Matera, a banking software and technology solutions provider, has secured an investment of $100m from growth investor Warburg Pincus.
Founded in Brazil, Matera offers core banking, instant payment, and QR code payment solutions for financial institutions.
Matera’s core offering is a mission-critical portfolio of modern technology solutions leveraged by over 250 banks, credit unions, and financial institutions around the world.
In Brazil, the Central Bank’s real-time payments infrastructure (PIX) is already said to handle more than 40% of all electronic transactions in the country. Matera’s solution alone is claimed to process over five billion transactions annually, with nearly half initiated through QR Code scanning.
The banking software provider intends to utilise the new capital from Warburg Pincus to fund its expansion into the North American market as well as to advance its product development efforts.
Matera said that the investment comes at a time of considerable growth for the company. The firm is said to have scaled four times since 2020, earning $77m in revenue for 2023.
Warburg Pincus managing director Henrique Muramoto said: “We have been closely tracking Matera as PIX emerged in Brazil and have seen first-hand their ability to innovate and deliver world-class, mission-critical software that is both scalable and consistent.”
The Brazilian fintech has expanded into North America where its flagship product is dubbed Digital Twin. The product is a next-generation, high-performance ledger designed to integrate with existing core banking platforms.
Digital Twin assists banks in tackling significant challenges such as updating core banking systems and enabling real-time digital user experiences, even with rigid legacy infrastructure.
Matera co-founder and CEO Carlos Netto said: “PIX set the standard for the digital finance revolution. At Matera, we know first-hand the pressure for banks to modernise their infrastructure to keep up with innovative new payment methods such as instant payments and pay-by-bank.
“We’re honoured to leverage our PIX expertise with proven solutions to help financial institutions across North America keep pace with their customers’ digital demands.”
For the transaction, Bank of America and Freitas Leite served as advisers to Matera.
