Brazil Market Ripe with Opportunity for Digital Finance Transformation
MIAMI–(BUSINESS WIRE)–October 22, 2018–
YellowPepper, Latin America’s leading digital finance provider, today announced their expansion into Brazil. Its digital finance platform already powers 565M digital transactions annually with 52 clients in six countries, YellowPepper has become an indispensable financial services partner to Latin American institutions.
“We have been the go-to service for all major financial institutions and retailers in Latin America for years and this expansion will only help expand and solidify our footprint in the region,” said Serge Elkiner, Co-Founder and Chief Executive Officer at YellowPepper. ” We’re excited to be entering this market at a crucial time to help expedite the transformation and adoption of safe cashless transactions in Brazil.”
Off the heels of their recent Series D funding, YellowPepper has made swift moves to expand into key markets. Brazil presents a tremendous opportunity for growth at a company level as well as on a technology adoption level. Digital finance as a whole is at a large-scale demand in the market for tokenization, card-on-file, instant issuing and so on. In addition to the new geographical market, there also exists a hefty early-adopter population thanks to millennials in the region creating more demand than ever before.
“YellowPepper’s expansion to Brazil reinforces our continued support to local banks, merchants and acquirers in developing new user experiences and better than cash solutions,” said Fernando Teles, country manager for Visa Brazil. “Together, Visa and YellowPepper have the ideal set of technology capabilities to accelerate the quick adoption of cashless payments in the country,” Teles added.
YellowPepper’s technology is a catalyst for large-scale distribution of mobile solutions in Latin America, which has the fastest rate of smartphone adoption in the world, with total adoption expected to reach 60 percent of mobile phone users by 2020, up from 38 percent in 2016. (source: Pew Research Center, February 2016, Smartphone Ownership and Internet Usage Continues to Climb in Emerging Economics)
Institutional and retail customers leverage YellowPepper’s technology to transform their legacy system into next generation mobile first platforms expanding and optimizing their product portfolio.
Founded in 2004, YellowPepper is the fintech pioneer in Latin America with proprietary technology and partnerships with leading financial institutions and industry startups. YellowPepper provides a digital finance platform that gives consumers, merchants, issuers and processors the means to revolutionize the purchasing experience. Operating in six Latin American countries the Miami-based company currently enables over 6.6 million monthly active users that execute 565 million transactions yearly, while connecting them with more than 400,000 merchants. For more information, please visit www.yellowpepper.com.
Cornelia Fernandez-Salvador, 954-348-9415