Banco BV
“Can a mid-tier Brazilian bank rebuild itself as the embedded-finance infrastructure layer for the next generation of Brazilian fintechs?”
Founded1988
HQSão Paulo, Brazil
IndustryBank / National
The story
Banco BV (formerly Banco Votorantim) started as a wholesale/corporate bank inside the Votorantim conglomerate, becoming dominant in Brazilian auto financing. Since ~2018 it has rebranded as 'banco BV' and pivoted toward being an infrastructure provider — its BV Open BaaS/Credit-as-a-Service platform is one of the largest in Brazil, white-labeling banking rails to fintechs (most notably Neon, in which it was an investor). The bank now runs a hybrid model: direct retail (auto loans, solar financing, vehicle-collateral loans, SMB receivables) plus embedded-finance APIs sold to partners.
Product timeline
2018
Launched BaaS platform (BV Open) — one of Brazil's first banks to offer Banking-as-a-Service at scale· banking
2020
Participated in $94M Neon funding round alongside General Atlantic, expanding BaaS partner ecosystem· banking
2022
BaaS platform processed 500M+ transactions, +2,600% growth in 5 years, 70+ APIs exposed· banking
2025
Expanded BV Open with Payment Initiator (ITP) capabilities under Brazil Open Finance· banking
2026
Reinforced receivables-anticipation lending for SMBs alongside new duplicata escritural regulation· lending
Regulated entities
2
regulatory licences held by Banco BV
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
6 layers disclosed in Banco BV’s embedded-finance stack
Payments / PSP
Pix (Brazil instant payments, self-operated)TED (self-operated)Boleto (self-operated)Cartão BV (self-issued debit/credit)
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Open banking
in the full report
Accounting
in the full report
Accounting gap: minor
18 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.