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Banco BMG

“Can Brazil's leading payroll-loan bank reinvent itself as a digital full-service retail and SMB bank without losing its consigned-credit moat?”

Founded1930
HQSão Paulo, Brazil
IndustryBank / National
The story

Banco BMG is a 95-year-old Brazilian retail bank historically specialized in payroll-deductible loans (crédito consignado) to INSS retirees, public servants, and CLT workers. After exiting the Itaú JV in 2016, BMG rebuilt its consumer franchise around a digital account, consigned credit cards, and a growing insurance arm (BMG Seguros / Generali coinsurance). It is now extending into adjacent embedded-finance plays — BMG Corporate for SMB/mid-market banking, an Open Finance program, and a developer API portal — while its sister entity BMB Pagamentos offers a Banking-as-a-Service product to third parties.

Last 12 months
2025-04
Product timeline
1930
Founded as Banco de Minas Gerais S.A., one of the first Brazilian banks· banking
2012
Formed Itau BMG Consignado JV with Itaú Unibanco for payroll-deductible loans· lending
2016
Sold remaining share of Itau BMG Consignado to Itaú· pivot
2022
Signed coinsurance partnership with Generali (40/60 split) for products distributed via BMG channels· acquisition
2025
Launched digital self-service credit channel for non-account holders via app· lending
Regulated entities
1
regulatory licence held by Banco BMG
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
7 layers disclosed in Banco BMG’s embedded-finance stack
Payments / PSP
Pix (self-operated via BACEN)Boletos (self-operated)BMG cartão de crédito (self-issued)
Banking / BaaS
in the full report
Card issuing
in the full report
Ledger
in the full report
Lending
in the full report
Open banking
in the full report
FX & payouts
in the full report
Accounting gap: minor
20 more providers across 6 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.