Uruguayan Fintech Datanomik Authorized by Central Bank to Operate in Brazil

Published 24 days ago

Uruguayan fintech firm Datanomik, specializing in B2B-focused Open Banking, has recently received authorization from the Central Bank (BC) to operate as a payment institution (IP) in Brazil. This authorization is valid for the payment initiator mode, which allows transactions to be initiated outside the banking environment.

A Startup with a Strong Foundation

The intellectual property of Datanomik starts with a social capital of R$ 3 million. The firm, founded two years ago, is controlled by its creators, Gonzalo Strauss and Sergio Fogel, the latter also co-founder of the Uruguayan unicorn dLocal. Datanomik defines itself as a multi-bank treasury management platform. Its API, developed in-house, collects information directly from banks and other institutions, including payment service providers and e-commerce platforms. The system standardizes and consolidates this information in one place, providing real-time updates.

Expansion into Brazil

Datanomik entered the Brazilian market in March 2022, following a $6 million investment led by American fund Andreessen Horowitz (a16z). Other investors included Canary, Nazca, and Latitud, as well as high-profile individuals such as former HSBC CEO Conrado Engel and Rappi founder Sebastião Mejía. In June 2022, Gonzalo Strauss, co-founder and CEO of Datanomik, told Finsiders that the startup had between 10 and 15 customers using its services. The goal was to end the year with 100 active customers. Currently, Datanomik’s website states it has a customer base of over 50 companies, including food producer Marfrig and construction company Cury.

Other Fintech Firms Receive Authorization

On the same day, Muevy, a cross-border payment fintech, also received a “green light” from the BC. This authorization should also function as a payment initiator, and the social capital is slightly over R$ 5 million. The company’s founders are former executives of BPP (formerly Brasil Pré-Pagos, bought in 2021 by Dock), José de Carvalho Junior and Paulo Della Volpe.

Payment Initiation and Open Finance

Payment initiation is seen as one of the most promising avenues for the spread of Open Finance among the population. Currently, there are 27 institutions capable of acting as a payment initiator. Soon, Datanomik and Muevy are expected to join this group. The list of players with this license has been growing in recent months, and this trend is likely to continue throughout 2024. Besides obtaining authorization from the BC, companies must comply with a series of regulatory and technological steps to actually perform the service.