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PicPay has just acquired BX Blue, a consigned credit marketplace in Brazil

February 7, 2023
Por
Carlos Sambrana
Carlos Sambrana
Cofundador do NeoFeed
📷
Neofeed
According to data from the Central Bank, the total consigned credit stock in Brazil was R$587.3 billion at the end of 2022 - R$73.7 billion more than in 2021.
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And, judging by the number of players seeking a foothold in this hotly contested segment, it should jump by 2023.

This is the bet of PicPay, which has just closed the purchase of fintech BX Blue, consigned credit marketplace, and revealed the deal exclusively to NeoFeed. The startup, founded six years ago, had in its cap table funds such as Igah, Iporanga, FJ Labs, among others, and had received a check for $ 38 million in a Series A in 2021.

The value of the transaction with PicPay, done in cash and part of it conditional on an earnout, was not disclosed, but NeoFeed ascertained that it did not exceed the amount that had already been invested in the company. To scale, BX Blue, which has already transacted R$2.4 billion since its launch, would need more contributions.

The sale to PicPay was the "hunger with the will to eat". First, because PicPay will bring into its financial platform a product that it did not have. Second because it will be able to scale the business by connecting with its base of 30 million active customers.

"It is a relevant product in a market that is growing a lot. They already had a team and technology, it was better to accelerate with them than to develop internally and spend energy," Danilo Caffaro, PicPay's vice president of personal financial services, tells NeoFeed.

It is, in a way, the same strategy adopted by the company in the purchase of GuiaBolso: it accelerated the pace in open banking and brought the operation in-house. By acquiring BX Blue, PicPay will initially operate with separate companies, but the idea is to couple them in its digital environment.

The executive says that in PicPay's base there are many public servants and retirees looking for this type of product. BX Blue, in turn, already has major partners on its platform. Banks such as Bradesco, BB, Daycoval and others compete for customers there.

Danilo Caffaro, vice president of financial services for individuals at PicPay
The startup, which has 1 million customers in its base, monetizes by earning a take rate on transactions that are performed in its environment. This is the same thesis as PicPay, of being a financial marketplace with multiple partners. "In the last two years, we have added credit and debit card, bill payment, personal loan, insurance, FGTS anticipation," says Caffaro.

By increasing the product offering, the company ends up making the TPV on the platform grow. And this has been happening at an accelerated rate. If in 2021 it was R$92.2 billion, unpublished data obtained by NeoFeed show that in 2022 it was R$197.9 billion - a jump of 115%. The idea is to make consigned credit bring in another billion in 2023.

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.

And, judging by the number of players seeking a foothold in this hotly contested segment, it should jump by 2023.

This is the bet of PicPay, which has just closed the purchase of fintech BX Blue, consigned credit marketplace, and revealed the deal exclusively to NeoFeed. The startup, founded six years ago, had in its cap table funds such as Igah, Iporanga, FJ Labs, among others, and had received a check for $ 38 million in a Series A in 2021.

The value of the transaction with PicPay, done in cash and part of it conditional on an earnout, was not disclosed, but NeoFeed ascertained that it did not exceed the amount that had already been invested in the company. To scale, BX Blue, which has already transacted R$2.4 billion since its launch, would need more contributions.

The sale to PicPay was the "hunger with the will to eat". First, because PicPay will bring into its financial platform a product that it did not have. Second because it will be able to scale the business by connecting with its base of 30 million active customers.

"It is a relevant product in a market that is growing a lot. They already had a team and technology, it was better to accelerate with them than to develop internally and spend energy," Danilo Caffaro, PicPay's vice president of personal financial services, tells NeoFeed.

It is, in a way, the same strategy adopted by the company in the purchase of GuiaBolso: it accelerated the pace in open banking and brought the operation in-house. By acquiring BX Blue, PicPay will initially operate with separate companies, but the idea is to couple them in its digital environment.

The executive says that in PicPay's base there are many public servants and retirees looking for this type of product. BX Blue, in turn, already has major partners on its platform. Banks such as Bradesco, BB, Daycoval and others compete for customers there.

Danilo Caffaro, vice president of financial services for individuals at PicPay
The startup, which has 1 million customers in its base, monetizes by earning a take rate on transactions that are performed in its environment. This is the same thesis as PicPay, of being a financial marketplace with multiple partners. "In the last two years, we have added credit and debit card, bill payment, personal loan, insurance, FGTS anticipation," says Caffaro.

By increasing the product offering, the company ends up making the TPV on the platform grow. And this has been happening at an accelerated rate. If in 2021 it was R$92.2 billion, unpublished data obtained by NeoFeed show that in 2022 it was R$197.9 billion - a jump of 115%. The idea is to make consigned credit bring in another billion in 2023.

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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