Exclusive data revealed today by EBANX, a global technology company specialized in payment services for emerging markets, shows that the Software as a Service (SaaS) market in Latin America will double in size by 2027. Growing at an accelerated pace, the sector’s transaction value will jump from USD 22 billion in 2023 to USD 46 billion in two years, according to data from the Payments and Commerce Market Intelligence research institute analyzed by EBANX.
“The rapid growth of the SaaS sector reflects a major shift in how Latin Americans work, learn, and live in the digital economy,” states Marie-Elise Droga, CRO of EBANX. “Businesses of all sizes are adopting SaaS to increase their competitiveness and grow efficiently. Consumers are increasingly turning to these digital services for productivity, entertainment, education, financial management, and more,” she adds..
Latin America’s SaaS market is the fastest-growing in the world, recording an expansion rate of nearly 23% in 2024, above the global average (17%), Europe (19%), North America (17%), and Asia (16%). EBANX’s analysis is based on data from Statista and PCMI.
Marie-Elise Droga explains that the key to success in Latin America lies in offering the right combination of payment options, blending traditional methods like credit and debit cards with alternative solutions such as digital wallets and instant payment systems like Pix. “Companies that understand local preferences and offer a diversity of payment methods to their customers are the ones best positioned to capture the full potential of this expanding market”.
Credit cards, for example, generate the highest payment frequency among EBANX’s SaaS partner companies operating in Brazil, Mexico, Colombia, and Peru. In these countries, users make about four purchases per year using this method. With bank slips, SaaS companies achieve the highest average order values in Brazil and Chile. Other alternative payment methods like Pix in Brazil and Nequi in Colombia have the highest customer loyalty, with 95% of users exclusively using these methods for SaaS purchases.
Canva, a global visual communication platform, adopted a business strategy for Latin America with EBANX’s localized payment solutions in 11 countries across the region, including Brazil, Mexico, Colombia, Chile, and Peru. Through this partnership, the platform aims to offer a personalized experience to customers in each of these countries, with options such as digital wallets, instant payments, and credit and debit cards, including installments and local card brands.
“Latin America plays an important role in Canva’s growth, representing a significant portion of our global user base and results. That’s why we’re doubling down on efforts to deliver a truly local experience—from language to design templates and payment options. By offering flexible and locally relevant payment methods, we’re increasing people’s access to our premium features and unlocking Canva’s full value,” says Felipe Godoy, International Growth Marketing Lead LATAM at Canva.
Another SaaS giant that recognizes Latin America as a business growth opportunity is monday.com, a global software company transforming how businesses operate. EBANX data shows that offering a payment mix with credit card installments and bank slips boosted monday.com‘s presence in Brazil, with an average ticket above USD 9,000. Over the past three years, the company recorded an average annual growth of 41% in Total Payment Volume (TPV) through EBANX.
Pix drives SaaS growth and digital inclusion in Brazil
The expansion of SaaS in Latin America is driven by Brazil and the rapid adoption of Pix, used by 93% of its adult population. The free and instant payment system has played a central role in promoting financial inclusion, enabling millions of people to use digital services. Currently, Pix accounts for 61% of revenue for SaaS companies processing payments in Brazil through EBANX.
The Automatic Pix, a new feature launched in June, is expected to further boost SaaS sales by enabling recurring payments, a widely used billing method in the sector. Like Latin America, Brazil is also expected to double its market by 2027, reaching USD 22 billion alone, with a growth rate of 15% per year, based on PCMI data.
