Brazilian Open Finance infrastructure company Pluggy has completed a $3.5mn Series A round led by DGF, with participation from Y Combinator and Brazil Venture Capital, as it expands its range of embedded financial services.

The funding brings Pluggy’s total capital raised since its founding in 2020 to about $6 million. The company plans to use the proceeds to develop products and accelerate growth, targeting revenue of more than BRL25mn ($4.79mn) in 2026, Pluggy said in a press release.

The startup, which was authorised by Brazil’s Central Bank as a payment transaction initiator in June 2024, reached break-even that year and has remained profitable, according to the company.

Its platform allows businesses to access banking data and initiate payments through financial management and ERP software.

The fintech has nearly 500,000 corporate registrations connected to its platform and around 500 direct clients, reaching more than 10mn businesses through partner platforms.

Pluggy said the new funding will focus on adding financial products to its existing ecosystem rather than expanding its market coverage.