Open Co (Brazil)

What Open Co (Brazil) does

Open Co, legally Geru Tecnologia Ltda., is a Brazilian Credit-as-a-Service (CaaS) and embedded finance platform formed from the 2023 merger of Geru and BizCapital—one of the largest private fintech M&A deals in Brazil that year. The company operates multiple credit brands (Geru, Rebel, BizCapital, BoletoFlex) under a unified technology stack and serves enterprise partners including SaaS platforms, marketplaces, e-commerce sites, and supplier portals. Its core offerings include Buy Now, Pay Later (BNPL) at checkout, unsecured personal loans, working capital (with and without card or corporate receivables collateral), and Supplier Finance for B2B accounts-payable flows, with flagship distribution partnerships such as Amazon and Wellhub.

The platform is delivered API-first with optional white-label deployment, enabling partners to embed credit products under their own brand. Underlying infrastructure comprises a proprietary AI/ML credit engine trained on 80M+ Brazilian CPFs and 1.3M+ Open Banking bank statements, an ISO 27001-certified security layer with biometric KYC and liveness detection, and Pix-native payment rails operated through the regulated Geru SCD entity. OpenCo reports R$5B+ in originated credit, 16M+ customers served, and 500+ credit decisions per minute at approximately 200ms latency.

The business model blends transaction fees (origination, servicing, and interest on partner-embedded credit) with recurring platform fees for white-label infrastructure. OpenCo is venture-backed by SoftBank Latin America Ventures, Goldman Sachs, IFC, Lemann, and others, with total disclosed equity funding of approximately $140M USD plus a R$150M post-merger round in 2023. The company is headquartered in Rio de Janeiro (legal) and São Paulo, employs 101–250 people, and operates exclusively in Brazil.

Name

Open Co (Brazil)

Legal name

Geru Tecnologia Ltda.

Website

https://open-co.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Embedded Finance Infrastructure

NAICS

Sales Financing (522220), Credit Intermediation and Related Activities (522), Activities Related to Credit Intermediation (5223)

SIC

Personal Credit Institutions (6141), Short-Term Business Credit Institutions (6153), Finance Services (6199)

akta.pro primary industry

Embedded Lending & Credit (POS, Working Capital, Credit Lines) (FSAGALAD)

akta.pro secondary industries

A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF), Open Banking / Bank Data Underwriting (Consumer) (FSAKAKAF), Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK), Open Banking, Account Aggregation & Payment Initiation APIs (BPAMAFAJ)

Keywords

• Embedded finance platform
• Credit as a service
• BNPL infrastructure
• Alternative lending API
• White-label credit

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. Credit Origination & Transaction Fees: Revenue generated from credit operations as partners embed credit products. Partners receive credit offerings and OpenCo manages the full credit lifecycle including origination fees, interest income, and servicing fees. The company operates as a Credit as a Service provider taking risk on credit or providing technology infrastructure.
2. Interest Income on Loans: OpenCo originates and services credit products (personal loans, BNPL, working capital) generating interest income. The combined entity with BizCapital manages R$5 billion in loans. Interest rates and CET (Total Effective Cost) vary by product and creditworthiness.
3. Platform/Servicing Fees: White-label platform fees for partners who embed OpenCo's credit infrastructure under their own brand. Includes API access, servicing, and technology fees for complete credit lifecycle management.
4. Supplier Finance & Securitization: Revenue from supplier finance operations where platforms monetize accounts payable flow. Partners can securitize credits generating new revenue streams. OpenCo manages escrow accounts and split payments.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

OpenCo provides Credit as a Service (CaaS) infrastructure via APIs that enables enterprises (SaaS platforms, marketplaces, e-commerce sites, supplier portals) to embed credit products — including Buy Now Pay Later (BNPL), personal loans, and working capital — into their ecosystems under white-label branding. The platform manages the complete credit lifecycle (digital onboarding, credit analysis, origination, disbursement, collections, and securitization) and additionally operates direct consumer credit brands (Geru, Rebel) and SME credit (BizCapital) under its umbrella.

Product overview

OpenCo operates as Brazil's largest Credit as a Service (CaaS) and Embedded Finance platform, offering a modular portfolio of credit products and infrastructure. The core offering consists of Buy Now, Pay Later (BNPL) for consumer checkout financing, personal loans (Empréstimo Pessoal), and various working capital products (Capital de Giro) including versions backed by card receivables or corporate receivables. The platform also includes Supplier Finance (Open Supplier) for marketplace accounts payable monetization. Underlying the product suite is a CaaS Platform providing API-based integration with components including Digital Onboarding & KYC, Credit Engine with proprietary ML models, Intelligent Collections, and Payments infrastructure. White Label Solutions enable partners to deploy branded credit products. The ecosystem spans consumer credit, SME financing, and B2B supplier finance, all managed through a unified technology stack with over R$5 billion in managed loans.

Differentiator

Problem solved

Functional benefit

Brands

• Geru: Online personal credit for individuals - unsecured online credit pioneer in Brazil
• BizCapital
• Rebel
• BoletoFlex
• Geru Pay
• Open Supplier
• Geru SCD

Products and services

• Buy Now, Pay Later (BNPL) Instant checkout financing with ~200ms credit approval latency, 100% digital KYC and signature, flexible installments (interest-free up to 3x, financed up to 12x), payments via PIX, direct debit and Boleto, with integrated fraud prevention. Designed for partner platforms and e-commerce sites.
• Personal Loan (Empréstimo Pessoal) Unsecured personal credit for individuals, offered through embedded finance integration with partner platforms and the Geru and Rebel direct-to-consumer brands.
• Working Capital (Capital de Giro) Working capital credit solutions for businesses, including options with collateral backing using card receivables or corporate receivables. Distributed via SaaS, B2B portals, and partner platforms.
• Supplier Finance (Open Supplier) White-label supplier finance platform that enables marketplaces and enterprises to monetize their accounts payable flow, allowing suppliers to receive early invoice payments. Credits can be securitized, generating new revenue, with escrow account management and split payments.
• Credit as a Service (CaaS) Platform Complete credit infrastructure API platform enabling companies to embed customized credit products via API integration or digital portals, with full credit lifecycle management including digital onboarding, automated credit analysis, policy configuration, and portfolio monitoring. Supports BNPL, personal loans, and working capital products.
• White Label Solutions Full white-label credit offering enabling partners to deploy credit origination apps with their own brand identity, customer service portal for contract tracking, and BNPL checkout integration. Partners can launch credit products under their own brand without building infrastructure.
• BoletoFlex BNPL and point-of-sale credit solution focused on digital payment innovations and installment purchases without credit cards, with anti-fraud system for physical stores. Operates as a wholly-owned brand under OpenCo.

Quantifiable outcome

• R$ 5 billion+ in originated credit across platforms
• +7 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability6 records

Feature8 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• WellhubcoreStrategic or Co-development Partner · 1 August 2025Wellhub partnered with OpenCo to launch a credit product for gyms and fitness studios. OpenCo provides end-to-end white-label solution including origination app (biometrics, documents), credit analysis, escrow account management, and payment splitting through securitization. Wellhub launched R$ 100 million credit fund using OpenCo technology.
• AmazoncoreStrategic or Co-development Partner · 26 September 2024Geru (OpenCo brand) partnered with Amazon for digital credit/installment payment (credirio digital), enabling Amazon customers to access credit for purchases on the platform. This is a flagship partnership for BNPL distribution through a major e-commerce player.
• BizCapitalcoreStrategic or Co-development Partner · 3 July 2023OpenCo merged with BizCapital in 2023 in one of the largest private fintech M&A deals in Brazil. Combined entity manages R$ 5 billion in loans. BizCapital brings SME credit expertise, CaaS platform technology, and Supplier Finance capabilities. Latham & Watkins advised on the merger.
• BoletoFlexminorStrategic or Co-development Partner · 15 December 2022OpenCo acquired BoletoFlex, a Santa Catarina startup offering BNPL and point-of-sale credit for online purchases without credit cards. BoletoFlex focuses on parcelamento (installment payments) with anti-fraud technology for physical stores, targeting 1,500 partners by end of 2023.
• EstímulocoreStrategic or Co-development Partner · 1 April 2020OpenCo serves as technology and credit intelligence engine for Estímulo, a blended finance platform for underserved small entrepreneurs. Estímulo became a Harvard Business School case study with R$ 420 million granted and 7x origination growth. OpenCo manages complete cycle from digital origination to collections using proprietary models with alternative variables.
• QI TechcoreTechnology or IntegrationQI Tech provides banking infrastructure integration including: debt simulation (installment schedules, interest, IOF calculation), payment generation (PIX QR Codes, Boletos), payment notification via webhooks, and installment management. QI Tech SDK is used for liveness detection and identity verification in the BNPL flow.
• Latham & WatkinsminorOthersLatham & Watkins represented OpenCo in the merger with BizCapital, one of the largest private fintech M&A deals in Brazil in 2023. Law firm provided legal advisory services for the transaction.

Scale indicators10 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Addi: Addi is a BNPL provider operating in Brazil, Colombia, and other LatAm markets, offering installment payments at checkout through merchant integrations. It directly competes with OpenCo's BNPL product in the same Brazilian merchant ecosystem.
• Koin: Koin is a Brazilian embedded finance / BNPL platform enabling installment payments for e-commerce and retail. It overlaps directly with OpenCo's BNPL checkout offering and competes for similar marketplace and e-commerce integrations.
• Provu: Provu is a Brazilian online consumer credit fintech offering personal loans via digital channels. It overlaps with OpenCo's Geru personal credit brand in the Brazilian unsecured online lending segment and shares similar risk-modeling approaches.
• RecargaPay: RecargaPay is a Brazilian fintech offering Pix-based payments, prepaid cards, and BNPL products to consumers. It competes with OpenCo's consumer-facing brands (Geru, Rebel) in the Brazilian digital credit and payments space.

Broad incumbents

• Nubank: Nubank is Latin America's largest digital bank, offering credit cards, personal loans, and increasingly BNPL and embedded financial products. While not exclusively a CaaS platform, its scale and product breadth make it a key competitor and potential embedded credit partner for OpenCo.
• Mercado Pago: Mercado Pago is the fintech arm of Mercado Livre, offering payments, credit, and BNPL within its e-commerce marketplace. It competes with OpenCo's marketplace integrations and has internal credit infrastructure comparable to OpenCo's CaaS offering.
• Banco Inter: Banco Inter is a large Brazilian digital bank offering consumer credit, working capital, and marketplace services. As a full-service bank, it competes with OpenCo's consumer and SME credit offerings and could build competing embedded finance capabilities.

Regional players

• Stori: Stori is a Mexican fintech offering credit cards to underbanked consumers; while primarily Mexico-focused, it targets similar underbanked segments as OpenCo and uses comparable alternative data underwriting approaches for emerging-market consumers.

Others

• QI Tech: QI Tech is a Brazilian banking-as-a-service infrastructure provider used by OpenCo for debt simulation, payment generation, and identity verification. While not a direct competitor, it sits in the same embedded finance ecosystem and offers adjacent fintech infrastructure services.

Emerging players

• Creditas: Creditas is a Brazilian digital lending platform offering secured consumer loans (home equity, auto) and BNPL/embedded credit products. It overlaps with OpenCo's working capital and embedded credit offerings, particularly for collateral-backed products.

Market position

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds2 records

Investors12 records

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

M&A2 records

Investments

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

Frequently asked questions about Open Co (Brazil)