Since its expansion into Brazil in 2022, monday.com, a global software firm for businesses, has been utilising global payment tech service provider, EBANX‘s local payment solutions to power Brazilian businesses.
Over the past three years, monday.com has experienced an average annual growth of 41 per cent in total payment volume (TPV) through EBANX. With support from the paytech and utilising a strategy focused on local solutions, monday.com has elevated the average ticket in the country to above $9,000. This is only the beginning, though, as according to Payments and Commerce Market Intelligence, Latin America’s (LatAm’s) SaaS market is projected to expand by 20 per cent annually until 2027.
The payment method mix includes credit card instalments, a cultural phenomenon in Brazil, and cash payments like Boleto Bancário, a popular bank slip that can be paid either online or offline.
“Our collaboration with EBANX has been transformative for supporting the payment process for our customers in Brazil, ensuring they have an intuitive and localised experience from start to finish,” says Mauricio Prado Silva, VP of LatAm at monday.com. “Leveraging EBANX’s industry expertise, combined with their flexible payment solutions, ensures that we are meeting our customers where they are by removing payment barriers to adoption, and enabling businesses of all sizes to benefit from our platform.”
Understanding the Brazilian market
The widespread use of instalments in Brazil is deeply tied to the country’s experience with high inflation in the 1980s and early 1990s. Additionally, Boleto Bancário has long served as a tool for financial inclusion, particularly relevant given that 60 million people in Brazil don’t own a credit card. With both payment options available, businesses can take full advantage of monday.com’s work management platform, enabling teams to perform at their best across all areas.
Local payment methods are crucial for cross-border e-commerce in Latin America, for both large enterprise companies to small and medium-sized (SMBs) ones. For SMBs, particularly, local payment options like cash-based vouchers and account-based transfers provide them with more accessible and flexible ways to engage in international commerce.
Offering instalments has enabled the company to cater to a Brazilian preference and habit of splitting payments — for both consumers and businesses — and overcome challenges related to lower purchasing power in emerging markets compared with more developed economies. This method accounts for 35 per cent of the total volume transacted in Brazil for monday.com through EBANX over 12 months.
Beyond instalments
While instalments make up a big part of the Brazilian payments ecosystem, another major factor is cash payments, like Boleto Bancário. With support from EBANX, monday.com has also been able to tap into this avenue and expand its consumer base, with cash payments representing 52 per cent of all the company’s transactions in the country, followed by credit cards, which account for 47 per cent.
EBANX’s study Beyond Borders 2025 reports that 25 per cent of B2B (business-to-business) e-commerce purchases in the country are made with Boleto, compared to 10 per cent in P2B (person-to-business) sales in digital commerce.
Cash payments like Boleto Bancário have become key to supporting monday.com’s growing customer base in Brazil, representing 52 per cent of all the company’s transactions in the country, followed by credit cards, which account for 47%.
Commenting on the impact of cash payments, Robert-Jan Lieben, vice-president of commercial in Europe at EBANX, said: “The share of Boleto in monday.com’s business is double the average. This performance further reinforces the value in partnering with a payment specialist for success in emerging countries.”
Discussing the impact of the partnership on a grander scale, Lieben added: “Our collaboration with monday.com highlights how deeply understanding local payment preferences can significantly transform business outcomes in emerging markets. By offering methods that local consumers trust and use every day, businesses are not just facilitating transactions; they are expanding and democratizing access to their products and services across different economic segments.”
