Matera, a Brazilian fintech that has become an integral player in the country’s Pix instant payments ecosystem, is now eyeing expansion into North America following a $100 million investment from Warburg Pincus.
The company offers core banking, instant payment, and QR code payment technologies to over 250 banks, credit unions, and financial institutions worldwide, including two of the world’s top three banks and more than one-third of all banks in Brazil. Matera has capitalized on the immense popularity of Pix, an instant payments platform launched by Brazil’s central bank in late 2020, which now represents over 40% of all electronic transactions in the country. Matera itself processes more than five billion transactions annually, with nearly half initiated through QR code scanning.
Since 2020, Matera has experienced significant growth, expanding its business fourfold and achieving $77 million in revenue for 2023 while maintaining a strong profitability profile. With support from US investor Warburg Pincus, which is reportedly acquiring a majority stake, Matera is positioned to make strides in the North American market.
The company’s flagship offering for North America is Digital Twin, a ledger designed to integrate seamlessly with existing bank core platforms. Additionally, Matera provides a payment solution that allows billers and merchants to present QR codes for mobile payment, while also enabling consumers to generate QR codes through a mobile app for their transactions.
Carlos Netto, CEO of Matera, stated, “PIX set the standard for the digital finance revolution. At Matera, we understand the pressure on banks to modernize their infrastructure in order to keep pace with innovative payment methods like instant payments and pay-by-bank. We’re excited to leverage our expertise with PIX and deliver proven solutions that help financial institutions across North America meet their customers’ digital needs.”