Trace Finance
Trace Finance provides regulated cross-border payments and stablecoin on/off-ramp infrastructure connecting Brazil and Latin America to global markets via PIX, ACH, SPEI, and SEPA rails, serving PSPs, banks, fintechs, and crypto exchanges.
- Company typePrivate
- Founded2021
- HeadquartersSão Paulo, Brazil
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Trace Finance does
Trace Finance is a regulated financial infrastructure company founded in 2021 by CEO Bernardo Brites that provides cross-border payments and stablecoin banking services, primarily focused on the Brazil and Latin America corridor. The company connects local payment rails — PIX, FedNow, SPEI, ACH, and SEPA — with blockchain-based stablecoin settlement to enable 24/7 money movement between emerging markets and global financial systems. It operates through three core product primitives: multi-currency accounts in BRL, USD, and EUR; a stablecoin on/off-ramp converting BRL to USDC or USDT in under 60 seconds via PIX; and cross-border payment execution across 15+ countries. The company acts as a banking correspondent in partnership with institutions authorized by the Central Bank of Brazil and maintains automated KYC, transaction monitoring, and AML/CFT compliance aligned with LGPD and GDPR.
The platform is exposed through a REST API with four resources (beneficiaries, quotes, operations/withdrawal, and operations tracking), idempotent operations, signed webhook notifications, and a sandbox environment. Its technology stack features multi-source FX routing for optimal execution and rate locking per transaction. Trace reports processing over $10 billion in cumulative cross-border volume and serving as the main infrastructure provider for four of the top global payment providers operating in Latin America, including dLocal. Primary customer segments are global payment service providers, banks and non-bank financial institutions, international fintechs entering Brazil without a local entity, crypto exchanges, and international businesses handling cross-border treasury and supplier payments.
Revenue is generated via transaction fees and FX spreads on cross-border payment processing and stablecoin settlement, with quote-based pricing locked per transaction and tiered by expected monthly volume from under $1M to over $50M. The go-to-market is API-first, combining developer documentation and sandbox access with enterprise field sales targeting PSPs and financial institutions. As of June 2026, the company had reached breakeven and closed a $32 million Series A led by CoinFund, operating from São Paulo and New York with 48 employees.
Trace Finance firmographics
Firmographics- Name
- Trace Finance
- Legal name
- PIX Inc.
- Website
- https://tracefinance.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Trace Finance provides regulated cross-border payments and stablecoin on/off-ramp infrastructure connecting Brazil and Latin America to global markets via PIX, ACH, SPEI, and SEPA rails, serving PSPs, banks, fintechs, and crypto exchanges.
- Ownership category
- akta.pro rank
Trace Finance industry classification
Industry- Product category
- Cross-Border Payments Infrastructure
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- SIC
- Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB)
- akta.pro secondary industries
- Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG), Cross-Border & FX Payments Platforms (BPAMAFAK), Crypto Payment Gateways & Checkout APIs (FSADAIAA), Remittance & Cross-Border Payment Rails (SWIFT, Local Clearing, RTP Connectivity) (FSAGAKAH)
Keywords
Where Trace Finance is headquartered
LocationHeadquarters
- HQ city
- São Paulo
- HQ country
- Brazil
- HQ region
- Latin America
Offices2 records
Markets served
Trace Finance business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Cross-border Payment Processing: Transaction fees and FX spread revenue from processing cross-border payments between Brazil, US, LatAm, and emerging markets. The company has processed over $10 billion in cross-border volume.
- Stablecoin Settlement Infrastructure: Revenue from providing regulated stablecoin on/off-ramp infrastructure enabling conversion between BRL and USDC/USDT for institutional clients
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Enterprise volume-based pricing |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels4 records
Trace Finance product offering
Product offeringCore offering
Trace Finance provides regulated payment and stablecoin infrastructure for Brazil and Latin America, composed of three primitives: multi-currency accounts (named and virtual BRL, USD, EUR accounts with built-in FX), a stablecoin on/off-ramp (BRL to USDC/USDT conversion via PIX in under 60 seconds), and cross-border payments across 15+ countries via local rails including PIX, SPEI, ACH, and SEPA. These primitives are delivered through a unified REST API with webhooks, rate locking, and bank-grade KYC/AML compliance, enabling enterprises to operate in LatAm without a local entity.
Product overview
Trace Finance offers a unified payments and stablecoin infrastructure platform for Brazil and Latin America, composed of three core product primitives: Multi-currency accounts (named and virtual accounts in BRL, USD, EUR with real-time balances and built-in FX), Stablecoin on/off-ramp (BRL to USDC conversion in under a minute via PIX), and Cross-border payments (multi-rail payments including PIX, SPEI, ACH, SEPA across 15+ countries). These primitives compose into complete payment infrastructure accessible via the Trace REST API. The company is also developing new settlement products for connecting local financial systems with global stablecoin liquidity.
Differentiator
Problem solved
Functional benefit
Products and services
- Multi-currency accounts Named and virtual accounts in BRL, USD, and EUR, opened through the API with real-time balance tracking and built-in FX dashboard and conversion API for enterprise clients needing multi-currency treasury management.
- Stablecoin on/off-ramp BRL to USDC/USDT conversion and back in under a minute, powered by PIX with deep liquidity at institutional volumes, multi-source routing for optimal execution, and rate lock on every order, designed for institutional clients needing regulated stablecoin infrastructure.
- Cross-border payments Pay suppliers and teams on local rails including PIX, SPEI, ACH, and SEPA across 15+ countries with 24/7 price lock on cross-border orders and multi-currency treasury management, designed for global payment providers, fintechs, and international businesses.
- Trace API REST API providing programmatic access to four endpoints (beneficiaries, quotes, operations/withdrawal, operations tracking) with idempotent operations by default, webhook notifications for every state change, and a sandbox environment at api.sandbox.tracefinance.com that mirrors production.
- Non-resident accounts in Brazil Non-resident account offering in Brazil for international payment services, enabling foreign companies and individuals to hold BRL accounts and operate in the Brazilian financial system without a local entity.
Quantifiable outcome
- Over $10 billion in institutional cross-border volume processed
- +5 more outcomes
Companies that use Trace Finance
Customer profileNamed customers2 records
Segments6 records
Ideal customer profiles5 records
Trace Finance technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Trace Finance partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Banking Correspondent Partners (Central Bank of Brazil-authorized institutions)coreTrace Finance acts as a banking correspondent in partnership with financial institutions duly authorized by the Central Bank of Brazil, providing intermediation between clients and authorized institutions for foreign exchange and PIX operations.
Scale indicators8 records
Recent moves7 records
Expansion highlights6 records
Trace Finance competitors and assessment
Company assessmentDirect peers
- BVNK: BVNK is a stablecoin payments infrastructure provider for enterprise, offering on/off-ramps and cross-border settlement via API. Like Trace, it serves PSPs and fintechs with stablecoin-based rails and embedded banking access, making it the closest direct competitor in product and GTM.
- Bridge (acquired by Stripe): Bridge builds stablecoin orchestration APIs for businesses to move money globally, with similar developer-first distribution and enterprise focus. The product surface (multi-currency accounts, on/off-ramps, API-first) is nearly identical to Trace's, and its acquisition by Stripe intensifies competitive pressure on LatAm PSPs that Trace serves.
- Zero Hash: Zero Hash provides embedded crypto and stablecoin infrastructure-as-a-service for fintechs, banks, and PSPs, including settlement, custody, and on/off-ramp APIs. It targets a similar regulated enterprise buyer profile and competes for the same API-first stablecoin settlement wallet share.
- dLocal: dLocal is a LatAm-focused cross-border payments platform enabling global merchants to accept and pay out in emerging markets. Trace is both an infrastructure provider to dLocal and a peer in solving cross-border LatAm payment complexity, making it a direct comparable despite the customer relationship.
Regional players
- Bitso: Bitso is the largest crypto exchange in Latin America with deep fiat on/off-ramp coverage across Brazil, Mexico, and Argentina, including PIX rails. While its primary surface is consumer exchange, its B2B arm (Bitso Business) directly competes with Trace for institutional stablecoin and BRL corridor flows in the same geographies.
- Mercado Pago: Mercado Pago is the dominant consumer and SMB payments platform in Brazil and broader LatAm, with deep PIX integration and growing cross-border capabilities. While primarily a merchant-facing platform, its scale and infrastructure ambitions make it an important competitive reference point in Trace's home market.
Broad incumbents
- Circle: Circle is the issuer of USDC and increasingly offers cross-border payments and treasury products (Circle Payments, Cross-Chain Transfer Protocol) directly to enterprises and PSPs. As a stablecoin issuer moving down the stack, Circle represents both an ecosystem partner and a potential disintermediator for Trace.
- Paxos: Paxos is a regulated stablecoin issuer (USDP, PayPal USD) and blockchain infrastructure platform offering minting, redemption, and settlement APIs. It is also a Trace Series A investor; its enterprise-focused stablecoin APIs compete with Trace at the issuer-on/off-ramp layer.
- Ripple: Ripple offers enterprise cross-border payments via its RippleNet and on-demand liquidity (ODL) product, which uses XRP for settlement. It targets banks and PSPs globally for cross-border corridors overlapping with Trace's PSP customer base, although its technology and regulatory positioning differ.
Emerging players
- Yellow Card: Yellow Card operates stablecoin on/off-ramp and B2B payments infrastructure across Africa, with a similar emerging-market-first playbook and developer-facing API. While regional to Africa rather than LatAm, it is a comparable emerging-market stablecoin infrastructure peer targeting PSPs and fintechs.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Trace Finance social profiles
Digital presenceTrace Finance compliance and trust
Trust signalCompliance2 records
Trace Finance financial estimates
Financial estimateRevenue estimate
Valuation estimate
Trace Finance leadership team
Management profileNumber of profiles
Profiles1 record
Trace Finance funding detail
Funding detailFunding overview
Funding rounds3 records
Investors21 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Trace Finance M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Trace Finance
What does Trace Finance do?
Trace Finance provides regulated payment and stablecoin infrastructure for Brazil and Latin America, composed of three primitives: multi-currency accounts (named and virtual BRL, USD, EUR accounts with built-in FX), a stablecoin on/off-ramp (BRL to USDC/USDT conversion via PIX in under 60 seconds), and cross-border payments across 15+ countries via local rails including PIX, SPEI, ACH, and SEPA. These primitives are delivered through a unified REST API with webhooks, rate locking, and bank-grade KYC/AML compliance, enabling enterprises to operate in LatAm without a local entity.
Is Trace Finance a public or private company?
Trace Finance is a private company. It is classified as venture growth investor backed and is currently operating.
When was Trace Finance founded?
Trace Finance was founded in 2021. It employs 11 to 50 people.
Where is Trace Finance based?
Trace Finance is headquartered in São Paulo, Brazil, in the Latin America region.
How does Trace Finance make money?
Two revenue lines are on record. Cross-border Payment Processing is the primary driver. The others are stablecoin Settlement Infrastructure.
Who are Trace Finance's main competitors?
Direct peers on record are BVNK, Bridge (acquired by Stripe), Zero Hash and dLocal. Regional players are Bitso and Mercado Pago. Broad incumbents are Circle, Paxos and Ripple. Yellow Card is listed as an emerging player.
Does Trace Finance have an API?
Yes. REST API providing four endpoints: POST /api/beneficiaries (register payout destinations: PIX, bank accounts, crypto wallets), POST /api/quotes (lock FX rate for a short window bound to one account), POST /api/operations/withdrawal (send funds to approved beneficiary), GET /api/operations/{operationId} (check operation status). API is idempotent by default with webhook notifications for every state change (OPERATION_COMPLETED, OPERATION_FAILED). Sandbox environment available at api.sandbox.tracefinance.com with same endpoints and simulated settlement. Developer documentation is at tracefinance.mintlify.app.
What industry is Trace Finance in?
Trace Finance's product category is Cross-Border Payments Infrastructure. Its primary akta.pro industry code is FSAPAEAB, Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption), with a secondary code of FSAMAIAG, Multi-Currency Accounts, Wallets & IBAN Services. Its NAICS code is 522320 and its SIC code is 6199.