Title: Fintech insights: determinants of early-stage venture capital in an emerging economy

Authors: Adriana Bruscato Bortoluzzo; Andrea Maria Accioly Fonseca Minardi; Dean Ribeiro da Silva

Addresses: Insper Institute of Education and Research, Quata 300, 04546042, São Paulo, SP, Brazil ' Insper Institute of Education and Research, Quata 300, 04546042, São Paulo, SP, Brazil ' Insper Institute of Education and Research, Quata 300, 04546042, São Paulo, SP, Brazil

Abstract: Fintechs play a critical role in advancing financial innovation and inclusion, particularly within emerging markets. This study examines the extent to which macroeconomic conditions, industries, and startup-specific characteristics influence early-stage financing outcome for Brazilian fintechs. Additionally, it investigates whether fundraising dynamic varies across different life-cycle stages. Using a competing risks survival regression model, the analysis shows that the following factors determine success in pre-seed, seed, and Series A funding rounds: geographic location, team composition (number of founders), total private equity and venture capital investment in Brazil at the time of firm inception, and fintech subsectors. However, their effects differ between pre-seed rounds and subsequent follow-on stages. The findings provide a deeper understanding of the multifaceted drivers of fintech funding dynamics in Brazil, and offer empirical insights for scholars, entrepreneurs and investors operating in this evolving ecosystem.

Keywords: fintech; startup; survival analysis; venture capital; early-stage investment.

DOI: 10.1504/IJEIM.2025.153424

International Journal of Entrepreneurship and Innovation Management, 2025 Vol.29 No.1/2, pp.44 - 66

Accepted: 15 Oct 2025
Published online: 07 May 2026 *

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