Brazil is seeing a boom in financial technology, which, according to a new Goldman Sachs report, will chip away at the market share of the banks in the country.

According to a report in The New York Times, Goldman Sachs’ new report, “FinTech Brazil’s Moment,” shows that greater than 200 financial technology companies located in Brazil should generate a potential revenue collectively of about $24 billion over the course of the next ten years. Payments, lending and personal finance are three promising segments, as is insurance, Goldman Sachs said in the report.