Brokerware expands in the region leveraged on Uruguay’s promising Fintech sector

About to celebrate 15 years of providing financial services, Brokerware continues to grow and foster the growth of its client portfolio’s stock brokers, banks, and financial institutions. The Uruguayan fintech, created by Víctor Sabbia, specializes in securities markets and operates in the United States and Latin America, where the services it provides are growing steadily.

Brokerware began operations when the local market for the financial industry, small but robust, had yet to reach its full development. Today, Uruguayan companies in the fintech sector have a strong presence in the local ICT ecosystem and represent an essential contribution to a dynamic industry that is growing faster than the rest of the economy.

With 4.3% of Uruguay’s GDP, the ICT sector has consolidated its position as one of the country’s five main export sectors, according to the report Impact Study carried out by CPA Ferrere at the request of the Uruguayan Chamber of Technology (CUTI). The influence of this sector in the economic development of Uruguay is fundamental: it is an ally when it comes to boosting innovation and productivity, and it is also a key activity to increase competitiveness in the global scenario, not only in the technology sector but also in all industries, given its multiplying effect.

In this promising context, Brokerware exports 90% of its products to markets ranging from the United States to Argentina. The internationalization process took place gradually and organically. However, there was no lack of concrete actions and presence in international fairs such as Web Summit Rio and Collision, to which they arrived, in some cases, accompanied by Uruguay XXI.

“Although we go on our own, whenever a Uruguayan delegation is set up, we try to be close because the results are better. Uruguay XXI and other organizations have worked hard to provide support that is really relevant, especially for companies that are just starting out, to which the possibility of reaching new markets makes a difference”, Sabbia pointed out.

The businessman added that they will continue to participate in international events to continue with expansion and growth. “In the last two years, we have grown by three figures and want to continue on this path. We are targeting Latin American markets, which offer more opportunities due to the technological gap compared to Europe and the United States. We can provide the same services at a more reasonable price than those markets,” he said.

Brokerware’s success is due to its powerful and solid management software, developed entirely in Uruguay by local professionals and capable of meeting the needs of financial agents from end to end. According to Sabbia, the services offered by Brokerware range from taking an order on a trading platform to keeping the accounting of these operations and taking care of all the processes related to the execution of an order that a brokerage house can carry out, including everything that has to do with regulatory reporting.

Through its software, Brokerware offers a product that customers buy, install, or use in SaaS (Software as a Service) format from the system’s cloud. In addition to the software for the stock market, it has a product that works similarly and is intended for investment fund managers.

Another particularity of Brokerware’s proposal is that it is an API on which different platforms are mounted, each focusing on an area within the company. “One platform is for account executives, another for accounting, and so on. In this way, the user enters the platform that contains only the functionalities he needs, the data is oriented to be displayed in the way that role requires, and it is very intuitive,” said Sabbia.

The investment required varies according to the scale of the client and, in the case of SaaS operations, depends on the consumption of each client. “In the case of large banks, a license is purchased, and then we offer a weekly update. The software is continually being updated; it is very dynamic,” the CEO stressed.

Forty-five people are working in the company, all Uruguayan professionals, to serve the company’s 32 clients. “It is an interesting number, but we want much more because the market is huge, and there are opportunities,” admitted Sabbia.