MAG Seguros
“Can a 190-year-old Brazilian life insurer become a group-wide embedded-finance platform by owning its own payment institution and API layer?”
Founded1835
HQRio de Janeiro, Brazil
IndustryFintech / Insurtech
The story
Founded 1835 as Mongeral, MAG Seguros is a nearly-200-year-old Brazilian life-and-pension insurer that has aggressively modernized in the last decade. In 2011 it began an API-driven partner ecosystem strategy, later powered by Sensedia. In 2020 it launched its own payment institution, MAG Finanças, moving from pure insurer into an embedded-finance operator with digital accounts, prepaid Mastercard cards, and now Pix infrastructure. Simple2u (on-demand insurance) and the MAG Developer Portal (public APIs for brokers/partners) round out a group-wide platform pivot.
Product timeline
1835
Mongeral founded — one of the oldest continuously operating companies in Brazil.· founding
2011
Began integrating partners into ecosystem via APIs, building a digital sales model.· pivot
2020
Launched MAG Finanças fintech — a payment institution offering digital accounts, Mastercard prepaid cards, bill pay, TED transfers.· banking
2021
Launched Simple2u Seguros — Brazil's first on-demand insurer.· pivot
2024
Launched Pix recurring payments via MAG Finanças infrastructure.· banking
2026
Rolled out Pix Automático nationally as one of first insurers to adopt the standard.· banking
Regulated entities
4
regulatory licences held by MAG Seguros
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
7 layers disclosed in MAG Seguros’s embedded-finance stack
Payments / PSP
MAG Finanças (in-house)
Money movement
in the full report
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Insurance
in the full report
Investing
in the full report
Accounting gap: none
7 more providers across 6 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.