B3
“Can Brazil's dominant exchange become the API-first data and registration layer beneath every domestic fintech and bank?”
Founded2017
HQSão Paulo, Brazil
IndustryInfrastructure / Financial Market Infrastructure
The story
B3 is Brazil's exchange and post-trade infrastructure operator, formed in 2017 from the BM&FBovespa/Cetip merger. Its embedded-finance-adjacent business is not consumer or SMB financial services but wholesale market infrastructure: a trade repository for card receivables, securities lending platforms (BTB), a fixed-income OTC registration system (NoMe), and a growing B2B API catalog (114+ APIs) exposing custody, receivables, and investor data to fintechs and banks. Banco B3 S.A. is an in-house banking subsidiary supporting clearing/settlement functions.
Product timeline
2017
B3 formed via merger of BM&FBovespa and Cetip, creating Brazil's dominant exchange and OTC/registration infrastructure.· acquisition
2021
Launched Card Receivables trade repository under BCB Resolution 4,734, entering the receivables registration market.· launch
2022
Launched Investor Area APIs, enabling fintechs and financial institutions to consume investor position data.· launch
Regulated entities
3
regulatory licences held by B3
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
1 layer disclosed in B3’s embedded-finance stack
Banking / BaaS
Accounting gap: none