Financial System Infrastructure in Brazil Market Players Analysis¶
Products and Services¶
Here is a detailed report on the top 10 market players in the Brazilian Financial System Infrastructure industry, outlining their main products and services and the available information on their volume and revenue trends.
Banco do Brasil: As Brazil's largest public financial institution, Banco do Brasil is deeply embedded in the FSI. Its main products and services include extensive operations in Payments Processing, acting as a direct participant in key systems like STR and SPI. It is a major player in Origination and Structuring, providing lending and bond issuance services. The bank also offers Custody and Asset Servicing and is a significant user of Risk Management and Technology & Innovation solutions across its vast operations. In terms of volume, its expanded credit portfolio reached R$ 1.28 trillion in December 2024, with credit concessions growing 13.2% in the 12 months ending June 2024, totaling R$ 1.18 trillion. It also saw a significant increase in its customer base, adding over 1.64 million new clients. For revenue, Banco do Brasil reported R$ 102.3 billion in total revenue in 2024. Revenues from services saw a growth of 4.9% in 2024, reaching R$ 35.5 billion, and the bank's net income was R$ 37.8 billion in the same year.
Nubank: A leading Brazilian digital bank and fintech, Nubank primarily focuses on Payments Processing, offering digital accounts, credit cards, and Pix services. It is also involved in Origination through lending activities and Custody via its digital accounts. Nubank heavily leverages technology to deliver its financial services. The company has shown rapid expansion, reaching over 114 million customers across Brazil, Colombia, and Mexico by March 2025. Its deposits reached US$ 28.9 billion in 2024, and its credit portfolio experienced substantial growth of 75%, totaling US$ 11.2 billion in 2024. Nubank's revenue in 2024 was US$ 11.5 billion (approximately R$ 57.5 billion), with a net income of US$ 1.97 billion in the same period.
Itaú Unibanco: The largest private bank in Brazil, Itaú Unibanco has a dominant presence across nearly all FSI value chain steps. Its key services include Origination and Structuring (investment banking), Trading and Execution (brokerage, dealing), Clearing (through participation in IMFs), Settlement (participant in STR, SPB), Custody and Asset Servicing, Payments Processing, Risk Management, and Technology & Innovation. The bank's credit portfolio grew by 15.5% in 2024, reaching R$ 1.35 trillion. As of December 2024, its assets totaled R$ 3.048 trillion. Service revenue in the first nine months of 2024 reached R$ 36.7 billion, and for the 12 months ending 4Q24, it was R$ 11.69 billion. Itaú reported a net income of R$ 41.4 billion in 2024.
Mercado Pago: The financial arm of Mercado Livre, Mercado Pago is a major player in Payments Processing, offering acquiring, issuing, digital wallet, and Pix services. It facilitates transactions both within and outside the Mercado Livre marketplace. Mercado Pago is also involved in Origination by providing credit to individuals and businesses. Leveraging the large user base of Mercado Livre, it has seen rapid growth in the payments and credit markets and is gaining market share in acquiring. The Total Payment Volume (TPV) in Brazil was estimated at R$ 320 billion in 2024, and the volume of deposits closed 2024 at R$ 8.7 billion. Estimated revenue from acquiring operations in 2024 was R$ 17 billion, and the total net revenue for Mercado Pago in 2023 was US$ 6.3 billion (approximately R$ 31.5 billion).
Santander Brasil: A major international bank with a significant presence in Brazil, Santander Brasil is active across various FSI steps. Its services include Origination and Structuring, Trading and Execution, Payments Processing, Custody and Asset Servicing, Risk Management, and Technology & Innovation. It is also a participant in key payment and settlement systems. Santander Brasil's expanded credit portfolio grew by 6.2% to R$ 682.69 billion in 2024, and its assets totaled R$ 1.335 trillion in December 2024. Revenues from services and banking fees increased by 10.9% to R$ 22.6 billion in 2024. The total revenue in Q4 2024 was R$ 21.493 billion. Santander reported a net income of R$ 13.8 billion in 2024.
Bradesco: A major private financial institution in Brazil, Bradesco is deeply involved in the FSI, operating across a wide range of activities. These include Origination and Structuring, Trading and Execution, Clearing, Settlement (participant in SPB, STR), Custody and Asset Servicing, Payments Processing, Risk Management, and Technology & Innovation. Specific 2024 volume and revenue figures were not available in the provided data, but its position as one of the largest banking groups in Brazil indicates significant volumes and revenues across all its FSI activities.
B3 S/A (BOLSA DE MERCADORIAS & FUTUROS): B3 is the central infrastructure provider for the Brazilian capital and financial markets. Its main services include operating as a Stock Exchange, Futures and Commodities Exchange, Central Counterparty (Clearing), Central Securities Depository (Custody), and Settlement System Operator. B3 also provides Trading and Execution platforms, Registry services for assets like Tesouro Direto, and Technology & Innovation solutions. The average daily trading volume on the equity spot market was R$ 25.6 billion in Q4 2024. The average daily volume in listed derivatives was 6.1 million contracts in Q4 2024. The stock of corporate debt grew by 16.2% in 2024, and registrations of CBIOs reached 42.5 million units in 2024. B3's total revenue in Q4 2024 was R$ 2.67 billion. Estimated full-year 2024 total revenue is around R$ 10-11 billion. Revenue from new ESG services showed significant growth of 64% to R$ 32.7 million in 2024.
TOTVS: A leading Brazilian technology company, TOTVS provides software and services, including significant solutions for the financial sector. Its primary focus is on the Technology and Innovation step, offering core banking software, management systems, and other technology solutions to financial institutions and businesses. Its Techfin unit specifically integrates financial services with business management. TOTVS's Net Revenue in 2024 was R$ 5.4 billion, representing a growth of 17.5% compared to 2023. Its net income grew by 19.6% in 2024 to R$ 237 million (Q4). Specific FSI-related volumes were not available, but it serves a large base of financial sector clients.
StoneCo Ltd.: A significant technology and payments company, StoneCo is primarily focused on Payments Processing (acquiring, processing) and providing technology solutions for merchants to accept electronic payments. It is also expanding into banking and credit solutions for SMEs and operates in the Trading and Execution step by enabling transactions. StoneCo's TPV (Total Payment Volume) for MPMEs, including Pix QR Code, reached R$ 454 billion in 2024. Its payment active client base reached 4.01 million, and its banking client base reached 2.7 million in Q2 2024. Deposits reached R$ 8.7 billion in 2024. Total revenue in Q4 2024 was R$ 3.6 billion, and in Q2 2024, it was R$ 3.2 billion. The company reported an adjusted net income of R$ 2.2 billion in 2024.
Cielo S.A.: One of the largest payment acquirers in Brazil, Cielo is primarily focused on the Payments Processing segment, providing acquiring services that enable merchants to accept various electronic payments. It is also involved in the settlement process for these transactions. Cielo processed R$ 198.9 billion in financial transactions volume in Brazil in Q2 2024. Its net revenue in Q2 2024 was R$ 2.47 billion, and in Q1 2024 for Cielo Brasil, it was R$ 1.523 billion.
Here is a comparative table summarizing the growth or decline in volume and revenue for the main products and services of these players based on the provided data:
| Player Name | Main Products/Services | Volume Growth/Decline | Revenue Growth/Decline |
|---|---|---|---|
| Banco do Brasil | Payments Processing, Origination and Structuring, Custody, Risk Management, Technology | Credit portfolio +13.2% (concessions in 12M to Jun 2024), Customers +1.64M. Expanded credit portfolio R$ 1.28 trillion. | Total Revenue R$ 102.3 billion (2024). Service revenue +4.9% (2024). Net income R$ 37.8 billion (2024). |
| Nubank | Payments Processing (Digital Accounts, Credit Cards, Pix), Origination, Custody | Customers +114M (Mar 2025). Deposits US$ 28.9 billion (2024). Credit portfolio +75% (2024). | Revenue US$ 11.5 billion (2024). Net income US$ 1.97 billion (2024) (Doubled lucro). |
| Itaú Unibanco | Origination and Structuring, Trading, Clearing, Settlement, Custody, Payments, Risk, Tech | Credit portfolio +15.5% (2024). Assets R$ 3.048 trillion (Dec 2024). | Net income R$ 41.4 billion (2024). Service revenue R$ 36.7 billion (9M 2024), R$ 11.69 billion (12M ending 4Q24). |
| Mercado Pago | Payments Processing (Acquiring, Issuing, Wallet, Pix), Origination | TPV Brazil ~R$ 320 billion (2024). Deposits R$ 8.7 billion (2024). | Estimated acquiring revenue R$ 17 billion (2024). Total net revenue US$ 6.3 billion (2023). |
| Santander Brasil | Origination and Structuring, Trading, Payments, Custody, Risk Management, Technology | Expanded credit portfolio +6.2% (2024). Assets R$ 1.335 trillion (Dec 2024). | Service/fees revenue +10.9% (2024). Total revenue Q4 2024 R$ 21.493 billion. Net income R$ 13.8 billion (2024) (Grew 48.6% / 48%). |
| Bradesco | Origination and Structuring, Trading, Clearing, Settlement, Custody, Payments, Risk, Tech | Specific 2024 volumes not available. | Specific 2024 revenue not available. Market position implies significant volumes and revenues. |
| B3 S/A | Stock Exchange, Futures/Commodities Exchange, Clearing, Custody, Settlement, Trading, Registry, Tech | Avg daily equity trading vol R$ 25.6 billion (Q4 2024). Avg daily derivatives vol 6.1M contracts (Q4 2024). Corporate debt +16.2% (2024). CBIOs 42.5M units (2024). | Total revenue Q4 2024 R$ 2.67 billion. Estimated full year R$ 10-11 billion. ESG services revenue +64% (2024). |
| TOTVS | Technology and Innovation (Core Banking, Management Systems, Techfin) | Specific FSI related volumes not available. Serves large base of financial institutions. | Net Revenue R$ 5.4 billion (2024) (+17.5%). Net income +19.6% (2024, Q4). |
| StoneCo Ltd. | Payments Processing (Acquiring, Processing), Banking, Credit, Trading | TPV MPMEs R$ 454 billion (2024). Payment clients 4.01M. Banking clients 2.7M (Q2 2024). Deposits R$ 8.7 billion (2024). | Total revenue Q4 2024 R$ 3.6 billion, Q2 2024 R$ 3.2 billion. Adjusted net income R$ 2.2 billion (2024) (+18% in Q4). |
| Cielo S.A. | Payments Processing (Acquiring, Processing, Settlement) | Processed R$ 198.9 billion (Q2 2024). | Net revenue Q2 2024 R$ 2.47 billion, Q1 2024 R$ 1.523 billion. |
References¶
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VEJA. https://veja.abril.com.br/economia/lucro-do-santander-cresce-48-em-2024-e-vai-a-r-139-bilhoes Mais Retorno: Tesouro escolhe Trademate, da B3, como plataforma para negociação de títulos públicos. https://conteudos.maisretorno.com.br/noticias/tesouro-escolhe-trademate-da-b3-como-plataforma-para-negociacao-de-titulos-publicos Matera muda marca para consolidar sua evolução e liderança em tecnologia para o mercado financeiro - Brazil Journal. https://www.braziljournal.com/materias/matera-muda-marca-para-consolidar-sua-evolucao-e-lideranca-em-tecnologia-para-o-mercado-financeiro/ Matera recebe aporte de R$ 500 mi da Warburg Pincus - InfoMoney. https://www.infomoney.com.br/negocios/matera-recebe-aporte-de-r-500-mi-da-warburg-pincus/ Matera recebe investimento de quase R$ 500 milhões do Warburg Pincus - TI Inside. https://tiinside.com.br/17/07/2024/matera-recebe-investimento-de-quase-r-500-milhoes-do-warburg-pincus/ Matera levanta US$ 100M com Warburg Pincus para chegar no "core perfeito" - Startups. https://startups.com.br/materias/matera-levanta-us-100m-com-warburg-pincus/ Matera vende participação ao Warburg Pincus por R$ 500 milhões - Finsiders Brasil. https://www.finsiders.com.br/noticias/fintechs/matera-vende-participacao-ao-warburg-pincus-por-r-500-milhoes/ Mercado Financeiro: Tudo o que você precisa saber sobre - Cedro Technologies. https://cedrotech.com/blog/mercado-financeiro/ Mercado Pago avança e já supera lucro de Stone e PagBank em adquirência, diz Itaú BBA. https://neofeed.com.br/pay/mercado-pago-avanca-e-ja-supera-lucro-de-stone-e-pagbank-em-adquirencia-diz-itau-bba/ Mercado Pago lidera lucros e ultrapassa Stone e PagBank - BPMoney. https://www.bpmoney.com.br/mercado-pago-lidera-lucros/ Migalhas: Fusões e aquisições de infraestrutura: Tendências e desafios para 2025. https://www.migalhas.com.br/coluna/direito-da-infraestrutura/403561/fusoes-e-aquisicoes-de-infraestrutura-tendencias-e-desafios-para-2025 Money Times: B3 (B3SA3): Volume financeiro médio diário cresce 4,1% em abril, para R$ 25,6 bilhões. https://www.moneytimes.com.br/b3-b3sa3-volume-financeiro-medio-diario-cresce-41-em-abril-para-r-256-bilhoes/ Matera: SPB: o que você precisa saber sobre o Sistema de Pagamentos Brasileiro. https://blog.matera.com/sistema-de-pagamentos-brasileiro-spb/ Nuclea RI: Núclea, antiga CIP, entra para associação da criptoeconomia. https://ri.nuclea.com.br/noticias/nuclea-antiga-cip-entra-para-associacao-da-criptoeconomia/ Nubank dobra lucro em 2024, para US$ 1,97 bilhão | Radar Econômico - VEJA. https://veja.abril.com.br/economia/nubank-dobra-lucro-em-2024-para-us-197-bilhao Nubank registra lucro líquido de US$ 378,8 milhões no 1º trimestre de 2024. https://neofeed.com.br/articles/nubank-registra-lucro-liquido-de-us-3788-milhoes-no-1o-trimestre-de-2024/ No “pior trimestre” para o Nubank, receita e lucro são recordes - NeoFeed. https://neofeed.com.br/articles/no-pior-trimestre-para-o-nubank-receita-e-lucro-sao-recordes/ Nubank, PagBank, Mercado Pago e Inter divulgam resultados financeiros de 2024! Confira a análise - Fintech | Fincatch. https://fincatch.com/noticias/nubank-pagbank-mercado-pago-e-inter-divulgam-resultados-finaceiros-de-2024-confira-a-analise/ Nubank: A prioridade do Nubank: aumentar seu market share na América Latina - Brazil Journal. https://www.braziljournal.com/materias/a-prioridade-do-nubank-aumentar-seu-market-share-na-america-latina/ Planalto: L4595 - Lei nº 4.595 de 31 de Dezembro de 1964. https://www.planalto.gov.br/ccivil_03/leis/l4595.htm Receita Banco do Brasil SA (BBAS3) - Investing.com. https://br.investing.com/equities/banco-do-brasil-sa-revenue Receita da B3 com novos serviços e soluções ESG cresce 64% em 2024 - InfoMoney. https://www.infomoney.com.br/negocios/receita-da-b3-com-novos-servicos-e-solucoes-esg-cresce-64-em-2024/ Receitas do Mercado Pago em 2023 respondem por 44% do grupo Mercado Livre: US$ 6,3 bi - Finsiders Brasil. https://www.finsiders.com.br/noticias/fintechs/receitas-do-mercado-pago-em-2023-respondem-por-44-do-grupo-mercado-livre-us-63-bi/ Relatório da PwC Brasil mostra o que sustentou lucro das empresas de capital aberto em 2024 - VEJA. https://veja.abril.com.br/coluna/veja-mercado/relatorio-da-pwc-brasil-mostra-o-que-sustentou-lucro-das-empresas-de-capital-aberto-em-2024 Resultado Stone 2T 2024: crescimento forte e grande evolução em crédito e soluções de banking. https://www.stone.com.br/imprensa/noticias/resultado-stone-2t-2024-crescimento-forte-e-grande-evolucao-em-credito-e-solucoes-de-banking/ Santander (SANB11) lucra R$ 3,855 bi no 4º trimestre, alta anual 74,9% - InfoMoney. https://www.infomoney.com.br/mercados/santander-sanb11-lucra-r-3855-bi-no-4-trimestre-alta-anual-749/ Santander Brasil tem lucro de R$ 13,8 bilhões em 2024; resultado do 4º tri. fica acima das projeções. https://www.moneytimes.com.br/santander-brasil-tem-lucro-de-r-138-bilhoes-em-2024-resultado-do-4o-tri-fica-acima-das-projecoes/ STONE.DF (31.12.2024)_VF (Sem relatório)2. https://s21.q4cdn.com/142796753/files/doc_financials/2024/ar/STONE.DF-(31.12.2024)_VF-(Sem-relat%C3%B3rio)2.pdf StoneCo tem lucro ajustado 18% maior no 4º tri - CNN Brasil. https://www.cnnbrasil.com.br/economia/stoneco-tem-lucro-ajustado-18-maior-no-4o-tri/ Stone divulga os resultados do quarto trimestre e do ano fiscal de 2024 - PR Newswire. https://www.prnewswire.com/news-releases/stone-divulga-os-resultados-do-quarto-trimestre-e-do-ano-fiscal-de-2024-302091438-html/ TAG IMF: Infraestrutura do Mercado Financeiro: entenda a importancia das IMFs. https://taginfraestrutura.com.br/infraestrutura-do-mercado-financeiro-entenda-a-importancia-das-imfs/ TecBan: Futuro financeiro: conheça as tendências para 2025. https://tecban.com.br/blog/futuro-financeiro-conheca-as-tendencias-para-2025/ TopInvest: Clearing: o que é, qual a importancia e como funciona. https://www.maisretorno.com/blog/termos/c/clearing-house TOTVS registra receita liquida anual de R$ 5,4 bilhões - TI Inside. https://tiinside.com.br/12/02/2025/totvs-registra-receita-liquida-anual-de-r-54-bilhoes/ TOTVS (TOTS3) | Prévia 4T24 e Visão 2025: Case entrega, mas hype limita | Genial Analisa. https://www.genialinvestimentos.com.br/analises/totvs-tots3-previa-4t24-e-visao-2025/ Totvs tem alta de 42% no lucro ajustado do 4º tri | CNN Brasil. https://www.cnnbrasil.com.br/economia/totvs-tem-alta-de-42-no-lucro-ajustado-do-4o-tri/ Totvs tem lucro liquido ajustado de R$ 236,8 milhões no 4º trimestre de 2024, alta de 41,5%. https://www.invista.bb.com.br/site/pra-voce/noticia/2025/02/totvs-tem-lucro-liquido-ajustado-de-r-236-8-milhoes-no-4-trimestre-de-2024-alta-de-41-5/ Transfeera: Interoperabilidade: quais os tipos e como funciona no setor financeiro?. https://blog.transfeera.com/interoperabilidade/ Uplexis: Entenda o que são e como fazer a gestão dos riscos financeiros. https://www.uplexis.com.br/blog/gestao-de-riscos-financeiros/