Itaú Unibanco
Also a provider — view Itaú Unibanco’s profile →“Can Latin America's largest private bank turn its incumbent core into an embedded-finance platform that competes with fintech-native BaaS providers?”
Founded2008
HQSão Paulo, Brazil
IndustryBank / National
The story
Itaú Unibanco is Brazil's largest private-sector bank, formed by the 2008 merger of Banco Itaú and Unibanco. Since 2022 the wholesale arm (Itaú BBA) has been productizing its core banking capabilities as 'IaaS' (Itaú as a Service), positioning itself as a BaaS provider to fintechs, digital banks, and non-financial enterprises in Brazil. In parallel it is expanding its retail FX and cross-border proposition — most notably via the 2025 Wise Platform integration — turning traditional Brazilian bank rails into an embedded consumer product.
Product timeline
2008
Formed via merger of Banco Itaú and Unibanco, creating Brazil's largest private-sector bank.· banking
2022
Itaú BBA launches IaaS (Itaú as a Service) — its BaaS offering enabling non-financial companies to embed banking.· banking
2025
Partners with Wise Platform to integrate cross-border payments and remittances directly into the Itaú app.· pivot
2026
Applied to charter Itaú Bank, National Association — national bank (OCC, Miami, FL); conditional approval — Corporate Decision 1386 2026-08-14. [charter]· banking
Regulated entities
3
regulatory licences held by Itaú Unibanco
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
Bank charter application
Itaú Bank, National AssociationConditional approval
National bank · OCC · Miami, FL
Conditional approval · Corporate Decision 1386 · 2026-08-14
US national bank for Brazil's largest private bank.
Source · OCC decision letter
Same company
Itaú Unibanco was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
The stack
11 layers disclosed in Itaú Unibanco’s embedded-finance stack
Payments / PSP
Money movement
in the full report
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Payroll
in the full report
Insurance
in the full report
Open banking
in the full report
Unified APIs
in the full report
FX & payouts
in the full report
Investing
in the full report
Accounting gap: minor
17 more providers across 10 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.