Transfeera Secures Central Bank Approval to Operate as Payment Institution

Published 3 months ago

Transfeera, a financial technology company providing payment infrastructure for businesses, has gained authorization from the Central Bank to function as an electronic currency issuer. This new status will allow the fintech firm to manage prepaid accounts and directly integrate into Central Bank systems, such as the Brazilian Payments System (SPB) and the Reserve Transfer System (STR).

A Milestone for Transfeera

The license, which has been anticipated since 2020, marks a significant moment in Transfeera’s history. The company, established in 2017 in Joinville, can now make decisions more autonomously and swiftly. It also creates opportunities to develop new solutions and generate new revenue streams. Fernando Nunes, CEO and co-founder of Transfeera, stated that compliance with regulatory rules will enhance their business margin and financial performance, and level the playing field with already regulated competitors.

Future Plans

Transfeera plans to become a direct participant in Pix, as it presently acts as an indirect participant in the Instant Payment System (IPS). Furthermore, it aims to secure a license to operate as an initiator of payment transactions (ITP) within the Open Finance sphere.

Nunes sees a rising trend of businesses adopting Pix, including B2B transactions as well as payments between businesses and individuals. The CEO also hinted at the potential of working with foreign exchange, a capability allowed for payment institutions.

Transfeera’s Recent Developments

Transfeera has recently introduced “Bolepix”, a payment solution embedding a QR code on tickets for Pix payments. Additionally, the fintech company launched an anti-fraud dashboard, providing a comprehensive view of the companies their clients engage with for payments.

In 2022, Transfeera reported revenues of R$19m and processed R$12.8bn in transactions. Over its six-year operation, transaction volumes have surpassed R$24 billion. The fintech, with a portfolio of over 450 clients, anticipates 2023 to be a positive yet challenging year.

On the Horizon

For 2024, the company plans to reinforce its growth trajectory while remaining grounded. Nunes believes that in the fiercely competitive payment infrastructure and financial services sector, the key differentiator will be value creation, such as using artificial intelligence to simplify processes for customers.