“Can a Brazilian card issuing processor become the dominant BaaS and issuer-processing infrastructure layer for Latin America?”
Conductor is a Latin American card issuing processor and banking-as-a-service software platform headquartered in São Paulo. The company operates a cloud-native, open-API stack that spans card issuer processing, BaaS, and digital banking services, powering fintechs, banks, retailers, and enterprises across LatAm. Visa is a strategic investor, and the 2020 Viking-led round signaled a push to scale internationally beyond Brazil.
Conductor discloses Conductor (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Conductor does not disclose a bank charter of its own; its banking services are provided through Conductor (in-house).
Conductor processes payments through Conductor issuer processing (self-operated).
Conductor's cards are issued through Conductor (in-house).
The Embedded Finance Index 2026 maps 3 layers in Conductor's stack: Payments / PSP (Conductor issuer processing (self-operated)); Banking / BaaS (Conductor (in-house)); Card issuing (Conductor (in-house)).
Conductor is headquartered in São Paulo, Brazil.
Conductor has raised $150M+ (disclosed) in total (latest round: $150M growth round (2020), led by Viking Global Investors).
Get a read on where your own stack stands against Conductor and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.