Bruno Diniz: An Influential Voice in Brazil's Fintech Landscape

In a country teeming with financial possibilities, one man has emerged as a guiding force, igniting a transformative wave in Brazil's fintech landscape. Meet 38-year-old Bruno Diniz, whose journey from a nomadic childhood to becoming a top fintech thought leader has shaped his unique perspective on adaptability, innovation, and the inevitability of change.

Born into a family deeply rooted in the financial sector, Bruno's formative years were marked by constant transitions. As the son of a Banco do Brasil employee, he was no stranger to uprooting his life every two years, moving to new cities across Brazil where the bank had a presence. While initially challenging, this nomadic lifestyle honed Bruno's adaptability skills, forcing him to restart his life repeatedly—new cities, new schools, new friends—a perpetual cycle of reinvention.

Curiosity sparked within Bruno when he questioned the reasons behind these frequent relocations. His father's simple response—"Son, we do this to be able to grow"—initially left him disappointed, believing it was solely for his father's career advancement.

“I lived in a total of 11 different cities over a period of twenty years. In the beginning, it was difficult to understand the reasons for these movements,” Bruno states.

However, with time, he realized the deeper meaning behind his father's words. It was about personal growth, evolving mindsets, and forging new paths.

“I came to understand that the only certainty I had was that things would change, always. This perspective on the inevitability of change, coupled with the need for constant adaptation and evolution, came to have great importance in my life, especially working in the innovation market.”

Technology had always captivated Bruno from a young age. In 1992, his family acquired their first computer—an uncommon luxury in Brazil at the time—and this ignited his passion for all things tech.

“When I was in school and when I started working, most of my conversations were about sci-fi, innovation,and new gadgets (yes, I’m very nerdy). When I moved to São Paulo in 2011 to work in a local investment bank, I heard about some startup events that took place weekly in the city and I started to attend them,” he reveals. “As I have always been a technology fanatic, I was delighted to learn more about these companies and their founders. I quickly became a frequent visitor at these events and even started mentoring some startups on finance (which is my main professional background).”

The year 2013 proved to be a pivotal moment for Bruno. As he delved deeper into the technology scene, he stumbled upon a global conversation surrounding the verticalization of startup environments.

Silicon Valley, London, and New York were witnessing the emergence of specialized startup sectors such as fintech, agtech, and edtech. Intrigued, Bruno embarked on a journey to the United States to explore this movement firsthand, realizing that Brazil would inevitably follow suit. Determined to foster these conversations on home soil, Bruno connected with Next Bank, an organization from Singapore that orchestrated events worldwide to unite fintech communities. Impressed by Bruno's passion, Next Bank appointed him as their representative in Brazil—a voluntary role that allowed him to connect with global fintech professionals and kickstart local discussions.

Bruno's mind brimmed with possibilities as he witnessed the birth of a new financial market worldwide. Eager to immerse himself in this environment, he dedicated every spare moment to studying innovation in the financial sector, discussing it over lunches with colleagues, and engaging in virtual meetings with fellow Next Bank representatives across Asia and Europe. Inspired by international references and fueled by his connections with local fintech founders, Bruno meticulously planned Brazil's first Next Money event—an initiative that would soon demand his undivided attention and prompt him to make a life-altering decision.

Fate intervened when, in the ensuing weeks, Bruno was unexpectedly laid off from his banking job. It was a turning point that propelled him headfirst into his new path. In mid-2015, Fintech Talks—the country's inaugural fintech event—came to life. Held at the Wayra accelerator, the event drew over a hundred participants, including professionals from banks, government entities, regulators, and startup founders. Bruno moderated panel discussions featuring founders who would go on to lead companies valued in the hundreds of millions of dollars, yet were just taking their first steps at the time. Fueled by the event's success, Bruno founded Spiralem, his consulting firm, and began his work as a professor, keynote speaker, and prolific writer within the fintech sphere.

“I don’t think there were many challenges, as the timing was very appropriate and other startups events were happening in the country – paving the way for this specific type of event aimed at financial innovation,” Bruno responds when asked about whether or not he encountered challenges when it came to mobilizing the nascent fintech scene in Brazil.

“The local fintechs were very supportive, as were the startup accelerators and even the city hall of São Paulo. I would say that doing all the events with a small team (comprised of myself and a few enthusiasts) was the hardest part – on the flip side though, it was an enjoyable and fulfilling task.”

Throughout the years, Bruno has observed significant transformations taking place in Brazil's fintech movement. When asked about sharing insights on the growth and development of this sector and Brazil's potential as a major player, Bruno reflects on the factors that have contributed to its success.

According to him, the journey towards Brazil's thriving fintech ecosystem can be attributed to various factors. Technological advancements, cultural shifts, and regulatory reforms have played crucial roles in lowering the barriers to entry in the financial market. Looking back, the Brazilian financial system was compelled to become more efficient due to the hyperinflation experienced in the 1980s and early 1990s, resulting in improved operations for local banks. However, competition primarily existed among large institutions, making it difficult for new players to enter the market.

“Fast forward to 2013 (until 2020), we started to see the creation of a series of new regulations that enabled new competitors in the financial sector, such as payments institutions, P2P lenders, equity crowd funding operators, among others – giving a boost to our fintech scene,” he said, “In 2020, the country started its Open Finance initiative, a large effort which involved many regulated financial entities and took the lessons learned in other jurisdictions (such as UK and Australia) to create a very broad and comprehensive framework, which have been implemented in phases. In the same year, Brazil launched Pix, an instant payments infrastructure provided by the Central Bank which connects different players (from banks to fintechs, credit unions and others) in its rails. Pix proved to be the fastest growing network in the world in terms of adoption and became a major success. The Central Bank of Brazil even open-sourced Pix for other nations interested in implementing it.”

Looking ahead, Bruno anticipates Brazil's continued expansion as a major player in the fintech field. The recent passage of a law on crypto assets and the ongoing test phase for the Real Digital (Brazil's local Central Bank Digital Currency) indicate further advancements. With banks, fintechs, and other financial institutions actively participating in these initiatives, Bruno believes that Brazil's influence will extend beyond Open Finance and instant payments, shaping the creation and implementation of innovative financial policies in other nations.

In late 2016, Bruno was approached to write a book on fintech by his first publisher, who recognized the lack of local literature on the subject and believed Bruno was the ideal candidate to tackle it. As a respected researcher and influencer in the field of fintech, Bruno was well-positioned to shed light on this emerging industry from a Brazilian perspective. The invitation to write the book came at an opportune moment, aligning with Bruno's personal aspirations.

However, the process of completing the book took longer than Bruno initially anticipated. Despite the delay, the book was eventually launched in early 2020 under the title 'O Fenômeno Fintech' (The Fintech Phenomenon), which remains untranslated.

This pioneering work aims to trace the origins of the fintech movement, highlight its key drivers, and explore its developments both in Brazil and internationally. Its purpose is to bridge the gap in fintech literature in Brazil, bringing together various concepts and providing a comprehensive understanding of this expansive and captivating industry. Through 'O Fenômeno Fintech,' readers can delve into the intricacies of fintech in a meticulous and detailed manner.

Speaking about his recently released book, ‘A Nova Lógica Financeira’ (The New Financial Logic, not yet translated) Bruno states; “The book shows that today, different companies can offer digital financial solutions thanks to the banking-as-a-service providers and the embedded finance movement. The book explores the key elements of this trend, some use cases and how the financial industry will be transformed thanks to this new logic applied at the provision of financial products and services. Different from the previous book, this one took me 6 months to conclude.”

When asked about his life's big dream, Bruno expresses a strong desire to contribute towards combating inequalities in his region through innovative means. He envisions a future where Brazil and Latin America thrive, serving as beacons of prosperity, and setting an example that inspires the rest of the world.

Currently working on his third book, due out this August, ‘A Era da Criptoeconomia’ (The Age of Cryptoeconomy, not yet translated), Bruno states that one has to learn to evolve throughout one’s life.

“You must change in order to grow (and most of the time, to survive), that you can’t fight change (just adapt to it) and that you must never trade your values for anything. Additionally, I’ve also learned that you should be yourself and trust your intuition.”

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Photos courtesy of: Bruno Diniz