil is being met by an estimated 550 fintech startups and 17 of these stand out from the rest.
Superfintech status is determined by The Fintech Mining Report using an algorithm that takes into account everything from number of employees to expected sales and pulls from both structured and unstructured databases.
The market for fintechs in Brazil is quickly maturing. Two of the superfintechs have a market value of $1B or more, otherwise known as unicorns, while another three are upcoming unicorns.
According to Gustavo Gierun, co-founder of Brazilian startup Distrito, “Investment is a determining factor for the growth of fintechs, especially in competitive sectors such as the means of payment. Even so, fintechs are able to stand out from the banks for their agility in consumer understanding. Liquidity in the Brazilian market is growing, and well-positioned financial sector startups will have access to that funding,” as quoted in Exame.
Read more on Exame.