Brazil-based fintech company Blipay has secured USD 6,7 million fund from SRM Ventures for the development of its credit services and salary anticipation product. The investment will be leveraged into the expansion of the credit line provided by Blipay, focused on its salary anticipation tool.

Blipay’s primary business prioritises the process of offering salary anticipation solutions to employees. This will provide users the possibility to access their wages before the official payday in order to use their funds at the needed moment. Furthermore, the company also focuses on its expansion in the market of Brazil, as the industry seems promising.

Blipay enables its clients with the ability to use their income whenever they need it. Its products were designed to give users the possibility to make the most out of their salary, in a safe and seamless way. To use the service, customers need to connect to their account and they have the possibility to get their money, as the transfer process is easier and faster through the application.

They also have the benefit of choosing the value they want to access. The limit of the sum grows as you use the product, but users can access a fixed limit at the beginning. Following the transfer, the customers can also select the date to pay their anticipation in order to meet their needs and preferences.

The payback needs to be done within 30 days from the date of the payment. Currently, Blipay operates in Brazil only, but future plans include the delivery of its products and offerings in multiple other markets and geographies. SMR Ventures’ solutions for SMEs SMR Ventures represents one of the branches that are part of the SMR Group, a company that focuses on receivables investment funds (FIDSs).

Customers like fintech businesses and SMEs can benefit from up to 20 different products while partnering with SMR, including cash flow solutions, investment funds, or foreign trade. Furthermore, SMR’s credit operations present multiple choices as well, such as anticipation for duplicates, anticipation for duplicates with lock at home, promotion of raw materials, working capital for real estate guarantee, working capital for KGCP, and anticipation of P. A.

C. BNDES. The company also provides clients with multiple types of funds and investment strategies: exodus SME funds, exodus 90 fic firm, or exodus professional choices.

SMEs can focus on a fund that will have a fixed income or one that prioritises its expansion in multiple markets and industries. All of the SMR Ventures’ tools were designed to offer businesses an efficient, fast, and secure development process. While being a digital procedure, companies can choose the solution most suitable for their profit and preferences, and customise it for the demands of their customers and the overall industry.

Brazil’s development in the payments industry Since the beginning of the COVID-19 pandemic, around 16 million people enfranchised into the Brazilian financial system. In the region, the pro-innovation regulatory landscape allowed banks to use new technologies, which was critical for growth and financial inclusion. However, this was not the case for every LAC country or the MSMEs.

In January of 2023, Mastercard announced its partnership with Binance in order to launch a new prepaid cryptocurrency card in Brazil. This collaboration focused on improving crypto adoption in Latin America, and the Binance Card enabled citizens to make purchases while using crypto and benefiting from a real-time conversion system that had 14 crypto assets to fiat at the point of sale. At the beginning of February 2023, the Central Bank of Brazil authorised EBANX to provide its customers with a payment initiator service through PIX.

This was aimed to allow the fintech’s merchants to manage Pix payments within their websites. Following this authorisation, merchants and traders were able to manage Pix on their online platforms with no need for online shoppers to access the bank’s application in order to finish the payment. .