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Brazil's Matera buy Cinnecta to bring AI to instant payments

Brazil's Matera buy Cinnecta to bring AI to instant payments

Brazil's Matera is bringing AI to instant payments after acquiring local outfit Cinnecta. Financial terms of the deal were not disclosed.

A major fintech player in the Brazilian market, with operations in the US, Matera has become a significant part of the country's Pix instant payments ecosystem, working with several major banks. Over 300 million Pix payments are processed per month using Matera’s technology, 60 million of which are initiated by QR codes.

The firm will now tap Cinnecta's AI capabilities to develop products and services tailored to financial institutions, credit card companies and consumers. The partnership aims to boost clients' sales capabilities by delivering intelligent, actionable insights.

Carlos Netto, CEO, Matera, says: "Matera is at the forefront of fostering the expansion of Pix in Brazil, enhancing the financial ecosystem with innovation and synergy. We are now poised to enable our clients to add significant value to Pix transactions by seamlessly connecting our retail banks, which manage over 60 million accounts, with other clients offering merchant services.

"This integration aims to not only increase transaction volumes but also foster client retention and augment their business potential around Pix. With the strategic support of Cinnecta, Matera is fully equipped to implement this visionary approach, elevating our commitment to drive growth and excellence in the financial sector."

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