Banco Sicredi
“Can a 120-year-old Brazilian cooperative bank become a digital-first Open Finance platform while staying member-owned?”
Founded1902
HQPorto Alegre, Rio Grande do Sul, Brazil
IndustryBank / National
The story
Sicredi is Brazil's largest cooperative financial system (5M+ associates, 108 cooperatives, 2,000 branches across 24 states + DF), structured as a multi-bank cooperative rather than a traditional commercial bank. Its strategic arc has been digitalizing the cooperative model — building a proprietary developer portal, joining Open Finance as a regulated participant, and in 2023 obtaining ITP authorization to act as a payment initiator. Recent investment has gone into fiscal/regulatory automation (All Tax Platform, 2025) to manage Cosif compliance.
Product timeline
1902
First credit cooperative in Brazil founded in Nova Petrópolis (RS).· banking
1995
Banco Cooperativo Sicredi S.A. established as the first cooperative bank in Brazil.· banking
2023
Authorized to operate as Payment Initiator (ITP) under Open Finance Phase 3, enabling Pix via Open Finance from third-party balances.· banking
2025
Modernized fiscal/accounting stack with All Tax Platform during transition to new Cosif chart of accounts.· pivot
Regulated entities
2
regulatory licences held by Banco Sicredi
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in Banco Sicredi’s embedded-finance stack
Payments / PSP
Sicredi Máquina de Cartões (self-operated)Clover (Fiserv) — POS hardware partnerTap do Sicredi (self-operated)Sicredi E-commerce (self-operated)Sicredi Link de Pagamento (self-operated)Sicredi TEF (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Open banking
in the full report
Accounting gap: none
14 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.