Financial System Infrastructure in Brazil Inspiring Startups Analysis¶
Inspiring Startups¶
The Brazilian Financial System Infrastructure (FSI) is being significantly reshaped by a wave of inspiring startups and fintechs that are introducing innovative business models and challenging traditional players across various stages of the value chain. These companies are often leveraging technology and the regulatory environment to offer more efficient, accessible, and specialized financial services.
One of the most prominent examples of inspiring change comes from startups operating in the Payments Processing stage, heavily influenced by the Central Bank's Pix system. Companies like Nubank, StoneCo Ltd., PagSeguro, and Mercado Pago are not just offering digital wallets and payment processing; they are building comprehensive digital financial ecosystems around payments. Their business models are characterized by low or no fees for basic services (especially for consumers using Pix), user-friendly mobile interfaces, and the integration of additional financial products like credit and investments. Nubank, for instance, has rapidly grown its customer base by providing a streamlined digital banking experience and leveraging Open Finance for cross-selling. StoneCo and Mercado Pago are expanding their reach among micro, small, and medium-sized enterprises (MPMEs) by offering integrated payment and financial solutions, often with better terms than traditional acquirers., The success of these payment-focused fintechs inspires change by demonstrating the demand for digital-first, cost-effective payment solutions and pushing traditional banks and acquirers to innovate and reduce fees.
In the Registry stage, new authorized registrars like CERC, TAG, CRDC, and SPC Grafeno are inspiring change by introducing competition and specialization. Their business models focus on providing electronic registration services for financial assets, particularly receivables, which is crucial for enabling credit operations backed by these assets. CERC, for example, specializes in electronic receivables and facilitates SME credit by perfecting collateral. The emergence of these players challenges the historical dominance of Nuclea (formerly CIP) and promotes a more competitive and potentially more efficient infrastructure for the credit market.
The Technology & Innovation layer is seeing significant inspiration from "infratech" companies providing Banking-as-a-Service (BaaS) and other modular financial technology solutions. Startups like Matera, Dock, QI Tech, and Grafeno are building business models around offering core banking systems, payment processing platforms, and API-based services that financial institutions and other companies can use to quickly build and deploy financial products., FitBank, for instance, provides financial infrastructure services (infratech) and processes significant monthly volumes, operating under a B2B2x model. These companies inspire change by lowering the technical barrier to entry for financial services, enabling faster innovation, and fostering the growth of embedded finance where financial services are integrated into non-financial platforms.,
In the Origination & Structuring stage, while large banks still dominate, startups like Divibank are exploring alternative financing models. Divibank offers non-dilutive, revenue-based financing to startups and SMEs, addressing a gap in traditional credit offerings. This inspires change by providing new avenues for businesses to access capital and challenging the conventional debt and equity financing models. Nagro offers digital credit solutions specifically tailored for rural producers, simplifying the loan process and providing quick access to funds.
While B3 remains the sole exchange in Trading & Execution, the rise of digital brokers (which, while some are linked to larger groups, operate with a startup mindset in terms of user experience and fee structure) has democratized access for retail investors through zero or low commissions. This model has significantly increased retail participation and pressured traditional brokerage firms.
In the Custody space, the mention of Laqus as a new authorized central depository suggests potential for inspiring change by offering alternative custody solutions and potentially leveraging newer technologies for asset safekeeping and servicing.
Other inspiring startups mentioned in the context include Robbin, redefining B2B payments; Facio and Zippi, leveraging Pix for working capital solutions for micro-entrepreneurs; Stark Bank, offering corporate banking for startups and enterprises using Pix for instant payments and credit; and Morado, empowering beauty businesses with access to financial services.,
These startups collectively inspire change in the Brazilian FSI by prioritizing customer needs, leveraging technology for efficiency and accessibility, specializing in underserved niches, and fostering a more competitive and dynamic ecosystem. Their success demonstrates the viability of new business models and pushes the entire value chain towards greater innovation.
Table of Potential Impact of Inspiring Startups¶
| Inspiring Startup/Category | Key Business Model/Innovation | Primary Value Chain Stage(s) Impacted | Potential Impact on Value Chain |
|---|---|---|---|
| Nubank, Mercado Pago, StoneCo, PagSeguro | Digital banking, low/no-fee payments (Pix), integrated financial services (credit, investments) | Payments Processing, Origination & Structuring, Custody, Technology & Innovation | Increased competition and reduced costs in payments; expansion of digital financial inclusion; market share shift from traditional banks/acquirers; demand for modern tech infrastructure.,,,, |
| CERC, TAG, CRDC, SPC Grafeno | Electronic registration of financial assets (receivables); specialized registry services | Registry, Origination & Structuring, Risk Management | Increased competition in the registry segment; improved infrastructure for credit operations backed by receivables; potential for lower costs and greater efficiency in asset registration. |
| Matera, Dock, QI Tech, Grafeno, FitBank | Banking-as-a-Service (BaaS), modular financial technology (API-based), infratech solutions | Technology & Innovation, Payments Processing, Origination & Structuring, Custody, Registry | Enables faster development and deployment of financial services; lowers technical barrier to entry; fosters embedded finance; modernizes core systems; drives adoption of cloud and API technologies., |
| Divibank | Revenue-based financing for startups/SMEs | Origination & Structuring | Provides alternative access to capital for businesses; diversifies financing options beyond traditional debt/equity; challenges conventional lending models. |
| Nagro | Digital credit solutions for rural producers | Origination & Structuring | Increases access to credit for a specific, often underserved, segment; simplifies and digitizes the loan process; tailors financial products to specific needs. |
| Digital Brokers (e.g., XP Investimentos, BTG Digital) | Zero/low commission trading; user-friendly digital platforms | Trading & Execution, Technology & Innovation | Increases retail investor participation in capital markets; pressures traditional brokerage fee structures; democratizes access to investments through technology. |
| Laqus | New authorized central depository | Custody | Potential for increased competition in asset custody and servicing; introduces an alternative option for market participants for safekeeping of assets. |
| Robbin | Redefining B2B payments with smarter solutions | Payments Processing | Streamlines B2B payment processes; offers improved terms and potentially credit; leverages data for tailored solutions; enhances efficiency in business transactions. |
| Facio, Zippi | Leveraging Pix for working capital solutions for micro-entrepreneurs | Payments Processing, Origination & Structuring | Provides fast, accessible, and cost-effective credit disbursement for small businesses using the Pix infrastructure; promotes financial inclusion for micro-entrepreneurs., |
| Stark Bank | Corporate banking for startups/enterprises; utilizes Pix for instant payments/credit | Payments Processing, Origination & Structuring, Technology & Innovation | Offers tailored banking solutions for a specific business segment; leverages Pix for efficient cash management and real-time credit adjustments; integrates technology for business financial management. |
References¶
ANBIMA. Brasil tem R$ 9 trilhões em ativos custodiados. https://www.anbima.com.br/pt_br/noticias/brasil-tem-r-9-trilhoes-em-ativos-custodiados.html ANBIMA Data. Volume emitido de incentivadas supera em 65 % o total de 2023. https://data.anbima.com.br/debentures/volume-emitido-debentures-incentivadas-supera-2023 Agência Gov. PF e sistema financeiro ampliam vigilância sobre saques no segundo turno. https://www.gov.br/pt-br/noticias/financas-e-impostos/2024/10/pf-e-sistema-financeiro-ampliam-vigilancia-sobre-saques-no-segundo-turno Banco Central do Brasil. Infraestruturas do Mercado Financeiro. https://www.bcb.gov.br/estabilidadefinanceira/infraestruturasmercado Banco Central do Brasil. BC passa a disponibilizar as Estatísticas de Pagamentos de Varejo e de Cartões no Brasil em seu Portal de Dados Abertos. https://www.bcb.gov.br/detalhenoticia/13233/TextoFCom Banco Central do Brasil. Sistema de Pagamentos Brasileiro (SPB). https://www.bcb.gov.br/estabilidadefinanceira/sistemadepagamentosbrasileiro Banco Central do Brasil. Sistema Especial de Liquidação e de Custódia (Selic). https://www.bcb.gov.br/estabilidadefinanceira/selic Banco Central do Brasil. Supervisão do Sistema Financeiro. https://www.bcb.gov.br/estabilidadefinanceira/supervisao BioPass ID's. Tecnologia em finanças: tendências e desafios. https://biopassid.com/blog/tecnologia-em-financas-tendencias-e-desafios/ BIP Brasil. Gestão de Riscos. https://www.bipbrasil.com.br/gestao-de-riscos/ Brite Payments. 8 Essential Payment Trends 2025. December 3, 2024. https://www.britepayments.com/blog/8-essential-payment-trends-2025/ CERC. Infraestruturas do Mercado Financeiro (IMF). https://cerc.inf.br/sobre-imf/ CNJ. Infraestrutura do Sistema Financeiro Nacional (SFN) Dinâmica da Monetização de Ativos (negociação/liquidação) Bloqueio de. https://www.cnj.jus.br/wp-content/uploads/2021/06/e-book-Manual-Patrimonio_web-1.pdf Conjur. Infraestruturas de mercado financeiro: invisíveis, mas essenciais. https://www.conjur.com.br/2024-jul-10/infraestruturas-de-mercado-financeiro-invisiveis-mas-essenciais/ CRDC. Registradoras de Recebíveis – O Que São e Como Impactam Seu Negócio. https://crdc.com.br/blog/registradoras-de-recebiveis-o-que-sao-e-como-impactam-seu-negocio/ Deloitte. Financial Markets Regulatory Outlook 2025. January 31, 2025. https://www2.deloitte.com/ie/en/pages/financial-services/articles/financial-markets-regulatory-outlook-2025.html Destrava Aí. Conheça 5 registradoras de recebíveis autorizadas pelo Banco Central. https://blog.destrava.ai/registradoras-de-recebiveis/ Dimensa. Tecnologia Bancária: Desafios Na Adoção E Principais Tecnologias Usadas. https://dimensa.com/blog/tecnologia-bancaria/ Dock. Infraestrutura financeira: o que é, vantagens e tendências. https://www.dock.tech/blog/infraestrutura-financial/o-que-e/ Dock. Infratech financeira: como a estrutura tecnologica pode transformar e otimizar os servicos financeiros. https://www.dock.tech/blog/infratech-financeira/ Dock. Pagamentos instantâneos: principais sistemas na LatAm e no mundo, desafios e potencial de inclusão financeira. https://www.dock.tech/blog/pagamentos-instantaneos-principais-sistemas/ Empiricus. CETIP: saiba como funciona a principal custodiante do mercado. https://www.empiricus.com.br/exponencial/o-que-e-cetip/ Estudo market share de bancos: em 5 anos, bancos tradicionais têm queda de 57%. https://materiais.idwall.com/market-share-bancos EY Brasil. Gestão de riscos em serviços financeiros. https://www.ey.com/pt_br/financial-services/risk-management EY. 2025 Global financial services regulatory outlook. https://www.ey.com/en_gl/financial-services/2025-financial-services-regulatory-outlook FEBRABAN Notícias. Pix é o meio de pagamento mais usado no Brasil em 2023; TED lidera em valores transacionados. https://quantoplan.febraban.org.br/noticias/pix-e-o-meio-de-pagamento-mais-usado-no-brasil-em-2023-ted-lidera-em-valores-transacionados Finsiders Brasil. BC aprova nova registradora SPC Grafeno; Adyen e Zapay são autorizadas como IP. https://www.finsiders.com.br/noticias/regulacao/bc-aprova-nova-registradora-spc-grafeno-adyen-e-zapay-sao-autorizadas-como-ip/ Finsiders Brasil. Crescem as plataformas de infraestrutura para servicos financeiros. https://www.finsiders.com.br/noticias/fintechs/crescem-as-plataformas-de-infraestrutura-para-servicos-financeiros/ Finsiders Brasil. Quantidade de pagamentos digitais cresce 31% no primeiro semestre. https://www.finsiders.com.br/noticias/pagamentos/quantidade-de-pagamentos-digitais-cresce-31-no-primeiro-semestre-do-ano/ Freshfields. The year ahead in financial services: 10 trends to watch in 2025. https://www.freshfields.com/en-gb/insights/briefings/2025/01/the-year-ahead-in-financial-services/ Fuze Blog. The Future of Cross-Border Payments: Trends to Watch in 2025. December 3, 2024. https://www.fuze.com/blog/future-of-cross-border-payments-trends-2025 InfinitePay. O que são as Registradoras de Recebíveis?. https://ajuda.infinitepay.io/pt-br/articles/6517177-o-que-sao-as-registradoras-de-recebiveis Instituto Propague. Open Finance brasileiro integra projeto global de interoperabilidade. https://institutopropague.org/noticias/open-finance-brasileiro-integra-projeto-global-de-interoperabilidade/ Instituto Propague. Pix eleva movimentacao via iniciacao de pagamento a nivel recorde. https://institutopropague.org/noticias/pix-eleva-movimentacao-via-iniciacao-de-pagamento-a-nivel-recorde/ ION Group. 2024: A year of change in global capital markets. December 16, 2024. https://iongroup.com/ion-markets/resources/blog/2024-a-year-of-change-in-global-capital-markets/ IT Forum. Tendências de tecnologia para o mercado financeiro. https://itforum.com.br/tendencias-de-tecnologia-para-o-mercado-financeiro/ Iugu. SPB: entenda tudo sobre o Sistema de pagamentos brasileiro. https://iugu.com/blog/sistema-de-pagamentos-brasileiro/ J.P. Morgan. Custody Industry and Regulatory Developments Report. October 31, 2024. https://www.jpmorgan.com/content/dam/jpm/cib/document/products/securities-services/custody-industry-and-regulatory-developments-report.pdf J.P. Morgan. Three megatrends disrupting the cross-border payments landscape. August 30, 2024. https://www.jpmorgan.com/insights/institutional-payments/payments/cross-border-payments-megatrends JOTA. Os 9 anos do marco legal e regulatorio de registradoras e depositarios centrais. https://www.jota.info/opiniao-e-analise/artigos/os-9-anos-do-marco-legal-e-regulatorio-de-registradoras-e-depositarios-centrais-08062022 KPMG International. Emerging trends in infrastructure and transportation — 2025 Global Report. https://kpmg.com/kz/en/home/insights/2025/01/emerging-trends-in-infrastructure-and-transportation-2025-global-report.html KPMG International. Global analysis of fintech funding. February 24, 2025. https://kpmg.com/lk/en/home/insights/2025/02/pulse-of-fintech-h2-2024.html KPMG International. Panorama do Setor e Tendenciasem Infraestrutura no Brasil. https://kpmg.com/br/pt/home/insights/2022/09/panorama-do-setor-e-tendencias-em-infraestrutura-no-brasil.kpmg KPMG. Global Fintech Investment Declines in 2024, But Optimism Builds for 2025. March 5, 2025. https://kpmg.com/cn/en/home/insights/2025/03/global-fintech-investment-declines-in-2024-but-optimism-builds-for-2025.html Laqus. https://laqus.com/ Lefosse. Open Finance: o que muda com interoperabilidade no sistema?. https://www.lefosse.com/news-insights/open-finance-o-que-muda-com-interoperabilidade-no-sistema/ Let's Media. Tendências do Setor Financeiro do Brasil para 2025. https://letsmedia.com.br/tendencias-setor-financeiro-brasil-2025/ LUXHUB. World Payments Trends 2025. January 13, 2025. https://www.luxhub.com/blog/world-payments-trends-2025/ 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 Mastercard Newsroom. 10 top payments trends for 2025 — and beyond. December 12, 2024. https://www.mastercard.com/news/global/en/newsroom/press-releases/en/2024/december/10-top-payments-trends-for-2025-and-beyond/ 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/ Matera. SPB: o que você precisa saber sobre o Sistema de Pagamentos Brasileiro. https://blog.matera.com/sistema-de-pagamentos-brasileiro-spb/ McKinsey & Company. Financial data and markets infrastructure: Positioning for the future. January 28, 2025. https://www.mckinsey.com/industries/financial-services/our-insights/financial-data-and-markets-infrastructure-positioning-for-the-future McKinsey & Company. Global payments in 2024: Simpler interfaces, complex reality. October 18, 2024. https://www.mckinsey.com/industries/financial-services/our-insights/global-payments-in-2024-simpler-interfaces-complex-reality 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. Fusoes e aquisicoes de infraestrutura: Tendencias 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/ Morgan Stanley. Capital Markets Outlook 2025: Key Trends. February 18, 2025. https://www.morganstanley.com/insights/us-capital-markets-outlook-2025 Netguru. Hidden Fintech Trends 2025: What Banks Don't Want You to Know. April 29, 2025. https://www.netguru.com/blog/fintech-trends-2025 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/ OECD. Global Outlook on Financing for Sustainable Development 2025. February 7, 2025. https://www.oecd.org/finance/global-outlook-on-financing-for-sustainable-development-2025-52932534-en.htm Planalto. Lei nº 4.595 de 31 de Dezembro de 1964. https://www.planalto.gov.br/ccivil_03/leis/l4595.htm QI Tech. Infraestrutura financeira: o que e, vantagens e tendencias. https://blog.qitech.app/infraestrutura-financeira-o-que-e/ RedCompass Labs. 2025 Payments Trends: what's in store?. https://www.redcompasslabs.com/en/blogs/2025-payment-trends/ 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/ Revista Investidor Institucional: Ativos sob custódia superam o PIB brasileiro. https://ii.com.br/ativo-sob-custodia-superam-o-pib-brasileiro/ 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/ Santander (SANB11) 4T24: lucro cresce 74,9%, para R$ 3,855 bi; “fortíssimo”, diz XP - InfoMoney. https://www.infomoney.com.br/mercados/santander-sanb11-lucra-r-3855-bi-no-4-trimestre-alta-anual-749/ Santander Brasil reverte prejuízo e lucro líquido contábil vai a R$ 2,2 bi no 3º trimestre - InfoMoney. https://www.infomoney.com.br/mercados/santander-brasil-reverte-prejuizo-e-lucro-liquido-contabil-vai-a-r-2-2-bi-no-3o-trimestre/ Santander (SANB11) fecha 2024 com lucro de R$ 13,8 bilhões, alta de 48,6% - InfoMoney. https://www.infomoney.com.br/mercados/santander-sanb11-fecha-2024-com-lucro-de-r-138-bilhoes-alta-de-486/ Santander Brasil lucra R$ 2,209 bi no 3º tri de 2024 - InfoMoney. https://www.infomoney.com.br/mercados/santander-brasil-lucra-r-2-209-bi-no-3o-tri-de-2024/ 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/ The Business Research Company. Global Custody Service Market Report 2025. https://www.thebusinessresearchcompany.com/report/custody-service-global-market-report The Business Research Company. Comprehensive Analysis of the Custody Service Market 2025-2034: Growth Rates, Trends, and Future Opportunities - Latest Global Market Insights. February 7, 2025. https://www.thebusinessresearchcompany.com/report/custody-service-global-market-report The World Economic Forum. 5 transformational trends shaping global finance. January 6, 2025. https://www.weforum.org/publications/five-transformational-trends-shaping-global-finance/ 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 sao e como fazer a gestao dos riscos financeiros. https://www.uplexis.com.br/blog/gestao-de-riscos-financial/ World Economic Forum. Navigating Global Financial System Fragmentation. January 10, 2025. https://www.weforum.org/publications/navigating-global-financial-system-fragmentation/