Brazil Fintechs Drive Embedded Finance Expansion

Fintechs in Brazil now number about 1,481 firms and serve more than 250 million digital accounts, according to the Brazilian Fintech Association. The surge has enabled consumers to access credit, payments, transfers, insurance and assistance directly from smartphones, fostering a broader ecosystem that includes connected devices, homes and vehicles.

Assurant, with over 61 million users worldwide, is partnering with banks and fintechs to offer embedded insurance and finance solutions. Director Bruno Tognozzi highlighted the rapid growth of credit, which rose from R$ 161 million in 2016 to R$ 35 billion in 2024, and noted that loan‑related insurance purchases grew 17.85 % in Q1. The company views integrated services as a strategic way to protect customers while generating new revenue streams.

A study by consultancy Okiar showed digital banks increasing their “principalidade” – the share of a customer’s financial activity – across Brazil. Nubank leads overall with 24.4 % of this share in 2026, surpassing traditional banks such as Itaú (12.7 %) and Caixa (11 %). Digital‑only banks now hold 46 % of principalidade nationally, up from 40 % a year earlier, indicating a continued shift toward digital financial platforms.