Pluggy raises US$ 3.5 million to expand Open Finance products

Fintech Pluggy has raised US$ 3.5 million in a Series A funding round to expand its Open Finance products and embedded finance ecosystem. The round was led by DGF, with participation from Y Combinator and Brazil Venture Capital.

The company aims to use the capital to launch new products, strengthen interoperability within the national financial system, and increase its average ticket per client. Pluggy acts as a bridge between financial institutions and businesses, allowing management systems like ERPs to integrate banking data and payment services directly through APIs.

Pluggy reports significant growth, projecting annual revenue to exceed R$ 25 million by the end of this year, up from the previous year. The company currently serves approximately 500 to 600 direct clients and has nearly 500,000 connected CNPJs. Since June 2024, Pluggy has been authorized by the Banco Central to operate as a Payment Transaction Initiator (ITP).