Brazil's government-run payments system has become dominant

Tiger Global, Seqouia, and Khosla Ventures invested in a lot of Brazilian fintech and neobank startups in the early/mid 2010s the same way they did in Indian fintech and what became IndiaStack in the early 2010s, and China's equivalent in the late 2000s.

YC has also been very active in the space in both markets by the late 2010s.

A lot of the work around Pix is largely thanks to the fact that neobanks like Nubank have become very competitive in the Brazilian market, and helped set higher consumer and business expectations for transaction processing and management.