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Financial System Infrastructure in Brazil Strategic Priorities and Investments Analysis

Strategic Priorities

Major players within the Brazilian Financial System Infrastructure (FSI) are strategically focused on a mix of expanding market share, leveraging technology for efficiency and new services, navigating the evolving regulatory landscape, and strengthening their positions within specific value chain segments.

Banco do Brasil, as Brazil's largest public financial institution, maintains a strategic priority of supporting government policies and national development, while operating across a broad spectrum of the FSI value chain. Its strategic intent is deeply intertwined with its public mandate, influencing its involvement in various market initiatives and its extensive reach across different segments.

Nubank, a leading digital bank, prioritizes rapid expansion in its customer base and market share, not only in Brazil but also across other Latin American countries like Mexico and Colombia. A core part of its strategy is offering low-cost financial services and delivering a superior customer experience, heavily relying on technology and its strong brand identity. Leveraging initiatives like Open Finance is also key to cross-sell additional products like investments and loans.

Itaú Unibanco, Brazil's largest private bank, focuses on maintaining its dominant presence across nearly all FSI value chain steps. Key strategic priorities include significant and ongoing investments in technology to enhance operations and service offerings. The bank is also actively involved in the Open Finance ecosystem, aiming to leverage its capabilities and customer base in this new environment. Building a solid balance sheet is also a stated focus.

Mercado Pago, the financial arm of Mercado Livre, is strategically focused on rapid growth and gaining market share in the Payments Processing segment, particularly in acquiring and digital wallets, by leveraging the large user base of the Mercado Livre marketplace. Its strategy also involves expanding into other FSI areas like credit origination.

Santander Brasil, a major international bank with a strong Brazilian presence, focuses on building a solid balance sheet and developing a robust multi-channel service model to serve its diverse customer base across various FSI activities.

Bradesco, another major private bank, is strategically involved across a wide range of FSI activities. A notable strategic action is its participation in the process to delist Cielo, a major payment acquirer it controls jointly with Banco do Brasil, indicating a potential shift in strategy regarding this asset.

B3 S/A, as the central infrastructure provider for Brazilian capital and financial markets, prioritizes maintaining its position in exchange trading, clearing, custody, and settlement. Strategic expansion includes developing and offering new products and services, such as those related to ESG (Environmental, Social, and Governance), and leveraging technology to enhance its platforms and data services. Facing potential increased competition, B3 also focuses on efficiency and potentially exploring new business areas.

TOTVS, a leading Brazilian technology company, strategically focuses on providing software and services, with a significant emphasis on the financial sector through its Techfin unit. Its priority is to be a key technology partner for financial institutions, offering core banking systems, management software, and other innovative solutions.

StoneCo Ltd. strategically targets the Payments Processing segment and financial services for micro, small, and medium-sized enterprises (MPMEs). Key priorities include expanding its payment active client base and growing its banking and credit solutions offered to this segment, leveraging technology and service to compete in the acquiring market.

Cielo S.A. primarily focuses on its core Payments Processing business as one of the largest payment acquirers in Brazil. However, its current strategic context is significantly influenced by the ongoing process by its controlling shareholders (Bradesco and Banco do Brasil) to delist the company, suggesting a strategic move by the parent companies regarding Cielo's future structure and market position. Cielo is also focused on improving its results amidst increasing competition.

Recent and Planned Investments

Based on the provided data, specific details on recent and planned investments by each major player vary in granularity. However, several key investment themes and specific examples can be identified:

Player Name Recent and Planned Investments Alignment with Strategic Priorities
Banco do Brasil Involved in the process to delist Cielo (jointly with Bradesco). Ongoing investment in extensive operations and participation in key FSI systems (implied by their role). Delisting Cielo aligns with potential strategic adjustments by controlling shareholders regarding their payment processing assets. Ongoing system participation supports its broad FSI role.
Nubank Extensive use and investment in technology for low-cost service and customer experience (implied ongoing). Expansion into Mexico and Colombia (investment in international operations). Leveraging Open Finance requires significant technology investment. Directly aligns with its strategic priorities of rapid growth, market share expansion in LatAm, technology-driven low cost, and leveraging Open Finance.
Itaú Unibanco Annual investment of R$ 10 billion+ in technology. Active involvement and investment in Open Finance implementation. Strongly aligns with its strategic priority of leveraging technology, maintaining dominance across FSI, and actively participating in Open Finance.
Mercado Pago Investment in payments processing technology and infrastructure to support growth in acquiring and digital wallet. Investment in credit origination capabilities. Directly supports its strategic focus on rapid growth, gaining market share in payments, and expanding into credit.
Santander Brasil Ongoing investment across various FSI steps and technology infrastructure (implied by its broad participation). Supports its strategy of maintaining a significant presence across FSI and building a multi-channel model.
Bradesco Involved in the process to delist Cielo (jointly with Banco do Brasil), representing a significant financial investment. Ongoing investment in extensive operations and technology infrastructure (implied). Delisting Cielo aligns with potential strategic adjustments by controlling shareholders. Ongoing infrastructure investment supports its broad FSI role.
B3 S/A Investment in developing new ESG services (revenue growth indicates investment and focus). Development and implementation of the Trademate platform for public securities trading. Ongoing investment in core trading, clearing, and custody platforms. Aligns with its strategy of expanding into new service areas (ESG) and enhancing its core infrastructure (Trademate, platform investments) to maintain its central role.
TOTVS Investment in R&D for software and services. Expansion and development of the Techfin unit. (Note: Matera, a peer, received a significant investment of ~R$ 500 million / US$ 100 million from Warburg Pincus in 2024, indicating broader investment flow into FSI technology providers). Directly aligns with its strategic priority of being a leading technology provider for the financial sector and expanding its fintech offerings.
StoneCo Ltd. Investment in developing and expanding banking and credit solutions for SMEs. Investment in acquiring technology and sales force to grow client base. Strongly aligns with its strategic focus on the MPME segment and expanding its financial services beyond payments.
Cielo S.A. Investment in acquiring technology and services to compete in the market (implied). The delisting process itself represents a significant financial undertaking by its controllers. Supports its focus on the payments processing business. The delisting is a strategic investment/divestment by its parent companies impacting Cielo's structure.

Overall, there is a strong alignment between the stated strategic priorities and the identified investment flows. Players focused on market expansion (Nubank, Mercado Pago, StoneCo) are investing in technology, new products (credit, banking), and geographical reach. Large incumbent banks (Itaú, Santander, implicit for Banco do Brasil and Bradesco) are heavily investing in technology and adapting to regulatory changes like Open Finance to maintain their broad market presence and improve efficiency. Infrastructure providers (B3, TOTVS) are investing in new services and enhancing their platforms to remain central to the ecosystem. The significant investment in FSI technology providers like Matera also highlights the broader trend of capital flowing into technology as a key enabler across the value chain.

References

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  54. TOTVS tem lucro líquido 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/
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  56. Cielo tem melhora gradual dos resultados, mas irá sair da B3. Entenda. https://nordnews.com.br/cielo-tem-melhora-gradual-dos-resultados-mas-ira-sair-da-b3-entenda/