In the forecast for Latin America, the Software-as-a-Service (SaaS) market is expected to more than double by the year 2027, driven by a significant increase in digital payments.

Canva and EBANX Partner to Drive SaaS Growth in Latin America

In a strategic move, global visual communication platform Canva has adopted a business strategy for Latin America by integrating EBANX's localised payment solutions in 11 countries across the region. This partnership comes at an opportune time as the SaaS sector in Brazil, Latin America's largest market, is projected to reach $22 billion within the next two years.

According to data, credit cards drive the highest payment frequency among EBANX's SaaS merchants in Brazil, Mexico, Colombia, and Peru. However, it's Brazil where Pix, the country's instant payment method, truly shines. Pix accounts for 61% of revenue for SaaS merchants using EBANX in Brazil, and the introduction of Pix Automático, a new feature for recurring payments, is estimated to boost SaaS companies' sales in the country.

Pix has played a central role in driving financial inclusion in Brazil, enabling millions to start using digital services. Other Alternative Payment Methods (APMs) like Nequi in Colombia and Pix in Brazil show the strongest customer loyalty, with 95% of their users relying solely on these payment methods for SaaS purchases.

Marie-Elise Droga, CRO at EBANX, emphasises the importance of offering a mix of payment options in Latin America, combining traditional methods with alternative solutions. This approach has proven effective for global software company *monday.com, which has experienced an average annual growth of 41% in Total Payment Volume (TPV) through EBANX in Brazil. Offering a payment mix with credit card installments and Boleto Bancário boosted monday.com*'s presence in Brazil, with an average ticket above $9,000 in the country.

The rapid growth of the SaaS sector in Latin America reflects a major shift in how people work, learn, and live in the digital economy. Felipe Godoy, International Growth Marketing Lead LATAM at Canva, states that Latin America plays an important role in Canva's growth, and they are doubling down on delivering a truly local experience in the region.

Looking ahead, the SaaS market in Brazil is projected to double by 2027, reaching $22 billion at a growth rate of 15% per year, based on PCMI. The market's potential is further highlighted by the projection that Latin America's SaaS market will reach $46 billion in 2027, more than doubling from $22 billion in 2023.

This partnership between Canva and EBANX underscores the growing importance of localised payment solutions in driving the success of SaaS companies in Latin America. As the region continues to embrace the digital economy, the demand for flexible and accessible payment options will undoubtedly continue to rise.

In the forecast for Latin America, the Software-as-a-Service (SaaS) market is expected to more than double by the year 2027, driven by a significant increase in digital payments.