The Latin America PSD2 and Open Banking Market was valued at USD 685 Million in 2025 and is projected to reach USD 1.11 Billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period (2024–2030). This robust growth is being fueled by mandatory regulatory frameworks, a booming fintech ecosystem, and increasing consumer demand for innovative, data-driven financial services that enhance convenience, inclusion, and personalization.

As the region’s financial sector undergoes a historic digital transformation, the companies at the forefront are not just banks—they are a dynamic mix of traditional giants, agile neobanks, and enabling technology providers. In this blog, we profile the Top 10 Companies in the Latin America PSD2 and Open Banking Industry that are building the infrastructure, creating the products, and shaping the competitive landscape of open finance.

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🔟 1. Nubank (Nu Holdings Ltd.)

Headquarters: São Paulo, Brazil
Key Offering: Digital Banking Platform, Open Banking API Integration, Credit Products

Nubank is the world’s largest digital banking platform outside Asia and a quintessential open banking disruptor in Latin America. Its fully digital, API-native architecture has allowed it to rapidly adopt Brazil’s Open Banking mandates and create seamless integrations. The company leverages shared data to offer highly personalized credit cards, loans, and investment products to its massive customer base, which exceeds 90 million across Brazil, Mexico, and Colombia.

Open Banking Initiatives:

• Leading participant in Brazil’s Open Banking ecosystem, both as a data source and a third-party provider (TPP)

• Develops proprietary fraud detection and credit scoring models using enriched open banking data

• Aggressively expands product suite through API-driven partnerships and embedded finance

Download FREE Sample Report: Latin America PSD2 and Open Banking Market – View in Detailed Research Report

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9️⃣ 2. Itaú Unibanco S.A.

Headquarters: São Paulo, Brazil
Key Offering: Full-Service Banking, Itaú Open Platform (APIs), PFM Solutions

As one of Latin America’s largest financial conglomerates, Itaú has embraced Open Banking not as a threat but as a strategic opportunity. The bank has invested heavily in its “Itaú Open Platform,” a robust suite of APIs that allows third-party developers to access its services. This proactive approach aims to position Itaú as the hub of a broader financial ecosystem, retaining customer relevance by enabling innovative services built on its infrastructure.

Open Banking Initiatives:

• Pioneered one of Brazil’s first open banking platforms ahead of regulatory deadlines

• Offers APIs for payments, account information, and credit proposals

• Actively partners with fintechs to co-create solutions for SMEs and retail customers

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8️⃣ 3. Banco Bradesco S.A.

Headquarters: Osasco, Brazil
Key Offering: Banking Services, Bradesco API Hub, Digital Insurance

Banco Bradesco is a key incumbent player with a vast physical and digital network. The bank has developed a comprehensive API Hub that facilitates secure data sharing and service integration as per Brazilian Central Bank regulations. Bradesco focuses on using open banking to enhance its own product offerings, improve customer insights, and streamline processes like account opening and credit analysis.

Open Banking Initiatives:

• Fully compliant API platform supporting Account Information Services (AIS) and Payment Initiation Services (PIS)

• Integrates open banking data into its Next digital platform for a unified customer view

• Leverages data for cross-selling insurance and investment products

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7️⃣ 4. BBVA México

Headquarters: Mexico City, Mexico
Key Offering: Retail & Commercial Banking, BBVA API_Market

BBVA Mexico, a subsidiary of the Spanish BBVA Group, is a leader in Mexico’s open banking journey under the country’s Fintech Law. The bank launched its “BBVA API_Market,” providing controlled access to its APIs for verified third parties. BBVA views open banking as central to its digital transformation, using it to foster innovation and create new digital revenue streams in one of its most important markets.

Open Banking Initiatives:

• Early adopter in Mexico’s open banking landscape with a developer-friendly API portal

• APIs enable account aggregation, payment initiation, and identity verification services

• Focus on leveraging open data to improve financial inclusion and SME lending

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6️⃣ 5. Banco Santander México

Headquarters: Mexico City, Mexico
Key Offering: Banking Services, Santander APIs, OpenBank Platform

Banco Santander Mexico is another major force driving open banking adoption in the country. The bank has developed a structured API program that aligns with regulatory requirements and market demands. Santander emphasizes security and standardization, working to build trust while enabling third parties to create value-added services on top of its banking platform.

Open Banking Initiatives:

• Provides a suite of APIs for account information, payments, and product offers

• Engages in industry consortia to help shape technical standards and best practices

• Utilizes open banking data to enhance risk models and personalize customer experiences

Download FREE Sample Report: Latin America PSD2 and Open Banking Market – View in Detailed Research Report

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5️⃣ 6. Banregio

Headquarters: Monterrey, Mexico
Key Offering: Commercial Banking, Banregio API Gateway, SME-focused Solutions

Banregio, though smaller than the top-tier Mexican banks, has emerged as a progressive player in open banking. The bank has strategically positioned itself as a technologically advanced institution, developing an API gateway to serve fintechs and other third parties. Its focus is particularly on serving the small and medium-sized enterprise (SME) segment with tailored financial products enabled by data sharing.

Open Banking Initiatives:

• Actively promotes its API capabilities to attract fintech partnerships

• Develops niche solutions for business banking, such as automated accounting and cash flow analysis

• Seeks to differentiate through superior API documentation, sandbox environments, and developer support

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4️⃣ 7. Banco de Crédito del Perú (BCP)

Headquarters: Lima, Peru
Key Offering: Full-Service Banking, Digital Channels, API Initiatives

As Peru’s largest bank, BCP plays a pivotal role in the country’s evolving open finance landscape. While Peru’s regulatory framework is still developing compared to Brazil or Mexico, BCP is proactively experimenting with APIs and partnerships. The bank participates in regulatory sandboxes and pilots, aiming to use open banking to reach underbanked populations and modernize the country’s payment systems.

Open Banking Initiatives:

• Engages in pilot programs with fintechs for account aggregation and payment services

• Invests in API infrastructure to prepare for future regulatory mandates

• Focuses on use cases that promote financial inclusion and digital payments in Peru

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3️⃣ 8. Scotiabank (Chile/Peru)

Headquarters: Toronto, Canada (Operations in Chile, Peru, etc.)
Key Offering: International Banking, Digital Banking Platforms, API Integrations

Scotiabank’s significant presence in Chile and Peru makes it an important international player in the region’s open banking scene. The bank leverages its global experience with open banking from other markets to inform its strategy in Latin America. In countries with less prescriptive regulations, Scotiabank often takes a market-driven approach, developing APIs to support partnerships that enhance its digital offerings and customer retention.

Open Banking Initiatives:

• Implements API-based solutions for corporate clients and retail digital banking

• Collaborates with local fintechs to embed financial services into non-financial platforms

• Advocates for clear regulatory standards to ensure a level playing field

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2️⃣ 9. Banco del Estado de Chile (BancoEstado)

Headquarters: Santiago, Chile
Key Offering: Public Banking Services, CuentaRUT, API for Government Services

As Chile’s state-owned bank, BancoEstado has a unique mandate for financial inclusion, making its approach to open banking distinct. The bank views APIs as a tool to extend its social mission. It has been instrumental in initiatives to integrate banking with government services and has opened certain APIs to facilitate payments and information sharing that benefit the broader public, especially low-income segments.

Open Banking Initiatives:

• Develops APIs that connect its massive CuentaRUT (simplified account) network with government subsidy programs

• Participates in Chile’s open banking discussions, emphasizing accessibility and security

• Focuses on use cases that reduce the cost of public service delivery and expand digital access

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1️⃣ 10. Belvo (A Nubank Company)

Headquarters: São Paulo, Brazil
Key Offering: Open Finance API Platform, Data Aggregation, Payment Initiation

Belvo, acquired by Nubank, is a leading enabler in the Latin American open banking ecosystem. Unlike the banks on this list, Belvo is a pure-play technology provider. Its platform offers a single API that allows fintechs and companies to connect to numerous financial institutions across Brazil, Mexico, Colombia, and more, aggregating account data and initiating payments without building separate integrations for each bank.

Open Banking Initiatives:

• Provides the critical infrastructure layer that connects TPPs with banks across the region

• Continuously expands its coverage to include new institutions and data types (investments, pensions)

• Drives market development by lowering the technical barrier to entry for innovators

Get Full Report Here: Latin America PSD2 and Open Banking Market – View in Detailed Research Report

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🌍 Outlook: The Future of Finance in Latin America is Open and Interconnected

The Latin America PSD2 and Open Banking market is undergoing a profound transformation. While regulatory compliance provided the initial impetus, the ecosystem is rapidly maturing to focus on value creation, hyper-personalization, and financial inclusion. The companies profiled are building the digital rails that will connect consumers, businesses, and data in unprecedented ways.

📈 Key Trends Shaping the Market:

• Expansion from Open Banking to Open Finance, incorporating insurance, investments, and pensions

• Rise of Embedded Finance, where non-financial companies integrate banking services seamlessly

• Increased focus on standardized security protocols and consumer data protection

• Strategic bank-fintech partnerships moving from competition to collaboration

Get Full Report Here: Latin America PSD2 and Open Banking Market – View in Detailed Research Report

The companies listed above are not just adapting to a new regulatory reality—they are actively architecting the future of finance in Latin America, making it more accessible, efficient, and innovative for millions of people.