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Brazilian BNPL Fintech Swap receives authorization to operate as a payment institution

December 20, 2022
Por
Swap
Swap
Full service financial technology partner
📷
Finsiders
With the recent authorizations by the Central Bank, Swap will expand its offer in corporate expenses with the Credit Card service.
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Swap received authorization from the Central Bank of Brazil to operate as a Payment Institution in two modalities: Electronic Money Issuer and Postpaid Instrument Issuer.

The recent accreditations are the result of the constant evolution of the startup, which has just completed four years and was elected for the second time as one of the 100 Startups to Watch. In the last year, Swap went through a $135 million Series A and since then has seen a 68% increase in customer base, a 5x increase in the number of active cards, and more than 10x growth in annual recurring revenue.
BCB Authorization

An electronic money issuer is authorized to manage prepaid payment accounts, in which funds must be pre-deposited for users to perform payment transactions. With this license, Swap will be able to directly access various systems and infrastructures of the BCB and expand the supply of products and services.

Postpaid Issuers, on the other hand, are responsible for postpaid payment accounts, which are those that work like a credit card, where you first buy and then pay.

"The authorization is a great achievement for Swap because it proves 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 access barriers to the financial system to enable new business models and, with this authorization from BCB, we are even more prepared to facilitate the performance of innovative companies," explains CFO Mateus Furini.

Want to know more about Swap? Let's talk!

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

Swap received authorization from the Central Bank of Brazil to operate as a Payment Institution in two modalities: Electronic Money Issuer and Postpaid Instrument Issuer.

The recent accreditations are the result of the constant evolution of the startup, which has just completed four years and was elected for the second time as one of the 100 Startups to Watch. In the last year, Swap went through a $135 million Series A and since then has seen a 68% increase in customer base, a 5x increase in the number of active cards, and more than 10x growth in annual recurring revenue.
BCB Authorization

An electronic money issuer is authorized to manage prepaid payment accounts, in which funds must be pre-deposited for users to perform payment transactions. With this license, Swap will be able to directly access various systems and infrastructures of the BCB and expand the supply of products and services.

Postpaid Issuers, on the other hand, are responsible for postpaid payment accounts, which are those that work like a credit card, where you first buy and then pay.

"The authorization is a great achievement for Swap because it proves 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 access barriers to the financial system to enable new business models and, with this authorization from BCB, we are even more prepared to facilitate the performance of innovative companies," explains CFO Mateus Furini.

Want to know more about Swap? Let's talk!

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

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