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Swap, the ‘fintech factory’, creates a new platform focused on serving credit companies




In full expansion, Swap announces a new business front, Float, focused on credit originators and credit solutions in general. The goal is to help companies that are revolutionizing access to credit in Brazil to generate more business, reduce credit default and retain their users.

São Paulo, Brazil, September 2021 – Swap, a Brazilian startup of Banking as a Service, innovates once again and brings to the market a new solution aimed at credit originators and credit solutions in general. Known as a fintech factory, the company launches the “Float” platform, a solution specially designed for credit players to embed new financial products and services in their portfolio.

Float’s main differential is not restricted to the product itself. Swap has an internal team fully dedicated to serving customers and developing new solutions that can add even more to the segment and solve specific pains for credit players. 

The context is very favorable for the solution. According to Instituto Locomotiva, more than 34 million people do not have bank accounts. This population, according to Central Bank estimates, transacts more than R$347 billion every year. In addition, more than 90 million people do not have a credit card. In this way, Float seeks to serve and support companies that are revolutionizing access to credit in the country.

As highlighted by the Head of New Business at Swap, Marcelo Schucman, “Brazil has been experiencing a major problem of access to credit for a long time. A huge portion of Brazilians cannot find credit and, when they do, it is extremely expensive. This situation is caused and enhanced by the high banking concentration that we still have here.” 

But there are important transformations underway and a generation of entrepreneurs leading this movement and creating innovative and inclusive credit solutions. “For some time now, companies led by great entrepreneurs have emerged to serve this portion of the underbanked people in society, which is lacking quality credit and financial services. It is an arduous task, very challenging, but extremely necessary for our country. We greatly admire these companies, and we are here to help them,” adds Schucman.  

Swap has made it a mission to help these business leaders, providing technology and support for a process that ranges from platform customization to data and insights, so that customers continue to act as agents of change. For the Head of New Business at Swap, “The way we found was to provide a robust infrastructure for these pioneers of credit in Brazil, understanding that credit is just the beginning of this relationship between our client and its user. Thus, our client can embed more financial services, with the same quality and care that they already do with their current solutions, as well as generate more acceptance and liquidity for their solutions, always having maximum access to refined data that will help to evolve their platform. It’s a virtuous cycle”.

The solution, Float, comes at a time when Swap consolidates itself in the national fintech ecosystem as an important enabler, leveraged by the fruitful partnership with Mastercard®, which starts to open up opportunities around the world, particularly by the recent selection of fintech in the program Mastercard® Start Path, which brings together diverse actors in the financial and technology ecosystem to scale innovative solutions for the financial services and payments sectors.

About the partnership with Mastercard®, Swap CEO Douglas Storf notes that “Mastercard®, from the beginning, has shown itself to be a key partner. As a consolidated company, we constantly see its updating and innovation in the market, always with involved partners and leveraged ecosystems. A good example was the launch of Whatsapp Pay in Brazil. We deeply respect this, we want to learn and be close to make these solutions viable in the most agile and efficient way possible”.

“Innovation doesn’t happen alone, especially in a market as rich and complex as the financial one. Our business was born because we believe in the strength of companies in the innovation ecosystem and, therefore, we are always looking for partners we trust, with whom we can learn and who can also collaborate to build innovations and enable the fintech revolution”, adds Storf. 

An example of a partnership aimed at the credit segment is Swap first white label (BaaS) solution for BNPL platforms in Brazil. With the support of Mastercard® and based on the use of a resource almost unexplored in the market, single use virtual cards (Single Use – Virtual Card Number, SU-VCN), Swap offers an excellent alternative to its customers, allowing them to offer credit with targeted use, through the solution of multiple balances and shared authorization with flexible and configurable rules.

Taking a step beyond BNPL, Swap Float enables already consolidated companies, which already have funding and a client base with active loans, to retain their clients even more. Using the platform, these companies are able to reduce the default rates of their customer base through access to transactional user data.

But it is not restricted to consolidated companies. Swap Float is also a key part for companies that are starting up, have a small customer base and sometimes do not have the necessary capital to scale. With the Swap platform, these companies can quickly and modularly adopt a solution that will allow them to validate their product-market fit and, thus, seek the long-awaited investment to advance and grow their credit operations. 

There is still a big difference in Float. Sometimes, credit companies have already built some integrations and partnerships for the use of credit and still want to generate more liquidity for their solution by issuing a card or other means of payment, but the burden of having to maintain two separate balances (one in the BaaS provider and another in its own structure), is usually too high for any operation to support, especially the initial ones, both from the point of view of experience and financial. Swap has found a way to solve this problem with its Real Time Funding solution, which enables so-called flexible treasury.

Unlike standard funding for prepaid operations, which requires funds previously loaded into individual accounts for each cardholder’s transactions, Float, through Real Time Funding, makes this process more flexible, since accounts do not need to have a prior balance . The platform automatically moves funds from your funding source to the appropriate account at the time of the transaction, ensuring the balance and maintaining financial health and control of the experience in the Swap customer hands. In this way, solution customers can maintain only one operating balance within the Swap structure. This balance will be responsible for directing the funds to the accounts at the time of the transaction. In practice, users of Swap customers will only see a consolidated balance.

The launch of Float for credit originators and credit solutions in general, crowns the Swap strategy aimed at specific segments. About this strategy, the CEO of Swap argues that “The idea of guiding our business looking at specific segments is supported by the possibility of better serving our customers, who are the ones who actually break out and innovate in their markets. We want to be the best partner for them”.

“When we look at the segments we already serve and those we want to serve in the future, we always ask ourselves if our platform will help that market and its players, if that problem is really relevant for them and for society, in addition to considering the future of the market and our position as an infrastructure in this context. Rather than being averagely good for any generic case, we want to be spectacular for the segments we serve. This vision helps us to make the best decisions for the business, for our customers, keeping them at the center of our roadmap, having peace of mind that they will be well served and will be able to focus on their core”, completes Storf. 

This is also the case of Swap’s Multiflex, launched in early 2021, the first and only BaaS specialized in Benefits and with clients such as Vee and Alymente embarked on this revolution. Despite this unique look that Swap brings to segments not served by Banking as a Service solutions, for this strategy to work Storf concludes: “our platform, as an infrastructure, is naturally generic, so it serves other use cases, not just specific verticals. We even have several customers in the base that are not in the prioritized segments so far, such as Multiflex and Float. This is another powerful tool, as the more we know these customers and their markets, the closer we are to including that segment in our strategy.”

About Swap

Swap is a Banking as a Service startup that, through its solution, has empowered several companies to offer financial services to their customers. With an independent strategy focused on solving the deep pains of specific segments, it differentiates itself from other BaaS companies in the market. It is in this context that the Multiflex platform was born, at the beginning of 2021, aimed at flexible benefits companies. And now, Float, the Swap credit platform, aimed at companies in the segment, is born. Active since mid-2019, Swap has already raised R$17 million from investors such as, Canary, Flourish Ventures and GFC, and grew more than 500% in 2020.

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