Brazilian Fintech CloudWalk Surpasses USD 100M ARR and Reaches Centaur Status
– Fintech annual net revenue in March was US$138 million, reaching Centaur status, which refers to businesses that exceed US$100 million in annual recurring revenue (ARR)
– With a pre-tax profit of USD 11 million in the first quarter of 2023 and a net income growth of 183%, the company has reached the milestone of 500 employees, showing solidity in a challenging moment for the market
SÃO PAULO, May 4, 2023–(BUSINESS WIRE)–CloudWalk, the Brazilian fintech offering payment solutions for small and medium-sized businesses, showed impressive gains in product growth, revenue and profitability in the first quarter of 2023, reaching an important milestone in its history. . With annual sales in March of USD 138 million, CloudWalk reached Centaur status, the group of companies with annual recurring revenues (ARR) exceeding USD 100 million.
This press release contains multimedia. See the full release here: https://www.businesswire.com/news/home/20230504005383/en/
Luis Silva, founder and CEO of CloudWalk: “All the disruptions we create aim to democratize the financial market and give even more power to small and medium-sized businesses.” (Photo: Business Wire)
Profit before tax in the first quarter of 2023 was USD 11 million, with net income of USD 30 million, which represents an increase of 183% compared to the same period the previous year. The figures reflect fintech’s solid expansion which, in addition to the InfinitePay card machine, offers a range of financial products to over one million customers. Several new products were launched last year and are already transforming the market for financial services.
After obtaining a license from the Brazilian central bank to operate as a payment institution, the fintech rolled out InfiniteBank to offer full-service banking solutions such as InfiniteCard credit cards and detailed sales reports. Other services in the CloudWalk portfolio include InfiniteCash, a fast and flexible loan modality that has already provided more than 20 million dollars to entrepreneurs throughout Brazil, and InfiniteTap, an innovative solution launched in October 2022 that makes it possible to accept credit and debit card payments in a convenient and efficient way. This technological solution turns smartphones into card machines, eliminating the need for additional devices and allowing transactions to be carried out directly on the phone, benefiting entrepreneurs and self-employed people.
“These innovative solutions show how technology can drive and simplify businesses in an accessible way. All the disruption we create aims to democratize the financial market and give even more power to SMEs,” says Luis Silva, founder and CEO of CloudWalk.
CloudWalk’s solutions offer the best prices in Brazil. The company’s strategy, which seeks to protect customers from Brazilian prime rate hikes – and is part of its ESG policy – involves the company ceasing to collect to pass the benefit on to InfinitePay users. This has so far generated savings of more than $500 million in fees.
Growth amid instability
With more than 1,500 customers per day, the company continues to grow exponentially during a period of market volatility. Over the past two years, several reputable companies have been forced to change course and announce mass redundancies. In keeping with this trend, CloudWalk continues to hire and has recently reached the milestone 500 employees in more than 16 countries. The goal, according to Luis Silva, is to strengthen the team to further expand its capacity to develop solutions that transform and drive Brazilian entrepreneurship.
“We are building the foundations of the largest fintech company on planet Earth. Our dream is big, and the first results prove it. We will continue to focus on developing innovative products that solve customer pain points. In addition to delivering value to investors, we have, as one of our purposes, to increase the national entrepreneurial ecosystem,” says Luis Silva, the head of CloudWalk.
This exponential growth has already been verified in the past. Since the last funding round in 2021, when fintech was valued at $2.15 billion, revenue has grown more than fivefold.
“I can say that we are still in the initial phase. In recent years, we have forced the entire payment market to adapt to our fees and an unprecedented level of quality in customer service,” argues Luis Silva. “We will repeat this now with our other products, solving our customers’ pain points.”
ABOUT CLOUDWALK AND INFINITEPAY
CloudWalk is a global financial services platform whose main mission is to revolutionize the way people and SMEs handle money. Fintech, which owns the InfinitePay brand, has been operating since 2019 with products based on blockchain technology, such as digital banking, loans, cashback cards, online sales, digital wallets and card machines. It has more than 1 million customers in more than 5,400 Brazilian cities and since its founding has provided more than $500 million in tax savings to its retail partners.
By 2023, it exceeded $100 million in annual revenue, reaching Centaur status. It is one of the fastest growing financial institutions in Brazil, with more than 500 employees in 16 countries. Investors include global funds such as Coatue, DST, A*, The Hive, Valor Capital, Plug and Play Ventures, as well as renowned angel investors such as Jackie Reses and Gokul Rajaram. Since its founding, the fintech has raised $350 million, giving it an estimated market capitalization of $2.15 billion. In 2022, it entered the prestigious ranking “The Fintech 250”, an annual list by CB Insights of the 250 most promising fintechs in the world.
See the source version at businesswire.com: https://www.businesswire.com/news/home/20230504005383/en/
Contacts
Media inquiries – CDN Comunicação
Pedro Orlandi – [email protected]
Bruno Ferrari – [email protected] +55 11 971 522 727
