Participated · Equity · Apr 2022

Celcoin provides financial infrastructure and Banking-as-a-Service solutions focused on payments, banking, and lending, enabling personalized embedded finance for banks, fintechs and non-financial companies. The company serves more than 6,000 business customers, including over 400 financial-industry clients and more than 5,000 non-financial firms. Celcoin is a leading provider of Open Banking solutions in Brazil and processes over 200 million Pix transactions monthly. It has pursued product development and inorganic growth, completing four acquisitions since 2022 (Galax Pay, Flow Finance, Finansystech and Reg+). Celcoin reported US$63 million in annual recurring revenue in Q1 2024, a 140% increase year-over-year. The company plans to accelerate investments in technology and innovation and to evaluate both organic and M&A-driven growth opportunities to strengthen its position in BaaS and embedded finance. Celcoin offers financial-technology and banking infrastructure through APIs that enable Pix, open banking, bill and tax payments, mobile top-ups, gift cards, direct debit, ATM withdrawals, transfers and collections. After acquiring Flow Finance, Celcoin added infrastructure for companies to offer credit products via APIs (working capital, personal loans, BNPL, payroll-deducted private loans and others). The company recently acquired Galax Pay (recurring billing and subacquiring) and Flow Finance as part of its expansion. Celcoin received a license from the Banco Central to operate as a Payment Institution, strengthening governance and improving robustness and margins. Management says it will pursue growth organically and via M&A to consolidate its position in the financial-infrastructure segment across the region. Celcoin provides Open Finance infrastructure via APIs for Pix, bill payments, mobile top-ups, deposits and withdrawals (Banco24Horas and retail), direct debit, DDA, transport top-ups, streaming platforms and gaming. It launched Open Banking APIs earlier this year and already counts dozens of customers using them to access user data and offer personalized products. More than 170 clients — including banks, fintechs, digital wallets, brokerages, ERPs, marketplaces, mobile operators and loyalty companies — use Celcoin’s platform, and over 36,000 banking correspondents are connected to distribute services in stores. Monthly more than eight million people transact through Celcoin, moving over R$1.5 billion, and the company’s transaction volume has more than quadrupled in the past 12 months. Founded in 2016, Celcoin positions itself as a modular "Lego" of open financial services that helps digital banks and fintechs scale offerings previously restricted to large banks. The company plans to use new capital to accelerate product development, acquire complementary API startups, and complete licensing as a Payment Institution and Payment Transaction Initiator with BACEN.