SWAP

What SWAP does

Swap is a Brazilian payment institution authorized by the Banco Central do Brasil (BACEN) that provides Banking as a Service (BaaS) infrastructure exclusively to large B2B businesses. Founded in 2018 and headquartered in São Paulo (legal entity: Swap Meios de Pagamentos Instituição de Pagamento S.A.), Swap enables enterprise partners to launch branded financial products — including digital payment accounts, physical and virtual cards, multi-balance benefit cards, and embedded payment rails — without obtaining their own payment institution license. The platform combines API-first integration with no-code white-label portal and mobile application solutions, covering Pix, Boleto, and TED payment rails alongside card issuance, processing, KYC/AML compliance, and anti-fraud monitoring. Swap is positioned as the only BaaS provider in Brazil exclusively focused on large B2B enterprises rather than consumer or horizontal markets.

The company's technology stack includes end-to-end card issuance and logistics (physical, virtual, multi-balance cards for meal, food, fuel, and flexible benefits), digital account infrastructure for both PJ and PF accounts, real-time balance loading at authorization time, and a compliance suite aligned to BACEN, LGPD, and international sanctions frameworks (OFAC, CSNU). Cloud infrastructure runs on AWS, with Banco BTG Pactual serving as the banking partner for SPB account individualization, and a Mastercard Start Path partnership enabling card acceptance at over 2 million merchant locations. Product modules are packaged as vertical-specific solutions — Fuel Cards, Agribusiness Cards, Salary Advance, Multi-Benefits Cards, Corporate Cards, ERP Banking, and Travel Cards — and were complemented by the launch of Swap Processing, a card processor aimed at license-holding issuers.

Swap's business model is B2B enterprise SaaS with a transaction-based revenue layer. The company negotiates multi-year contracts on a per-partner basis, charging platform/subscription fees plus per-transaction fees across card issuance, processing, and API/white-label licensing. Go-to-market is driven by a specialized direct enterprise sales team conducting co-creation engagements, supplemented by presence at vertical industry events (Febraban Tech, CONARH, ERP Summit, Agro Summit, Intermodal, Autocom, Lacte) and a partner referral ecosystem spanning employee benefits operators, HR tech firms, ERPs, fintechs, agribusinesses, fleet operators, travel platforms, and logistics companies. The company rebranded in 2025 to reinforce its positioning as BaaS infrastructure for large B2B businesses.

Name

SWAP

Legal name

Swap Meios de Pagamentos Instituição de Pagamento S.A.

Website

https://swap.financial

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

Swap is a Brazilian BACEN-authorized BaaS provider enabling large B2B enterprises to launch branded payment accounts, cards, and financial products via APIs and white-label portals across benefits, ERP, fintech, agribusiness, fleet, and travel verticals.

Ownership category

akta.pro rank

Product category

Banking as a Service (BaaS) Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Finance Services (6199)

akta.pro primary industry

Corporate Cards & Expense Solutions (T&E, purchasing, fleet) (FSABAIAG)

akta.pro secondary industries

Payables & Disbursements (ACH/SEPA, wires, checks, virtual cards) (FSABAIAB), SME & Business Cross-Border Payments (B2B) (FSAMAIAB)

Keywords

• Banking as a service
• Embedded finance infrastructure
• Card issuance processing
• Payment institution API
• White-label digital banking

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. BaaS Platform Fees: Swap charges enterprise B2B clients for access to its comprehensive BaaS platform, which includes card issuance, processing, digital account infrastructure, compliance, and APIs. Revenue is generated through a combination of platform/subscription fees and per-transaction fees as clients process payments and issue cards at scale.
2. Card Issuing & Processing: Revenue generated from card issuance (physical and virtual), transaction processing fees, and per-card management fees across prepaid, postpaid, and multi-balance card products.
3. API & White-Label Licensing: Fees for API access, white-label portal/app solutions, and technology licensing to enterprise partners who embed Swap's financial infrastructure into their platforms.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels10 records

Core offering

Swap provides a Banking as a Service (BaaS) platform that enables B2B enterprises to launch branded financial products, including digital accounts (Pix, Boleto, TED), physical and virtual cards, multi-balance benefit cards, and payment processing. The platform combines API-based integration with no-code white-label portals and is delivered as a one-stop-shop covering card issuance, payment rails, KYC/AML compliance, fraud monitoring, and regulatory infrastructure authorized by the Banco Central do Brasil.

Product overview

Swap is a Brazilian payment institution (authorized by Banco Central do Brasil) providing Banking as a Service (BaaS) infrastructure specialized for B2B businesses. The platform operates as a one-stop-shop BaaS solution, offering a modular portfolio of products including: (1) Swap Processing for card issuers with their own license; (2) Banking module for digital payment accounts with Pix, Boleto, and TED integration; (3) Cards module for end-to-end card issuance and logistics; and (4) Risco & Compliance module covering KYC, anti-fraud, and regulatory compliance. These core products are combined into verticalized use cases including Fuel Cards, Agribusiness Cards, Salary Advance, Multi-Benefits Cards, Corporate Cards, ERP Banking, and Travel Cards. Companies can integrate via specialized APIs or no-code whitelabel portals.

Differentiator

Problem solved

Functional benefit

Brands

• Swap Processing: New card processor for companies with their own license.

Products and services

• Banking as a Service (BaaS) Platform Core BaaS platform providing digital accounts, card issuance, payment rails, and compliance infrastructure for B2B partners to build branded financial products through a single provider.
• Swap Processing Card processing solution for companies that hold their own payment institution license, providing end-to-end transaction processing infrastructure.
• Banking Module (Digital Accounts) Digital payment account solutions for legal entities (PJ) and individuals (PF), integrating Pix, Boleto, and TED for accounts payable and receivable management.
• Cards Module End-to-end card issuance and logistics solution with API tracking and multiple embossing providers integrated, supporting virtual and physical cards, digital wallets, multi-balance cards, spending controls, and real-time balance loading.
• Risk & Compliance Module Comprehensive risk and compliance solution covering BACEN regulatory updates, KYC authentication, anti-fraud monitoring, and optimized transaction approval.
• Fuel Card (Cartão Combustível) Fuel spending control cards for fleet management companies, creating new revenue streams while preventing fraud.
• Agribusiness Card (Cartão Agro) Payment accounts and cards for agricultural producers to handle collections and payments, enabling new business opportunities for agribusiness solution providers.
• Salary Advance (Adiantamento Salarial) Payment accounts and salary advance cards for employees and service providers with easy and secure onboarding.
• Multi-Benefits Card (Cartão Multi Benefícios) Branded cards with multiple balances (food, meals, rewards) allowing benefit companies to offer flexible benefits under their own brand.
• Corporate Card (Cartão Corporativo) Corporate cards integrated with expense management platforms, adding spending policies and controls along with simplified business account onboarding.
• ERP Banking Turnkey ERP banking solution enabling digital accounts with major payment methods (Pix, Boleto, TED), collections, and simplified expense reconciliation.
• Travel Card (Cartão para Viagens) Virtual cards for travel agencies to facilitate flight and hotel reservations and simplify client expense management and reconciliation.
• Incentives & Awards (Incentivos e Premiações) Incentive and award solutions for benefit companies seeking to add new revenue streams.

Quantifiable outcome

• Partners can launch their branded card 6x faster compared to traditional approaches
• +1 more outcomes

Named customers21 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

19 partnerships are on record, tiered core.

• SwilecoreTechnology or IntegrationSwile is a leading employee benefits platform that uses Swap's BaaS infrastructure to issue benefit cards and manage flexible benefit accounts for its corporate clients. Swap powers the card issuance, payment processing, and compliance for Swile's product suite.
• VExpensescoreTechnology or IntegrationVExpenses is an expense management platform that embeds Swap's card issuance and payment processing infrastructure to offer corporate expense cards with spending controls and automated reconciliation.
• SólidescoreTechnology or IntegrationSólides is an HR tech platform that uses Swap's BaaS infrastructure to offer payroll and financial benefit solutions integrated with its HR management system.
• WiipocoreTechnology or IntegrationWiipo is a digital payments company that leverages Swap's BaaS infrastructure to issue cards and manage digital payment accounts under its own brand.
• Portão3coreTechnology or IntegrationPortão3 is a travel and events management platform that uses Swap's payment infrastructure to offer branded cards and payment solutions for corporate travel expenses.
• ECX PaycoreTechnology or IntegrationECX Pay is a B2B payment solutions provider that embeds Swap's ERP banking and card infrastructure to offer corporate payment accounts and expense management.
• TurbicoreTechnology or IntegrationTurbi is a mobility fintech that uses Swap's card issuance and payment processing infrastructure to offer financial products for urban mobility and transportation expenses.
• PayfycoreTechnology or IntegrationPayfy is a benefits and payroll platform that leverages Swap's BaaS infrastructure to issue benefit cards and manage payroll disbursements for corporate clients.
• OnflycoreTechnology or IntegrationOnfly is an HR tech and attendance platform that uses Swap's financial infrastructure to offer employee benefit cards and payroll-related payment solutions.
• SalaryFitscoreTechnology or IntegrationSalaryFits is a salary advance and fleet management platform that uses Swap's BaaS infrastructure to offer salary-on-demand cards and fleet fuel card solutions.
• AlymentecoreTechnology or IntegrationAlymente is a payment solutions provider that leverages Swap's BaaS platform to issue cards and manage digital payment accounts for its end customers.
• UpcoreTechnology or IntegrationUp is an employee benefits card provider that uses Swap's card issuance and processing infrastructure to offer meal, food, and benefit vouchers as branded cards.
• EspressocoreTechnology or IntegrationEspresso is a B2B payment and tourism platform that uses Swap's infrastructure to offer travel payment cards and expense management solutions.
• Amazon AWScoreTechnology or IntegrationAmazon AWS Serviços Brasil Ltda. provides cloud computing infrastructure and data hosting services for Swap. AWS is Swap's primary cloud platform for hosting and operating its payment processing and financial infrastructure.
• Banco BTG PactualcoreTechnology or IntegrationBanco BTG Pactual S.A. provides individualization of payment accounts services for Swap within the Brazilian Payment System (SPB). BTG Pactual serves as Swap's banking partner for account individualization and settlement services required by BACEN regulation.
• MastercardcoreTechnology or IntegrationMastercard is the payment card network (bandeira) that authorizes Swap's use of its brand and technology, enabling partner-branded cards to be accepted at over 2 million merchants globally. Swap is also a Mastercard Start Path partner.
• Mêntore BankcoreTechnology or IntegrationMêntore Bank is a digital bank that uses Swap's BaaS infrastructure to offer digital banking products, card issuance, and payment services under its own brand.
• Benefício CertocoreTechnology or IntegrationBenefício Certo is a benefits administration platform that leverages Swap's card issuance infrastructure to offer branded employee benefit cards.
• SmartValecoreTechnology or IntegrationSmartVale is an employee benefits and salary advance solution that uses Swap's BaaS infrastructure to issue benefit and salary advance cards.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Dock: Dock is a leading Brazilian/LatAm BaaS and payment processing platform offering card issuance, digital accounts and acquiring services — directly competing with Swap across the same enterprise B2B segments and named as a peer in Research and Markets' 2025 Embedded Finance Report.
• Pomelo: Pomelo is a LatAm-native BaaS platform providing card issuing, digital wallets and account infrastructure across multiple countries, directly overlapping with Swap's product suite and target verticals (fintechs, digital banks, retailers).
• Belvo: Belvo is a LatAm open banking and financial infrastructure API provider enabling account aggregation, payments and KYC — named alongside Swap as a leading embedded finance enabler in Latin America per Research and Markets.
• Pismo: Pismo (acquired by Mastercard in 2023) is a Brazilian-founded cloud-native payment processing and banking core platform serving issuers and fintechs — directly comparable to Swap's Swap Processing and Banking modules.

Broad incumbents

• Galileo Financial Technologies: Galileo (a SoFi company) is a global BaaS incumbent offering card issuing, digital accounts and payment processing to fintechs and banks, with substantially greater scale and capital than Swap but a broader, less Brazil-specialized product portfolio.
• Marqeta: Marqeta is a US-listed modern card-issuing and payment processing platform serving fintech and enterprise clients globally — a direct comparable for Swap's Swap Processing product though with a broader geographic and customer footprint.
• Stone Co. Stone is a major Brazilian payments and banking platform with its own banking license and software stack — overlapping with Swap on card/acquiring and serving SMBs through digital channels in the same Brazilian market.

Emerging players

• CloudWalk: CloudWalk is a Brazilian fintech operating the InfinitePay and Jim.com brands, providing payment accounts, cards and acquiring services to SMBs — competing in the same Brazilian BaaS/payments landscape with a more SMB-focused go-to-market.
• Conta Simples: Conta Simples is a Brazilian B2B-focused digital account and corporate card provider — a more narrowly focused emerging player targeting the same SME/enterprise corporate-payments segment Swap addresses.

Regional players

• EBANX: EBANX is a Brazilian-founded cross-border payments platform serving global merchants entering LatAm, comparable to Swap in regional footprint and payment-rails expertise but with a cross-border rather than B2B-issuance focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/swap.financial
• Xx.com/swap_financial

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds2 records

Investors14 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SWAP