Brazil’s Fintech Infrastructure: Pagaleve, Kanastra and Clash Are Rebuilding the Rails of Finance

Brazil fintech infrastructure is entering a decisive phase. A new generation of companies — Pagaleve, Kanastra and Clash — is not merely offering financial products but rebuilding the rails that power Brazil’s financial system. Each of these startups addresses a different layer — payments, credit and banking-as-a-service — yet together they define a common vision: technology-driven infrastructure that makes financial services more accessible, efficient and scalable across Latin America.

Pagaleve and Brazil fintech infrastructure in payments

Pagaleve, founded by Henrique Weaver and Michael Greer, brings the Buy Now, Pay Later (BNPL) model to Brazil, offering interest-free installment payments without credit cards. Through its API-driven platform, merchants can embed alternative payment options directly at checkout, expanding consumer access while reducing friction. In 2025, Pagaleve raised US$ 25 million in a Series A led by Salesforce Ventures — the firm’s first investment in Brazil — coupled with venture-debt financing. The company is part of a broader trend turning Brazil financial infrastructure into a data-driven network connecting consumers, merchants and credit analytics.

Pagaleve uses Brazil’s digital currency payment system Pix, today’s seen as the world’s most advanced digital payment and currency system.

Kanastra and the rise of Brazil’s private-credit infrastructure

Kanastra builds the technology stack that powers Brazil’s fintech infrastructure for private credit. Its platform automates the origination, servicing and securitization of credit assets, linking institutional capital with fintech lenders. In October 2025, Kanastra closed a US$ 30 million Series B and structured R$ 1.625 billion in debentures backed by Facta, combining venture-capital and capital-markets expertise. By digitizing the entire lifecycle of credit assets, Kanastra enables scalable, transparent alternative lending — a central component of the Brazilian fintech ecosystem.

Clash and embedded-finance infrastructure in Brazil

Clash delivers banking-as-a-service (BaaS) infrastructure, allowing non-bank companies — from digital platforms to retail brands — to embed financial services such as payments, accounts and cards directly into their user journeys. Under the legal leadership of Felipe Gruber, Executive Director Legal, the company ensures regulatory compliance while enabling rapid product deployment. Its API-based model exemplifies the rise of fintech infrastructure in Brazil, where financial capabilities become building blocks integrated across industries.

The common thread in Brazil fintech startups: building the invisible layer

Pagaleve, Kanastra and Clash operate behind the scenes, but their impact is systemic. They represent a shift from traditional financial products to financial-infrastructure-as-a-service — modular, programmable and cross-sector. Together, they are unbundling finance and rebuilding it on new rails: digital, compliant and data-driven. Across Brazil’s fintech infrastructure, this invisible layer is becoming the engine of growth, enabling everything from credit distribution to embedded payments and capital-markets innovation.

The Firms Behind the Deal: legal advisors driving Brazil fintech infrastructure

Brazil ’s fintech-infrastructure boom is underpinned by a network of law firms that connect Silicon Valley investors with São Paulo’s regulatory and financial ecosystem.

In the case of Kanastra, FLH – Franco, Leutewiler & Henriques advised Itaú BBA, Kanastra-3 Securitizadora and Facta on structuring, CVM compliance and tranche segmentation, demonstrating how capital-markets structuring and fintech regulation now intersect.

For Pagaleve, which raised US$ 25 million in a Series A led by Salesforce Ventures, external counsel was not publicly disclosed, but local Brazilian payments and regulatory specialists are believed to have supported the transaction — Salesforce Ventures’ first investment in the country.

For Clash, legal oversight is led internally by Felipe Gruber, Executive Director Legal, ensuring compliance and partner enablement as the company scales embedded-finance operations.

Beyond these transactions, notable U.S. and global law firms consistently active across Brazil’s fintech-infrastructure ecosystem include Foley & Lardner LLP, with partners André Thiollier, Louis Lehot, Krista Cabrera and Casey Knapp, advising cross-border venture and growth-equity deals that link the U.S. and Brazil. Wilson Sonsini Goodrich & Rosati, led by Matt Squires (currently at Greenberg Trurig), continues to counsel U.S. venture funds and fintech clients expanding into Latin America. Gunderson Dettmer, with Brian Hutchings among its most active partners, represents global investors in fintech and infrastructure funding rounds.

On the Brazilian side, Veirano Advogados, with Guilherme Ohanian Monteiro and João Pedro Zagni, remains a key player in venture-capital and regulatory advisory. Bronstein Zilberberg Chueiri & Potenza Advogados, led by Guilherme Potenza, is frequently engaged by startups and investors in early- and growth-stage financings. Pinheiro Neto Advogados, through partners José Roberto Oliva Júnior and Luiz Felipe Fleury Vaz Guimarães, has a strong track record in banking, fintech regulation and cross-border transactions. Demarest Advogados, under the leadership of João Busin, continues to advise major private-equity and venture clients on complex financial-sector transactions.

Together, these firms and counsel form the legal backbone of Brazil’s fintech-infrastructure revolution — translating innovation into compliant, cross-border growth and ensuring that technology-driven finance is built on sound regulatory foundations.

Related Reading for Brazil fintech infrastructure

Omie growth equity round
UME Series B
Unico ID funding
The Associates Series

Resumo em português

Pagaleve, Kanastra e Clash estão reconstruindo a infraestrutura financeira do Brasil. Com soluções tecnológicas em pagamentos, crédito e serviços bancários embutidos, essas startups são assessoradas por escritórios de referência como Foley & Lardner, Wilson Sonsini, Gunderson Dettmer, Pinheiro Neto (José Roberto Oliva Júnior, Luiz Felipe Fleury Vaz Guimarães) e Demarest (João Busin).

Resumen en español

Pagaleve, Kanastra y Clash están redefiniendo la infraestructura financiera de Brasil, con el asesoramiento de firmas como Foley & Lardner, Wilson Sonsini, Gunderson Dettmer, Pinheiro Neto y Demarest, claves en las rondas de inversión y estructuración fintech transfronteriza.