EBANX taps into Brazilian payment market by catering to local preferences, according to Monday.com report.
In the rapidly expanding SaaS market of Latin America, Brazil stands out as a key driver of growth. The region's IT services market, including SaaS, is projected to reach over $55 billion by 2025, with Brazil contributing significantly to this figure [2]. This expansion is part of a wider trend where SaaS firms are expanding beyond traditionally dominant North American markets, seeking opportunities in developing regions like Latin America and India, which are growing at double the global average [1].
One such example of a global SaaS firm successfully tapping into the Brazilian market is monday.com, a work management platform. By offering methods that local consumers trust and use daily, such as Boleto Bancário, PIX, and local credit cards, monday.com has been able to elevate the average ticket in Brazil to above $9,000, thanks to the support of EBANX, a Brazilian fintech specializing in local payment processing for international companies [2].
EBANX enables SaaS providers like monday.com to offer payment options tailored to Brazilian consumers, overcoming barriers such as limited credit card penetration and currency fluctuations. This localized payment infrastructure reduces friction in onboarding customers, boosts recurring revenue, and supports compliance with local financial regulations and tax requirements [1][4].
The partnership between monday.com and EBANX has resulted in significant growth for the former in Brazil. Over the past three years, monday.com has experienced an average annual growth of 41% in total payment volume (TPV) through EBANX [4]. Cash payments, like Boleto Bancário, represent 52% of all the company's transactions in Brazil, while credit cards account for 47% [3].
The importance of local payment solutions like those offered by EBANX is not limited to large corporations. They are crucial for cross-border e-commerce in Latin America, particularly for small and medium-sized businesses (SMBs). EBANX's study Beyond Borders 2025 reveals that 25% of B2B e-commerce purchases in Brazil are made with Boleto, while only 10% of P2B sales in digital commerce are done through Boleto [3].
The success of monday.com in Brazil serves as a testament to the strategic importance of integrating local payments to unlock rapid growth in markets like Brazil, where traditional credit card use is lower compared to developed markets. This approach complements the overall digital transformation in the region, including increasing AI capabilities and data privacy compliance [3][4].
Robert-Jan Lieben, vice-president of commercial in Europe at EBANX, comments on the impact of cash payments, stating that the share of Boleto in monday.com's business is double the average. He highlights the partnership with monday.com as an example of how understanding local payment preferences can significantly transform business outcomes in emerging markets [3].
In summary, the SaaS market in Latin America is expanding fast, with Brazil as a key driver, and local payment solutions like those offered by EBANX are critical enablers for global SaaS platforms such as monday.com to effectively capture and sustain growth in the region [1][3][4].
- Utilizing local payment options, such as Boleto Bancário and PIX, provided by EBANX, technology-driven companies like monday.com have been able to enhance financial inclusion in Brazil, boosting their revenue and achieving significant growth.
- The importance of financial inclusion is not limited to large corporations; cross-border e-commerce in Latin America relies heavily on local payment solutions like those offered by EBANX, especially for small and medium-sized businesses (SMBs), where traditional credit card use is significantly lower.
