Now, with Central Bank Approval, Fintech to Expand Offering in Business Spending with Credit Card Service
Swap, a Brazilian fintech of banking-as-a-service (BaaS) solutions, has just received from Central bank the authorization to operate as a payment institution, being able to operate in two ways: issuer of electronic money and issuer of postpaid instruments.
Through the first method, the company will be able to offer (in the BaaS model) services for the digital transfer of financial values, along the lines of companies such as PicPay🇧🇷 PagSeguro And MercadoPago, with digital wallets and accounts with prepaid amounts. As an issuer of postpaid instruments, it can issue and manage bills and payments that work like a credit card, where you first purchase and then pay.
According to fintech, the authorization of the B. C expands the range of options of the company, which has established itself on the market in recent years through its solutions for benefit cards. With the ability to issue accounts and credit cards, it intends to boost one of the company’s recently created weapons: the Corporationfocused on business expenses.
“The authorization is a great achievement for the exchange because it shows that we have reached a high level of maturity as a company. We are now able to access systems available only to authorized institutions. We are still at the beginning of our journey to remove the barriers to accessing the financial system to enable new business models and, with this authorization, we are even better prepared to facilitate the performance of innovative companies”, explains CFO Mateus Furini.
The release with Central bank it was something the company had long expected. In conversation with startups in July, launch time of the Corporationresponsible for the new business at exchangeMarcelo Schucman has already shown how the company keeps an eye on the potential for payments within the corporate segment.
According to a survey carried out by the exchange at the time, the corporate spending segment hovered around BRL 650 billion in Brazil alone. “It’s a market that’s at least three times bigger (in amount of transactions) than the benefits market,” Marcelo said.
The clearance comes just over a year after a R$135 million series A deal. The round was led by Global Tigerin addition to angel investors Justin Mateen (founder of Tinder) and Rahul Mehta (from Global STD🇧🇷 Before that, the company had raised R$17 million with the funds OneVC, GFC And to flourish – those who have also entered Serie A.
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Source: Terra
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
