Brazil's 99Pay Secures Central Bank License to Operate as Financial Institution
Brazil's Central Bank authorized fintech 99Pay to operate as a Sociedade de Crédito, Financiamento e Investimento (SCFI), expanding its previous status as a Sociedade de Crédito Direto (SCD). The new licence enables the company to broaden its credit‑market activities, develop additional financial products and raise funds through instruments such as CDBs and RDBs.
According to Rafael Leal, director of legal and compliance at 99Pay, the approval “creates a solid base to accelerate product development, strengthen innovation capacity and expand access to simple, affordable financial solutions.” The licence also lets 99Pay diversify its funding by issuing fixed‑income securities protected by the Fundo Garantidor de Créditos (FGC), which the firm says will improve operational efficiency and support long‑term credit growth.
99Pay, part of the 99 super‑app ecosystem, provides a digital account used by more than 28 million registered customers and offers services such as mobile‑recharge, personal loans and investments. The account balance earns 110 % of the CDI for amounts up to R$ 5,000.
Entities: 99 (ride‑hailing group) · 99Pay · Banco Central do Brasil · Fundo Garantidor de Créditos (FGC) · Rafael Leal
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 4 SOURCES] Authorization granted to 99Pay to operate as SCFI (Central Bank of Brazil)
- [● 4 SOURCES] 99Pay serves over 28 million registered users with its digital account. (99Pay)
- [● 4 SOURCES] The licence expands product development and funding options through CDBs and RDBs (99Pay press release)
- [● 4 SOURCES] 99Pay can diversify funding through fixed‑income securities protected by the Fundo Garantidor de Créditos (FGC). (99Pay corporate statement)
- [● 4 SOURCES] 99Pay is part of the 99 super‑app ecosystem. (99Pay corporate information)
- [● 4 SOURCES] The digital account offers a yield of 110 % of the CDI for balances up to R$ 5,000. (99Pay)
- [● 4 SOURCES] Rafael Leal is 99Pay's director of legal and compliance. (99Pay press release)
- [● 4 SOURCES] Prior to the authorization, 99Pay was structured as a Sociedade de Crédito Direto (SCD). (99Pay corporate filings)