Iporanga Ventures is committed to producing thoughtful research and consistently tracking emerging trends across and beyond our core markets. In addition to this report, we lead other initiatives that explore and articulate our perspective on where the future is headed — as outlined below.
Research and opinion pieces exploring Iporanga’s Future of Finance thesis through a broader lens. These articles reflect our perspectives on emerging trends, technologies, and the structural shifts reshaping financial services.
Read more on mirror.xyz
Argentina has long operated under a financial paradox: while much of the population measures value in dollars, access to them remains constrained. Decades of inflation, capital controls, and macroeconomic instability have led Argentines to continually reinvent how they save, transact, and preserve value.
Brazilian Open Finance, formerly known as Open Banking, has experienced remarkable growth in just four years since its launch by the Central Bank of Brazil (BCB). By March 2025, the number of users who consented to data sharing reached 49.15 million, a 75% surge compared to early 2024. This expansion resulted in an impressive 73.82 million active consents and 3.15 billion API calls per week, solidifying Brazil's position as one of the most advanced Open Finance ecosystems globally, as recognized by entities like Open Banking Excellence and the Global Open Finance Index. However, this rapid evolution has not been without its challenges, as companies had to adjust their product development to meet new regulatory requirements, impacting short-term outcomes.
In an era of rapid digital transformation and financial innovation, cross-border payments have never been more essential - yet they remain inherently complex. This complexity stems from the multi-layered nature of these transactions, involving numerous intermediaries, regulatory frameworks, and outdated infrastructures. Consequently, cross-border payments are defined by what we call the ‘cross-border trifecta’ — three fundamental pillars that define their efficiency: cost, speed, and transparency.
In the last decade the cross border payments market has evolved significantly, with advancements in technology and the entry of new market players. However international money transfers remain complex, particularly for the wholesale banking and B2B sectors, which account for 98% of cross-border transactions.
Latin America today is positioned as a relevant player in terms of technology among emerging economies, with a major undergoing digitalization process and a GDP that accounts for 6% of the global total. However, this growth has also been accompanied by an increase in the region's exposure to virtual crimes.
Designed to increase transparency and competition, Open Finance promises greater efficiency in the financial sector, ultimately benefiting consumers and businesses by lowering transaction costs and enhancing convenience, making structural changes in financial services worldwide. In Brazil, this initiative is well underway, with the potential to reshape the financial services landscape through a wealth of new data and insights.
Despite Latin America's large population and economic potential, the insurance market remains underdeveloped compared to global standards. The insurance penetration rate, which is the ratio of insurance premiums to GDP, stands at 3.0% for the region, well below the global average of 6.8%.
In the face of an unprecedented environmental crisis, the urgency to combat climate change has never been greater. According to the 2024 Financing for Sustainable Development Report, the financing and investment gap required to meet the sustainability goals is estimated to be between USD 2.5 trillion and USD 4 trillion annually. Regenerative Finance (ReFi) emerges as a possible response, positioned at the intersection of blockchain technology, environmental resilience and social equality. Although still in its early stages, ReFi holds the potential to represent a transformative approach to finance by aligning financial interests with sustainable practices, increasing capital flow for impact projects. This article explores the evolving landscape of ReFi and the business opportunities developing from this growing field.
The financial industry has evolved significantly, introducing new technologies, business models, and products. However, its core structure remains centralized, with a few organizations holding significant control and economic power. This centralization stems from the need to maintain stability and trust within the economy. Yet, this model also has downsides, such as limiting innovation, high costs, and concentrated power.
Research initiative to showcase Iporanga’s Future of Finance thesis and discusses the opportunities we believe will bring the next 1000x returns and greatest impacts in society.
1000X OPPORTUNITIES
In this publication we assess the state of the Decentralized Finance ecosystem and investigate how this technology will impact the traditional financial system.
GET THIS PAPERWe believe that the world is transitioning to a more decentralized financial system. However, the transition will not be abrupt, the new system will be built upon the existing infrastructure and will take advantage of the distribution capabilities of the traditional financial institutions to reach mass adoption.
1000X OPPORTUNITIES
In this publication we assess the insurance market in Latin America and the opportunities and challenges in the years ahead.
GET THIS PAPERDespite low market penetration, we believe that in the next vintage, evolutions in pricing models, distribution channels, business models, and regulation (e.g. Open Insurance) will enable market growth and the insurgence of new businesses.
1000X OPPORTUNITIES
In this publication we assess the Open Banking initiatives, especially in Brazil, while highlighting the key aspects and structural tensions inherent to the model, as well as the emerging opportunities it enables.
GET THIS PAPEROpen Banking around the world has the potential to cause profound changes to the financial industry by leveling the playing field among market participants, while laying the foundations for new financial services and products to blossom through the work of entrepreneurs.
1000X OPPORTUNITIES
In this publication we assess a overview of blockchain technology as a Web3 enabler, highlighting its current stage, key use cases, adoption challenges, and future potential.
GET THIS PAPERWe believe the current bear market is a fertile ground for long-term opportunities, as weaker projects are flushed out and strong infrastructure is built. Emerging markets, especially in Latam, are well-positioned for adoption, with real-world use cases gaining traction and Web2.5 solutions bridging crypto and everyday life.