Credit has entered a new cycle in Brazil. The supply of loans, previously concentrated in large banks, is now distributed through a broader network of players: retailers that finance their customers, e-commerce platforms that offer installment payments using their own resources, ERPs that anticipate receivables, and fintechs specializing in specific niches.
For the consumer, this transformation is evident. Now, credit is embedded in the purchasing journey itself: it's possible to take out a loan in just a few clicks on a mobile app or approve a credit limit while finalizing a purchase on an e-commerce site.
It is in this highly digitalized environment that Celcoin positions itself. Founded in 2016, the company has established itself as one of the leading financial infrastructure technology companies in the country, providing infrastructure for banks, fintechs, and non-financial companies to operate payment, banking, and increasingly, credit services.
“We are experiencing an unprecedented cycle of credit decentralization,” says Marcelo França, CEO of Celcoin. “Our mission is to enable any company to offer credit in a secure, digital, and scalable way, without needing to become a bank.”
Celcoin was born as a payments and banking-as-a-service platform, supporting the first generation of fintechs to launch digital accounts, wallets, and financial services.
With regulatory advancements in the country, the arrival of Open Finance, and the growing maturity of the capital market, the company began to see credit as a new channel for growth.
The vertical began to take shape in mid-2022 and today already accounts for 30% of the business. "We project that by the end of 2026 credit will represent the largest share of our revenue," says the executive.
To support this ambition, the company has built a complete credit infrastructure pipeline. Over the past four years, it has made six acquisitions that have brought expertise in payment methods, credit pipelines, Open Finance, regulatory support, collections, and a credit engine using artificial intelligence.
“We are experiencing an unprecedented cycle of credit decentralization,” says Marcelo França, CEO of Celcoin. “Our mission is to enable any company to offer credit in a secure, digital, and scalable way, without needing to become a bank.”
The most recent acquisition, Vulkan Labs, added to Celcoin's portfolio a no-code, AI-native decision engine that connects multiple data sources and automates credit decisions in real time.
The solution allows for the configuration of customized flows, portfolio monitoring, and access to analytical dashboards, as well as the integration of data from external sources such as Open Finance and Serasa. In practice, the model allows companies to create tailored credit pipelines, enabling faster, more assertive, and secure decisions.
The engine can also be used in onboarding processes, fraud prevention, compliance, and risk management, creating a layer of intelligence across the entire journey.
Artificial intelligence enters one of the most sensitive stages of the process: risk analysis, applying statistical and machine learning models to estimate the probability of default and define limits, rates, and terms. "AI helps to better predict the risk of the operation," says the CEO, who reinforces that Celcoin has been betting on a modular and technological approach to offer a complete infrastructure for the credit journey.
The strategy connects all stages of the credit cycle, from origination to recovery, promoting efficiency for all players, whether they are financial institutions, in the core credit model, where it offers all the technological credit infrastructure, or unregulated lenders, in the CaaS (credit as a service) model, offering both technology and the regulatory aspects "as a service."
In the credit journey, for example, Celcoin provides integrated infrastructure from start to finish, solving the problem of managing multiple suppliers. The offering includes onboarding, formalization of CCBs and NCs, assignment to various vehicles such as FIDCs and securitization companies, and debt collection. Furthermore, the company enables technology and licenses for clients to operate credit for individuals and legal entities, with or without collateral, in the public or private sector, of a commercial or banking nature, with a high degree of automation and neutrality.
The market, in turn, already recognizes Celcoin as a complete and modular infrastructure, capable of adapting to different business models and stages of maturity. This flexibility is what allows companies of varying profiles to find in the infratech the ideal support to operate end-to-end credit.
Americanas and Pagol utilize the BNPL model integrated with Celcoin's infrastructure; Robbin operates banking services with CCB issuance; Pipeimob brings together banking, credit, and payments in a fully digital journey; Bull Banker and BYX rely on the loan registration engine for payroll loans; while Bankme and SuperSim operate with the company's complete credit pipeline.
"The client chooses the building blocks they need to construct their credit pipeline and account structure," he states. This allows the company to serve everyone from large financial institutions to physical and digital retailers, marketplaces, ERPs, and digitally native fintechs.
Speed of implementation is a key differentiator in a market that demands agility and speed in business. According to the executive, there are cases where a credit pipeline was set up in a matter of days.
“The originator doesn’t need to worry about banking licenses or building the technology from scratch,” he says. “They embed our infrastructure into their journey.”
Celcoin serves approximately 750 clients, including fintechs and companies from various sectors, has 400 employees, and processes around R$ 40 billion in transactions per month.
This model enables a variety of products, from public and private payroll loans to employee loans, including personal loans, BNPL (buy now, pay later) and receivables financing.
Such broad scope translates into a multiplication of use cases. There are marketplaces that finance consumers directly at checkout, retail networks that offer accounts and credit limits to partners, and service companies that transform their customer base into an origination channel.
"The combination of technological advancements, regulation, and increased funding is what is accelerating the decentralization and democratization of financial services," says França.
The scale already achieved by the company demonstrates the vital role of this invisible infrastructure. Celcoin serves approximately 750 clients, including fintechs and companies from various sectors, has 400 employees, and processes around R$ 40 billion in transactions per month.
According to the CEO, the transformation is still in its early stages. He sees the Brazilian movement towards a model where the capital market gains weight in relation to the traditional banking system, as already happens in more mature economies.
In this scenario, companies capable of organizing data, controlling risk, and providing back-office support have become central pieces of the machine. "We are experiencing the beginning of a new era of credit, in which technology is no longer a support, it is the very engine of the business," concludes França.