Key Takeaways from 2026 Brazil Fintech Trip

Research evidence excerpt

Key Takeaways from 2026 Brazil Fintech Trip

Idea

June 28, 2026 10:44 PM GMT

Morgan Stanley & Co. LLCMBrazil Financial Institutions | Latin America Jorge Kuri

Equity Analyst

Key Takeaways from 2026 Jorge.Kuri@morganstanley.comJorge Echevarria +1 212 761-6341

Jorge.Echevarria@morganstanley.com +1 212 761-8015

Brazil Fintech Trip

Brazil Financial Institutions

Latin America

In our Brazil Fintech Trip, we met public and private companies Industry View No Rating

navigating a new wave of disruption. In this report, we explore

the nine key themes shaping key debates and what’s next.

We hosted our 9th Annual Brazil Fintech Trip, meeting with 18 public and private

companies across banking, brokerage, exchanges, payments, and financial

infrastructure. Compared to last year, the sector appears to be at an inflection

point, with change accelerating on the back of AI, Open Finance, and a more active

regulatory agenda. Fintech companies have scaled meaningfully and are expanding

faster into new verticals, increasingly leveraging data, technology, product breadth,

and a lower cost to serve to compete in credit underwriting, funding, acquiring,

exchanges, and infrastructure. Meanwhile, incumbents appear better prepared and

more defensive, having strengthened their own technology, distribution, and

product capabilities. The competitive landscape is shifting rapidly.

In this report, we discuss the nine key themes that emerged from our meetings:

(1) asset quality broadly viewed as under control; (2) private payroll loans

delinquency and subordination risks; (3) secured credit as a key growth engine,

despite cannibalization risks; (4) SME credit becoming a key battleground; (5)

brokers navigating higher‑for‑longer rates; (6) B3 facing gradual competition but