According to Statista, fintech in Latin America (LatAm) suffered in 2023, with less than $2billion invested in fintech ventures – a drastic drop from 2021’s value of $6billion. Nonetheless, in the face of this hardship, fintechs have still continued to emerge and find success in the region, and across 2024, investment levels surged back up over $2billion again. With the future of fintech looking optimistic in 2025, Em Conversa looks to explore how the LatAm region can prosper once more.
In March, fintech FitBank launched a new platform to allow companies of all sizes to control their finances directly from their management systems. The launch aligned with FitBank’s aim of redefining the integration of financial services in ERP systems, and given that the Brazilian ERP market is the fifth largest globally, there is huge potential for the new offering.
To get a better understanding of the service, we spoke to Alex Vollbrechthausen, investor and chairman of the board at FitBank. He spent 18 years at Goldman Sachs, where he was one of the partners leading the firm’s business development efforts across Latin America and emerging markets. From 2011 to 2016, he also served as CEO of Goldman Sachs Brazil.
Can you tell me more about the company and your role within it?
FitBank, a conglomerate with technology and regulated entities in Brazil, Mexico and Central America, was founded in 2015 with a vision to transform the digital payments space, recognising the growing demand for efficiency through cutting-edge technology.
Today, FitBank stands as one of the leading payment institutions in Brazil, operating under a B2B2x model. We provide financial infrastructure services (infratech) and currently process over R$20billion (approx. $4billion) per month. Our services support more than 200 business groups and impact nearly 100 million individuals across 22 sectors of the economy. We are also operating in earlier stages into other Latin American countries such as Mexico, Guatemala and others.
In my role, I lead business development efforts across Latin America and emerging markets. With a strong background in financial services, I’ve always had a deep understanding of the industry. As I began to envision its future, it became increasingly clear that technology would be the driving force behind major transformations. I saw FitBank as the ideal platform — combining cutting-edge financial technology with the flexibility to serve the needs of any country.
What are some embedded finance trends we’re seeing in Brazil, and how do they differ from Mexico and Guatemala?
Embedded finance is rapidly expanding in Brazil. The country’s financial technology ecosystem is highly advanced and fiercely competitive, which offers a distinct advantage for companies operating here. Today, hundreds of businesses across industries like retail, logistics, agribusiness, construction, healthcare, transportation, and education offer financial services — such as digital accounts, credit, insurance, and bill payments — directly within their own platforms and apps.
Mexico and Guatemala are also embracing this global trend of integrating financial services into non-financial platforms. However, each country presents unique characteristics, especially when it comes to regulatory maturity, technological infrastructure, and financial inclusion.
In Brazil, regulatory bodies such as the Central Bank and the Securities and Exchange Commission (CVM) have been actively monitoring and encouraging regulatory compliance, which provides a competitive edge for companies like FitBank that are built on solid foundations.
After Brazil, Mexico is the most mature market in Latin America. FitBank is preparing to launch operations in the country, which has a proactive central bank, a growing BaaS ecosystem, an open banking framework under implementation, and a strong demand for services like buy now, pay later (BNPL) and international money transfers—millions of Mexicans receive remittances from the US.
Guatemala, on the other hand, is an emerging market with enormous potential. About 50 per cent of the population remains unbanked. While some embedded finance solutions already exist — mostly in payments — there’s a notable lack of regulatory depth. However, this also presents an opportunity to introduce innovative financial services quickly, unhindered by legacy systems or outdated technology.
What is FitBank doing to improve the embedded finance sector in Brazil and Latin America?
In Brazil, we’ve built a solid foundation and are experiencing consistent growth. One of our key strategies has been to offer white-label financial infrastructure and BaaS solutions to ERP providers, allowing them to focus on their core business while leveraging our platform.
We currently provide financial technology infrastructure to over 160 financial groups, indirectly serving more than 100 million users annually. In 2025, we also began operating as a direct credit company (sociedade de crédito direto), allowing us to issue and manage bank credit notes (CCBs) and tap into the massive market of credit transactions.
In Mexico, we’ve been operating since 2023 through a partnership with Actinver, a local bank, offering a comprehensive suite of financial services. We’re also in the process of expanding further, with plans to acquire a new operations in the country.
In Guatemala, we are finalising a partnership with a major retail chain to facilitate digital payments for both customers and employees.
How does embedded finance in Latin America compare to the rest of the world?
The key distinction is its real-world impact. In Latin America, embedded finance plays a critical role in financial inclusion and social mobility. For example, Brazil’s PIX system became the most widely used payment method in the country within a short period, revolutionising how people handle transactions.
In many Latin American countries where a large portion of the population is unbanked or underbanked, embedded finance solves a pressing issue: access to financial services. In contrast, in more developed markets such as Europe, the US, or Asia, embedded finance is often focused on convenience, improved user experience, and new revenue streams.
These markets also face unique challenges — for instance, in the US, regulatory fragmentation across states can significantly complicate the rollout of nationwide embedded finance solutions.
What are some unique embedded finance challenges associated with Brazil, Guatemala, and Mexico?
All three markets are rich in opportunity but differ in terms of complexity and maturity. Many companies in these regions either lack legacy systems or have minimal technological debt, which allows for rapid implementation of new solutions.
In Brazil, the challenge lies in maintaining growth and our competitive edge within a highly regulated and developed market. In Mexico, the focus is on leveraging the existing ecosystem while navigating evolving regulations. However, in Guatemala, the main challenge is foundational — building financial access from the ground up and fostering trust in digital services.
What are your future plans?
Artificial intelligence is the next frontier — and a non-negotiable one. FitBank is fully committed to developing AI-powered financial services. In late 2024, we launched MaiaPaga, or simply Maia—an AI-driven assistant that allows users to scan and pay bills via a photo, schedule payments, and more — all through WhatsApp. Maia is also being used as a digital assistant in our credit marketplace and will soon be available to users in Mexico as well.
In March 2025, we partnered with Mastercard to launch Xpertia, a solution designed for ERPs to offer white-label financial services. It integrates seamlessly into ERP platforms, enabling them to deliver a full spectrum of embedded financial capabilities. Brazil is currently the fifth-largest ERP market in the world, with growth well above the global average, making this a significant strategic opportunity.
Final thoughts
We are very optimistic about the future. FitBank has a unique ability to scale and process transactions through a proprietary core banking system developed entirely by our in-house technology team. This allows us to deliver high-performance, low-cost infrastructure with seamless integration capabilities, opening the door to countless possibilities for sustainable, robust growth across Latin America and beyond.
