Financial System Infrastructure in Brazil Potential Addressable Market¶

Addressable Market Calculation¶

This report quantifies the potential addressable market for each identified whitespace within the Brazilian Financial System Infrastructure (FSI), based on the number of potential customers or entities. Due to the nascent nature of some whitespaces and the lack of specific pricing data in the provided information, the market size is primarily estimated by the number of potential users or entities, with a qualitative assessment of potential revenue ranges.

Whitespace 1: "Pix-First" SME Financial Hub¶

Key Assumptions and Detailed Rationale:
- Number of Addressable Entities: The core assumption is that the addressable market consists of all active Small and Medium-sized Enterprises (SMEs) and Microentrepreneurs (MEIs) in Brazil. These entities represent a significant portion of the Brazilian economy, face distinct financial challenges related to costs and credit access, and are increasingly adopting digital payment methods like Pix. A "Pix-First" financial hub directly addresses their pain points related to high transaction costs ("Custo Brasil") and limited access to affordable working capital by leveraging the efficiency of Pix and potentially Open Finance data for credit assessment.
- Potential Revenue: Revenue would likely be generated through low-cost Pix payment processing fees (potentially a small percentage or tiered fee), interest and fees on embedded credit products (such as working capital loans based on receivables or Pix flow), and potentially subscription fees for integrated financial management tools and value-added services (e.g., automated reconciliation, cash flow forecasting). While a precise revenue per entity is not calculable with the provided data, the large number of entities and their need for these services suggest a substantial aggregate market size.
Researched Numbers with Rationale and Sources:
- Number of Active MEIs: Approximately 19.9 million in March 2025. This figure represents a large and growing base of small formal businesses.
- Number of Active SMEs (Microempresas and Empresas de Pequeno Porte): Approximately 5.4 million in March 2025. This complements the MEI number to cover the broader SME segment.
- Rationale: These numbers provide the most recent available data on the size of the target customer base for a financial hub focused on small businesses.
Calculated Potential Addressable Market:
- By Number of Entities: The potential addressable market is the sum of active MEIs and SMEs (ME + EPP).
  - Calculation: 19.9 million (MEIs) + 5.4 million (ME/EPP) = 25.3 million entities.
  - Range: Approximately 20 million to 25 million entities.
- Potential Revenue Range (Qualitative): Given the number of potential customers and the critical nature of payment processing and credit for these businesses, the potential annual revenue for solutions effectively addressing these needs is likely in the range of billions of Reais. This is based on the volume of Pix transactions they process and their need for credit, even with potentially lower per-transaction fees compared to traditional models.

Whitespace 2: Democratized Access to Diversified & Digital Assets¶

Key Assumptions and Detailed Rationale:
- Number of Addressable Investors: The addressable market includes individuals who are currently investing in traditional financial markets and a broader group of digitally active individuals who could be encouraged to invest through accessible, low-cost platforms offering diversified and digital assets. The pain points highlight the lack of easy, low-ticket access for retail investors outside major centers and the need for lower custody and trading fees.
- Potential Revenue: Revenue sources would include low or zero-commission trading fees (potentially offset by payment for order flow or other models), custody fees for traditional and digital assets (which could be structured differently for tokenized assets), and fees for value-added services like financial education and basic robo-advisory tailored for retail investors. The revenue potential is linked to attracting a portion of the assets currently under custody and stimulating new investments.
Researched Numbers with Rationale and Sources:
- Number of Individual Investors on B3 (Stocks and Fixed Income): 19.4 million in 2024. This represents the current base of individuals actively investing through the main exchange and in fixed income products listed there.
- Number of Active Individual Users of Financial Services: 152 million as of December 2023. This indicates a much larger pool of individuals who are digitally engaged with financial services and could be potential investors with the right access and education.
- Rationale: These numbers provide a range for the potential customer base, from current investors to a broader segment of digitally active individuals.
Calculated Potential Addressable Market:
- By Number of Investors: The potential addressable market ranges from the current base of investors to a significant portion of digitally active financial service users.
  - Conservative Estimate: 19.4 million individual investors on B3.
  - Broader Estimate: Up to 152 million digitally active individual financial service users.
  - Range: Approximately 20 million to 150+ million individuals.
- Potential Revenue Range (Qualitative): Tapping into the growing base of retail investors and potentially attracting new ones by lowering barriers could unlock significant transaction volumes and assets under management. While per-transaction fees might be low, the scale could lead to an annual revenue potential in the range of hundreds of millions to a few billion Reais, especially as new asset classes and tokenization gain traction.

Whitespace 3: Proactive & Insured Digital Security Services¶

Key Assumptions and Detailed Rationale:
- Number of Addressable Customers: The addressable market comprises individuals and small businesses (SMEs/MEIs) who are active users of digital financial services, particularly Pix, and are concerned about security threats and fraud. The pain points highlight rising fraud cases and the need for better protection and faster resolution.
- Potential Revenue: Revenue would likely be based on a subscription model (per user or per entity) for enhanced security features and fraud insurance. The willingness to pay would be driven by the perceived value of protection against financial losses due to fraud.
Researched Numbers with Rationale and Sources:
- Number of Active Individual Digital Financial Service Users: 152 million as of December 2023.
- Number of Active Legal Entity Digital Financial Service Users (including MEI): 11.6 million as of December 2023. This group is also highly susceptible to fraud targeting businesses.
- Rationale: These figures represent the broad base of digital financial service users who could benefit from proactive security and insurance, although the overlap between individual and legal entity users (especially MEIs) should be considered. The total number of active MEIs and SMEs (ME+EPP) is a more specific proxy for the small business segment.
Calculated Potential Addressable Market:
- By Number of Customers: The potential addressable market includes individuals and the SME/MEI segment.
  - Calculation (Individuals + MEI/SME): 152 million (individuals) + 25.3 million (MEI/SME, see Whitespace 1) = 177.3 million potential customers.
  - Range: Approximately 170 million to 180 million individuals and small entities.
- Potential Revenue Range (Qualitative): Offering a service that directly addresses the significant pain of digital fraud could command a recurring revenue stream. Assuming a reasonable penetration rate among concerned users, the annual revenue potential is likely in the range of hundreds of millions to a few billion Reais, depending on the subscription pricing and perceived value.

Whitespace 4: Open Finance-Powered SME Embedded Finance¶

Key Assumptions and Detailed Rationale:
- Number of Addressable Entities: The addressable market consists of active SMEs and MEIs in Brazil who are willing to share their financial data through Open Finance and integrate their operations with platforms offering embedded finance solutions. The core need is for quick, affordable working capital and streamlined financial operations.
- Potential Revenue: Revenue will primarily be derived from interest income and fees on embedded credit products (e.g., loans based on real-time receivables, BNPL for B2B) and potentially fees for integrated payment and cash management services. The value is in providing timely and contextually relevant financing directly within the SME's workflow.
Researched Numbers with Rationale and Sources:
- Number of Active MEIs: Approximately 19.9 million in March 2025.
- Number of Active SMEs (ME + EPP): Approximately 5.4 million in March 2025.
- Rationale: These entities are the primary target for embedded finance solutions, as highlighted by their credit access pains and increasing digital adoption.
Calculated Potential Addressable Market:
- By Number of Entities: The potential addressable market is the total number of active MEIs and SMEs.
  - Calculation: 19.9 million (MEIs) + 5.4 million (ME/EPP) = 25.3 million entities.
  - Range: Approximately 20 million to 25 million entities.
- Potential Revenue Range (Qualitative): Addressing the substantial SME credit gap with efficient, data-driven embedded solutions could unlock significant interest and fee income. The potential annual revenue is likely in the range of billions of Reais, driven by the volume and value of credit extended and financial services consumed through embedded channels by this large business segment.

Whitespace 5: "Real-Time Treasury & Trade Finance" for Corporates¶

Key Assumptions and Detailed Rationale:
- Number of Addressable Corporates: The addressable market consists of large companies in Brazil, particularly those engaged in significant domestic and international trade and complex treasury operations. These entities require efficient, real-time settlement and advanced trade finance solutions, where current systems present bottlenecks related to speed, transparency, and interoperability.
- Potential Revenue: Revenue would be generated from high-value transaction fees for real-time settlement, fees for using DLT-based platforms for trade finance, issuance and servicing fees for tokenized trade assets, and potentially subscription or usage fees for integrated treasury management services. The value proposition lies in reducing costs, improving speed, and mitigating risks in high-value transactions.
Researched Numbers with Rationale and Sources:
- Number of Exporting Companies in Brazil: 28,847 in 2024. This provides a lower bound for companies involved in international trade.
- Number of Companies under Lucro Real: Approximately 1.1 million in 2024. This indicates a larger size but includes many companies that may not have complex treasury or significant trade finance needs.
- Rationale: A precise number for large corporates requiring advanced treasury and trade finance is not directly available. The number of exporters serves as a relevant proxy for companies facing international trade finance challenges. A broader estimate considering other large companies with complex domestic treasury needs is also relevant.
Calculated Potential Addressable Market:
- By Number of Corporates: The potential addressable market ranges from companies actively exporting to a broader set of large entities.
  - Conservative Estimate (Exporting Companies): Approximately 29,000 corporates.
  - Broader Estimate (Based on Lucro Real, a fraction): A fraction of the 1.1 million. Let's estimate a range for large corporates with complex needs.
  - Range: Approximately 30 thousand to 100 thousand corporates.
- Potential Revenue Range (Qualitative): Although the number of customers is smaller than the SME/MEI or retail segments, the average revenue per customer is significantly higher due to the volume and value of transactions processed and the complexity of the services. The potential annual revenue for sophisticated real-time treasury and DLT-based trade finance solutions is likely in the range of billions to tens of billions of Reais, representing a portion of the large global and domestic corporate financial activity.

Whitespace 6: Unified Financial Transparency & Advisory Platform¶

Key Assumptions and Detailed Rationale:
- Number of Addressable Users: The addressable market includes digitally active individuals and potentially small business owners (MEIs/SMEs) who desire a consolidated view of their financial lives and transparent information about financial products and fees. The pain points highlight complexity, lack of transparency, and data siloing across different financial relationships.
- Potential Revenue: Revenue could be generated through a freemium model with subscriptions for premium features, B2B partnerships with financial institutions (who white-label the service or pay for lead generation), or potentially referral fees (handled with transparency). The value is in empowering users with clear, aggregated financial information and decision support.
Researched Numbers with Rationale and Sources:
- Number of Active Individual Digital Financial Service Users: 152 million as of December 2023.
- Number of Active MEIs: Approximately 19.9 million in March 2025. Many MEIs manage business finances alongside personal ones and could benefit from a unified view.
- Rationale: This represents the large base of individuals and small business owners who are digitally engaged and could utilize a platform that aggregates their financial data and provides transparent insights.
Calculated Potential Addressable Market:
- By Number of Users: The potential addressable market includes digitally active individuals and MEIs (considering potential overlap).
  - Calculation (Individuals + a portion of MEIs): 152 million (individuals) + (assuming a fraction of MEIs use the platform for combined or business view, e.g., 50% of 19.9M = 10M) = 162 million users.
  - Range: Approximately 150 million to 180 million users.
- Potential Revenue Range (Qualitative): A platform that successfully aggregates financial data and provides valuable transparency and advisory services to a large user base can generate significant revenue through various models. The potential annual revenue is likely in the range of hundreds of millions to a few billion Reais, depending on the business model and the level of user adoption and engagement.

Whitespace 7: Cross-Sector Open Data Ecosystem Integrator¶

Key Assumptions and Detailed Rationale:
- Number of Addressable Institutions: This is primarily a B2B2X whitespace, targeting financial institutions, fintechs, and companies in other sectors (like insurance, healthcare, retail, utilities) that need to participate in or leverage interconnected "Open X" data ecosystems. The need stems from interoperability issues, data siloing, and the complexity of integrating data across different industries and regulatory frameworks.
- Potential Revenue: Revenue would likely be generated from B2B fees charged to institutions for accessing the integration platform, utilizing APIs for data exchange, managing user consent across sectors, and potentially for data standardization and value-added services built on the integrated data (with proper consent and anonymization). The value is in providing the critical infrastructure for seamless and compliant cross-sector data flow.
Researched Numbers with Rationale and Sources:
- Financial Institutions Supervised by BCB: 1,500+. [Value Chain Report]
- Fintechs in Brazil: 1,592 to 2,048 (2024-2025).
- Rationale: These numbers provide an initial estimate of the potential customer base within the financial system that would require cross-sector data integration capabilities. The market expands significantly as other sectors are included in "Open X" initiatives, but quantifying these is beyond the current data.
Calculated Potential Addressable Market:
- By Number of Institutional Customers (within the Financial System): The potential addressable market includes financial institutions and fintechs needing integration capabilities.
  - Calculation: 1,500+ (FIs) + 1,500 to 2,000 (Fintechs) = 3,000 to 3,500+ institutions.
  - Range: Approximately 3,000 to 4,000 financial system institutions initially, with significant future growth potential in other sectors.
- Potential Revenue Range (Qualitative): As a foundational infrastructure provider for the future "Open X" economy, the revenue potential is tied to the volume and value of data exchanged across sectors. While difficult to quantify precisely, this represents a critical enabling layer with potential annual revenue in the range of hundreds of millions to a few billion Reais, derived from enterprise-level service agreements and usage-based fees.

Whitespace 8: Gamified & Contextual Financial Wellness Journeys¶

Key Assumptions and Detailed Rationale:
- Number of Addressable Users: The addressable market includes digitally active individuals and MEIs who could benefit from engaging and personalized financial education and guidance. The need stems from low financial literacy and the desire for better decision support related to managing finances, investing, and accessing credit.
- Potential Revenue: Revenue could be generated through B2C subscriptions, B2B partnerships with financial institutions (offering the service to their customer base), employers (for employee financial wellness programs), or educational institutions. The value is in improving users' financial knowledge and behavior through personalized, engaging experiences.
Researched Numbers with Rationale and Sources:
- Number of Active Individual Digital Financial Service Users: 152 million as of December 2023.
- Number of Active MEIs: Approximately 19.9 million in March 2025. MEIs often require specific education related to business finance, taxes, and access to credit.
- Rationale: This represents the large pool of individuals and small business owners who are digitally engaged and could benefit from tailored financial education and wellness tools.
Calculated Potential Addressable Market:
- By Number of Users: The potential addressable market includes digitally active individuals and MEIs (considering potential overlap).
  - Calculation (Individuals + MEIs): 152 million (individuals) + 19.9 million (MEIs) = 171.9 million users.
  - Range: Approximately 100 million to 170 million users, considering market penetration and interest levels.
- Potential Revenue Range (Qualitative): Providing effective and engaging financial education to a large user base, whether directly or through partnerships, can generate a significant revenue stream. The potential annual revenue is likely in the range of hundreds of millions to a few billion Reais, depending on the business model (B2C vs. B2B) and the ability to demonstrate tangible improvements in users' financial well-being.

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Serviços financeiros alcança 112 milhões de usuários únicos no Brasil. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXHqb9EXdgyAPkoZZiDt1pxj_r6DP3ZG6QXIza4gG16UueIr2bkwCaRQXeW1vgRHRG9tkk1bya-5Fj6saOVXSilZygYfb4KDNVFSx9ExzMYbqzOeSISjY9_2zqzHFtcrD1cozTYxW_Sj-vwPZRAcjpJiAoJLX1Uwm4b3iU04ghYQOCBVwVCq7jLoYj1A-Cu3P14bZuBKlh40TkFmDtUZs7cHwKk=
Serviços Financeiros, um panorama do consumidor digital no Brasil... - Comscore, Inc. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXFUPAfEmOCWPmuhPh7UhIKMsxkLSj_kolBGcWEcgIJ2uUbawU9tR4VJvd-1inmyZK8mSvLrEmQ3YWWmgXW-2vv_Eal4uCmm7OwosPRNa5WGGX2RoL8NRPEKn2uOT5x5j3QqtmUxSgPbHG0TQcA5tpzSldA5Jgno6hGL8JZDIryVS0FHvNhC64bMqpDsT9WyINrbpzWF2oZ-d52h-J8W0sNlJ5x0nKqJ3oD6pZc1M=
17,1 milhões de pessoas investiram em renda fixa em 2023, alta de 15% ante 2022; afirma B3 | CNN Brasil. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXHaLJ6Ly6Nj1O1bjRA46xHp6NpF5z9L2rKm2-qcQfsmEH7VNFJkcgTkzegOyDhvAZVBgyIEBkR8bJWkkhNmmKnoSR3RC5jnBb_M8O2lwkXwcvkdqOWuPI6gVKlHq9T7fBsE_kFscDRAyAt9vxXppmUTN5lbXjYaRvz0Pzv_Z7qDqwoC0sO6aE7XikkeILQar4EfIW7I1a5DhqfaGfQVzg5CreI0co2JBmAYrnUNSWpYbZrnllPBUGJKl9nfDubUpH04