Exclusive data revealed today by EBANX , a global technology company specializing in payment services for emerging markets, shows that the Software as a Service (SaaS) market in Latin America will double in size by 2027. At an accelerated growth rate, the value transacted by the sector 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,” says Marie-Elise Droga , CRO of EBANX. “Companies 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 much more,” she adds .
The Latin American SaaS market is the fastest growing in the world, registering an expansion rate of almost 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, combining traditional methods such as credit and debit cards with alternative solutions like digital wallets and instant payment systems such as Pix. " Companies that understand local preferences and offer a diversity of payment methods to their customers are the ones that are best able to capture the full potential of this expanding market ."
Credit cards, for example, generate the highest payment frequency among EBANX's partner SaaS companies operating in Brazil, Mexico, Colombia, and Peru. In these countries, users make approximately four purchases per year using this method. With bank slips (boleto bancário), SaaS companies achieve the highest average order values in Brazil and Chile. Other alternative payment methods, such as Pix in Brazil and Nequi in Colombia, have higher customer loyalty , with 95% of users of these systems exclusively using these methods for SaaS purchases.
Canva , a global visual communication platform, has adopted a business strategy for Latin America with EBANX's localized payment solutions in 11 countries in 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 installment payments and cards from national 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 redoubling our efforts to deliver a truly local experience — from language to design templates and payment options. By offering flexible and locally relevant payment methods, we are increasing people’s access to our premium features and unlocking the full value of Canva ,” says Felipe Godoy , LATAM International Growth Marketing Leader at Canva.
Another SaaS giant that recognizes Latin America as a business growth opportunity is monday.com , a global software company that transforms how businesses operate. Data from EBANX shows that offering a payment mix with credit card installments and bank slips boosted monday.com in Brazil, with an average order value exceeding USD 9,000. Over the past three years, the company has registered 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 instant and free 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 the revenue of SaaS companies that process payments in Brazil through EBANX .
Pix Automático , a new feature that went into operation in June, is expected to further boost sales for SaaS companies 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 on its own, with a growth rate of 15% per year, based on PCMI data.
