Accenture fuels Latin American FinTech, Parfin, with significant investment

Accenture fuels Latin American FinTech, Parfin, with significant investment

Accenture, a global professional services company, has confirmed its strategic investment in Parfin, a leading player in the provision of responsible and compliant Web3 infrastructure services to Latin America’s financial institutions.

Parfin, originally established in 2019 and operating out of London and Rio de Janeiro, stands as one of the chief digital asset custody and management tools providers in the region, making a substantial impact on the burgeoning FinTech sector in Latin America.

The exact figure of the investment remains undisclosed, but it’s clear Accenture views the move as significant, marking the first Accenture Ventures “Project Spotlight” investment in Latin America. Accenture Ventures is the strategic arm of Accenture, responsible for investing in and nurturing partnerships with innovative companies globally.

Parfin’s offering is not just unique, but also critical in the rapidly evolving digital landscape. The company is currently in the process of developing Parchain, a blockchain technology that allows regulated entities to participate in decentralised finance (DeFi) and asset tokenisation. These developments position Parfin ideally to foster a more comprehensive scope for the Digital Real, Brazil’s central bank digital currency, and enable financial institutions to take part in the emerging digital economy.

With the newly obtained funds, Parfin plans to expedite the development of next-generation infrastructure essential for the widespread adoption of digital assets. The company also aims to leverage Accenture’s global presence and industry expertise to expand its solutions to new clients throughout Latin America and around the globe.

This investment comes in the wake of Accenture’s March 2022 formation of the Accenture Metaverse Continuum business group. The group’s focus lies in merging metaverse-skilled professionals and deep capabilities in various technological areas such as digital commerce, blockchain, artificial intelligence, and extended reality.

Accenture Brazil’s Financial Services group lead Mauricio Barbosa said, “Web3, new forms of digital identity and end-to-end digital asset platforms like Parfin’s are challenging global financial services organisations to rethink their digital asset strategies.” He further pointed out that, powered by Parfin’s enterprise-grade digital assets and blockchain infrastructure, Accenture is accelerating Brazil’s largest financial services institutions’ ability to utilise digital asset transactions within a secure, compliant technology platform.

Marcos Viriato, co-founder and CEO of Parfin, emphasised the strategic value of Accenture as an investor and collaborator, stating that, “With Accenture’s support, and the introductions they can make on our behalf, we are even better positioned to help our existing clients in Brazil execute their digital asset strategies and expand our solution offerings to new clients in other parts of Latin America and around the world.”

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