Born in 2011, Pagcorp started its business by offering a white label prepaid card to clients such as Ipiranga and Lojas Americanas, but the model did not succeed. The trajectory only began to change when the Josua met the demand of a client that needed a corporate card with real-time management mechanisms to provide to employees.
With a strategy that seems tailored to the dark winter of the venture capital industry, 8 Pagcorp has always bet on cash generation to drive the operation - a client is only integrated into the base if it is profitable, says Liliane Josua, the partner and commercial director who joined the fintech at her father's invitation.
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"We have been operating with positive EBITDA for some time now. You can't be profitable only when you hit 1 million cards", said the executive. To monetize the base, Pagcorp takes a slice of the interchange fee from card transactions. For larger clients, this is enough to make the contract profitable for the fintech. For smaller customers, however, the company charges a subscription fee for the account to close.
Pagcorp's cards already move R$ 1.3 billion per year - Photo: Disclosure
The company, which has never made an external round of investment and is funded by the founders' money, has been gaining size. Currently, more than 300 thousand corporate cards are issued, with 2 thousand clients. The cards of the startup, controlled by the holding AGC Pagamentos, already move an annual turnover of R$ 1.3 billion and the business continues to grow, on average, 150% per year.
With Pagcorp's cards, corporate clients can manage the spending limits of each employee and, if necessary, even dedicate the spending of a particular plastic to specific establishments, such as gas stations.
"Our differential is a hierarchy system, with various levels of approval by managers. The employee can also make real-time accountability and the manager can already integrate Pagcorp to the ERP software," explains the commercial director.
Liliane Josua, partner and director of Pagcorp: "We have positive EBITDA for a long time" - Photo: Disclosure
The idea of the Josua family is to make the business better known to maintain gains of scale. The fintech does not open the revenue, but says it is possible to continue growing. In addition to Pagcorp's corporate cards, AGC also has a banking as a service vertical, which helps clients develop white label means of payments (such as payment machines).
Pagcorp bets on the entrepreneurial flair of the family to leverage a type of business that has only become sexy in recent years, with the arrival of Clara in Brazil and the success of startups such as Brex, of the young Brazilian billionaires Pedro Franceschi and Henrique Dubugras, in the United States.
In the Josua family, Dock is not the only case of success. Ricardo, Liliana's brother, is the founder and CEO of Pismo, which develops a range of products vital for digital banking. Last year, Pismo raised $108 million in a very competitive round, attracting investors such as Softbank, Amazon, Accel Partners, and Brazil's B3.
Born in 2011, Pagcorp started its business by offering a white label prepaid card to clients such as Ipiranga and Lojas Americanas, but the model did not succeed. The trajectory only began to change when the Josua met the demand of a client that needed a corporate card with real-time management mechanisms to provide to employees.
With a strategy that seems tailored to the dark winter of the venture capital industry, 8 Pagcorp has always bet on cash generation to drive the operation - a client is only integrated into the base if it is profitable, says Liliane Josua, the partner and commercial director who joined the fintech at her father's invitation.
With a US$ 10 million check, B3 enters the competitive Pismo
Clara, now a unicorn, lands in Brazil
Stark Bank wants to be the account of the big companies - Bezos has already invested
"We have been operating with positive EBITDA for some time now. You can't be profitable only when you hit 1 million cards", said the executive. To monetize the base, Pagcorp takes a slice of the interchange fee from card transactions. For larger clients, this is enough to make the contract profitable for the fintech. For smaller customers, however, the company charges a subscription fee for the account to close.
Pagcorp's cards already move R$ 1.3 billion per year - Photo: Disclosure
The company, which has never made an external round of investment and is funded by the founders' money, has been gaining size. Currently, more than 300 thousand corporate cards are issued, with 2 thousand clients. The cards of the startup, controlled by the holding AGC Pagamentos, already move an annual turnover of R$ 1.3 billion and the business continues to grow, on average, 150% per year.
With Pagcorp's cards, corporate clients can manage the spending limits of each employee and, if necessary, even dedicate the spending of a particular plastic to specific establishments, such as gas stations.
"Our differential is a hierarchy system, with various levels of approval by managers. The employee can also make real-time accountability and the manager can already integrate Pagcorp to the ERP software," explains the commercial director.
Liliane Josua, partner and director of Pagcorp: "We have positive EBITDA for a long time" - Photo: Disclosure
The idea of the Josua family is to make the business better known to maintain gains of scale. The fintech does not open the revenue, but says it is possible to continue growing. In addition to Pagcorp's corporate cards, AGC also has a banking as a service vertical, which helps clients develop white label means of payments (such as payment machines).
Pagcorp bets on the entrepreneurial flair of the family to leverage a type of business that has only become sexy in recent years, with the arrival of Clara in Brazil and the success of startups such as Brex, of the young Brazilian billionaires Pedro Franceschi and Henrique Dubugras, in the United States.
In the Josua family, Dock is not the only case of success. Ricardo, Liliana's brother, is the founder and CEO of Pismo, which develops a range of products vital for digital banking. Last year, Pismo raised $108 million in a very competitive round, attracting investors such as Softbank, Amazon, Accel Partners, and Brazil's B3.