TikTok has applied for two financial licenses with Brazil’s central bank, one to operate as an electronic money issuer allowing users to hold balances and make in-app payments, and a second to function as a direct credit company that can lend its own capital or connect borrowers and lenders, according to two people with direct knowledge of the matter. The move mirrors the playbook of Nubank, Brazil’s largest digital bank, and follows TikTok’s 2021 launch of Douyin Pay in China and a failed attempt to secure a payments license in Indonesia in 2023. Brazil represents a significant market for TikTok, with 131 million users aged 18 and above and ad reach covering 80% of all Brazilian adults, according to DataReportal.
