Cumbuca, a Y Combinator-backed company, has introduced a service designed to provide international companies with quicker access to Brazil’s financial system. The company operates as an intermediary within the country’s regulated payments framework, allowing foreign firms to use its payment initiation licence rather than applying for their own, a process that can extend for years.
According to the official press release, Brazil’s financial landscape, shaped by the Central Bank’s regulatory approach, the widespread use of Pix, and an established Open Finance regime, continues to attract global payments providers and technology companies. These companies, however, face various difficulties ranging from licencing requirements to the wider geopolitical backdrop, including potential trade measures from the United States that add uncertainty for cross-border operators.
To reduce delays, many enterprises turn to Open Finance-as-a-Service providers. While these suppliers deliver ready-made infrastructure for data sharing and payment initiation, they also introduce a reliance on external support functions and internal policies that can restrict operational independence.
Expanded role for intermediaries in payment initiation
Cumbuca positions its model as a way for companies to retain greater control over their systems while operating under its regulatory authorisation. Representatives from Cumbuca said the company aims to offer an alternative to long licencing queues or dependency on third-party platforms, allowing clients to build their own infrastructure while the firm manages regulatory oversight.
The company originally secured a payment initiation service provider licence when it operated a consumer-focused product. After navigating the authorisation process and encountering the constraints of third-party providers, its leadership shifted the business towards acting as a proxy for other organisations seeking market access.
Officials from Cumbuca noted that their experience on both the consumer and infrastructure sides influenced the decision to reposition the firm, arguing that this model supports companies aiming to comply with regulation while concentrating on product development.
