Bank Santander has announced that it will replicate in other countries the model of Superdigital - Brazilian fintech (financial technology) that offers services such as transfers, payments and prepaid card. Superdigital aims to reach 5 million customers in Latin America by 2023. The goal is to bring the business model that fintech adopts in Brazil to Mexico, Peru, Colombia, Argentina, Chile, and Uruguay. Created in 2012, Superdigital received investments from Santander in 2014. Then, in 2016, fintech was fully controlled by the bank. Not long ago, Superdigital arrived in Chile.
This growth shows that the Brazilian banking sector has decided to expand digital banking. There are already some European fintechs coming to the Brazilian financial market and some midsize banks are transforming with new technologies. Analysts, however, say there will be no room for all companies. Therefore, the sector in Brazil should soon face a phase of consolidation.
With Superdigital Santander wants to operate in the cloud and fully online. This decision indicates an important behavior change in the financial market. By the end of 2019, Santander wants to launch the Pi Platform that will allow it to buy and sell ETF shares and real estate funds via the internet.
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