Valid S.A

What Valid S.A does

Valid S.A. is a Brazilian multinational, publicly traded on B3 under ticker VLID3, founded in 1957 and headquartered in São Paulo. It operates as a vertically integrated secure-identification company organized into three ecosystems: (1) ID & Digital Government — digital identity, interoperability, services portals, Cartão Multibenefícios and the national CIN identity card for Brazilian federal and state governments; (2) Banking & Payments — EMV payment cards (including 100% Braille and biometric variants), digital onboarding (via the FlexDoc acquisition), billing and omnichannel communication for banks and retailers; and (3) Trusted Connectivity — SIMs, eSIMs (GSMA SGP.22), iSIM, iSE, Remote SIM Provisioning (M2M, Consumer, IoT), OTA Suite, IoT connectivity and Quality of Service for MNOs, MVNOs, OEMs and IoT service providers.

The technology stack combines proprietary SIM operating systems developed over 25+ years with GSMA SAS-UP and SAS-SM certified eSIM production and provisioning, secure printing certified to ISO 14298 and PCI DSS across Brazil, Colombia, Argentina and the US, and ISO 27001 information security. Underlying product architecture is platform-plus-modules: physical SIMs/eSIMs/EMV cards act as core products, supplemented by add-on modules such as RSP, Entitlement Server, Operator Support Portal, OTA Suite, IoT connectivity, and Quality of Service.

Valid monetizes through custom-priced, multi-year B2B contracts across enterprise and government segments. Revenue streams blend hardware sales (SIMs, EMV cards) with subscription/recurring services (digital onboarding, RSP, IoT connectivity) and professional services (billing, digital government programs). Go-to-market is direct enterprise field sales organized by vertical, supported by 18+ regional offices across Latin America, Europe, Africa, the Middle East and APAC, and event-driven marketing (MWC Barcelona, Febraban Tech, Smart City Expo). For H1 2024, Valid reported R$1 billion in net revenue (-6% YoY), R$228 million in net profit (+95% YoY), R$245 million in EBITDA (24.5% margin) and a positive net cash position of R$136 million, with 'new solutions' rising to 8.5% of revenue against a three-year target of 20-25%.

Name

Valid S.A

Legal name

Valid S.A

Website

https://valid.com

Company type

Public

Founded year

1957

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Valid S.A. is a Brazilian multinational, publicly traded on B3 (VLID3), that provides secure identification, payment, and connectivity solutions — government digital IDs, EMV cards, and SIM/eSIM platforms — to governments, banks, mobile operators and OEMs across 15+ countries.

Ownership category

akta.pro rank

Product category

Secure Identification Solutions

NAICS

Custom Computer Programming Services (541511), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182)

SIC

Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Secure ICs, Smart Cards & Trusted Hardware (HDAHAAAJ)

akta.pro secondary industries

Identity Verification & Proofing (IDV, KYC, Biometrics) (HDADAAAF), Fraud Prevention & Identity Verification (IDV/KYC) (BPAMAEAI), Identity Verification & Digital ID (IDV, eIDAS, biometrics) (FSAGAFAA)

Keywords

• Secure identification solutions
• Digital identity platforms
• EMV payment cards
• SIM and eSIM solutions
• Digital government services

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices18 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. ID & Digital Government Solutions: Revenue from government ID solutions including digital identity systems, CIN (Carteira de Identidade Nacional) issuance, interoperability solutions, and digital services for public administration. New solutions represented 8.5% of revenue in H1 2024, up from 6% at end of 2023.
2. Banking & Payments - Cards: EMV payment card manufacturing and issuance for financial institutions including credit and debit cards. Includes specialty cards like 100% Braille cards and biometric cards.
3. Banking & Payments - Digital Solutions: Digital onboarding solutions, document management, and digital assemblies acquired through FlexDoc acquisition. These new solutions are growing as a percentage of total revenue.
4. Banking & Payments - Billing: Integrated billing process solutions for financial institutions including printed and personalized data, multichannel platforms.
5. Trusted Connectivity - SIM/eSIM Products: Traditional SIM cards and eSIM solutions for mobile operators, device makers, and IoT applications. eSIM and iSIM solutions already represent approximately 10% of the entire Trusted Connectivity vertical.
6. IoT Connectivity Services: IoT connectivity solutions including bootstrap connectivity and lifecycle management for IoT devices globally.
7. Remote SIM Provisioning Services: Subscription management and RSP platform services for mobile network operators managing eSIM profiles.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels10 records

Core offering

Valid S.A is a Brazilian multinational that integrates secure identification solutions across three ecosystems: ID & Digital Government (digital identity, interoperability, national ID cards, digital services portals), Banking & Payments (EMV payment cards, digital onboarding, billing), and Trusted Connectivity (SIM cards, eSIMs, Remote SIM Provisioning, IoT connectivity). The company manufactures physical SIMs and payment cards while also operating subscription-based digital platforms for governments, banks, mobile operators and device manufacturers.

Product overview

Valid S.A is a Brazilian multinational technology company offering secure identification solutions across three integrated ecosystems: ID & Digital Government (Digital Identity, Interoperability, Services Portal, Cartão Multibenefícios, and CIN issuance), Banking & Payments (EMV Cards, Billing, and Digital Solutions including onboarding), and Trusted Connectivity (SIMs, eSIMs with Remote SIM Provisioning, IoT Connectivity, iSE, iSIM, and Quality of Service). The company operates as a platform-plus-modules architecture, with core products like physical SIM cards, eSIMs, digital government ID solutions, and EMV payment cards supplemented by add-on modules including RSP platforms, OTA Suite, Entitlement Server, and IoT connectivity services. The Trusted Connectivity division serves connectivity providers, device manufacturers, and IoT service providers globally, while the Government and Banking verticals focus on the Brazilian market.

Differentiator

Problem solved

Functional benefit

Brands

• FlexDoc: Digital onboarding solution acquired by Valid, strengthening its position in digital onboarding.

Products and services

• Digital Identity Digital identity solutions enabling secure identification and authentication of citizens for government services, including facial recognition, document verification, and digital ID issuance for national identity programs. Sold to government agencies at federal, state, and municipal levels.
• Interoperability Solutions enabling data sharing and interoperability across government agencies and public services, facilitating seamless information exchange between disparate systems. Sold to public sector clients.
• Services Portal Digital government services portal platform that allows citizens to access public services online, integrating multiple government functions into a single digital interface. Deployed for government clients.
• Cartão Multibenefícios Multi-benefit card solution for government social benefit distribution, enabling digital delivery of social assistance programs such as replacing physical food baskets with monthly credit (R$200-R$300) for eligible citizens. Sold to government agencies.
• Carteira de Identidade Nacional (CIN) National Identity Card (CIN) issuance solution for Brazilian government, enabling digital identity document production with enhanced security features including facial recognition and interoperability with federal databases. Issued through state government agencies.
• EMV Payment Cards EMV payment cards and card manufacturing for banking and retail sectors, including innovative products such as 100% Braille cards and biometric payment cards for enhanced security. Sold to financial institutions including Banco do Brasil, Bradesco, Itaú, Caixa, Nubank, Citibank and others.
• Billing Integrated billing process solution for financial institutions, providing printed and personalized billing invoices with multichannel integration, ensuring security for sensitive information and enhanced customer communication.
• Digital Solutions Integrated digital banking solutions including digital onboarding, digital communication, document management, and digital assemblies, with cybersecurity and technology adaptable across a wide range of devices. Acquired via FlexDoc acquisition. Sold to financial institutions.
• SIM Cards Traditional SIM cards from 2G to 5G networks, available in multiple form factors (regular, mini, micro, nano) and card formats, with sustainable materials including compostable, recycled ABS, recycled PVC, and Bio PVC options. Sold to mobile operators, device manufacturers and IoT service providers.
• eSIMs Embedded SIM (eUICC) solutions for consumer devices, IoT, and M2M applications, providing remote subscription management, multiple enabled profiles, and compliance with GSMA SGP.22 specification. Sold to mobile network operators, OEMs, and IoT service providers globally.
• SIM Operating System Proprietary SIM operating system with over 25 years of expertise, providing security and robust functionality for Consumer and IoT eSIM-enabled devices, certified and ready to support eSIM and iSIM implementations. Licensed to mobile operators and device manufacturers.
• IoT Connectivity IoT connectivity solutions providing global and on-demand connectivity for IoT devices, including In Factory Profile Provisioning (IFPP) for device production integration. Sold to MNOs, MVNOs, OEMs and enterprise IoT customers such as Uber.

Quantifiable outcome

• 42.7 million+ CIN documents issued in Brazil
• +4 more outcomes

Named customers22 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature10 records

Partnerships

15 partnerships are on record, tiered core and minor.

• AiralocoreTechnology or Integration · 5 February 2025Strategic collaboration to enhance the eSIM customer experience through Advanced Remote SIM Provisioning and Quality of Service solutions. The partnership aims to improve connectivity performance, monitor network quality, and ensure reliable service for users worldwide.
• YTL Communications (Yes)coreTechnology or Integration · 17 January 2024YTL Communications' Yes brand chose Valid's eSIM Solution for seamless user experience, providing customers with flexible connectivity management.
• UbercoreTechnology or Integration · 29 June 2023Uber selected Valid's eSIM technology for its connected services worldwide. Valid provides remote SIM provisioning and connectivity management for millions of Uber's connected devices, enabling streamlined operations and enhanced security.
• Celepar (Paraná)coreStrategic or Co-development PartnerPartnership with Celepar for digital transformation of Paraná state government, including CNH (driver's license) issuance and facial recognition implementation in public schools.
• Government of PiauícoreStrategic or Co-development PartnerPartnership for digital identification of all citizens of Piauí, including neonatal ID network expansion to all state maternities. Piauí became the first Brazilian state to issue CIN to 50% of its population.
• Government of CearácoreStrategic or Co-development PartnerPartnership for unique citizen identification through the Digital Transformation Committee. Pefoce reached 1 million documents issued in 2025.
• Government of Espírito SantocoreStrategic or Co-development PartnerPartnership for digitizing Police Civil records and issuing digital identity to all citizens of Espírito Santo.
• ConsadminorStrategic or Co-development PartnerPartnership to study and implement digital government transformation strategies based on Estonia's successful e-government model.
• CyberneticacoreTechnology or IntegrationPartnership for interoperability of data solutions in digital government services, contributing to the new solutions revenue stream (8.5% of H1 2024 revenue).
• FlexDoccoreTechnology or IntegrationAcquisition of FlexDoc to strengthen Valid's position in digital onboarding solutions, accelerating the shift to new solutions (now 8.5% of revenue vs 6% at end of 2023).
• Plastic BankminorStrategic or Co-development PartnerEnvironmental compensation program where Valid collects plastic bottles from the environment for each SIM card sold under the program. Supports circular economy and improves lives of collectors in coastal communities.
• Andorra TelecomminorStrategic or Co-development PartnerAndorra Telecom enrolled in Valid's environmental compensation program to offset plastic used in SIM card manufacturing, funding collection and recycling of ocean-bound plastic.
• imowiminorChannel Partner/ Reseller/ Distributorimowi partnered with Valid to offer quarter-size SIM cards to customers, reflecting dedication to innovation and environmental responsibility while reducing ecological footprint.
• Government of BahiacoreStrategic or Co-development PartnerGovernment solutions contracts for Bahia state including various digital identity and government services.
• Government of MaranhãocoreStrategic or Co-development PartnerGovernment solutions contracts for Maranhão state including various digital identity and government services.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• HID Global: Broad identity solutions provider within Assa Abloy covering government IDs, secure credentials and authentication—overlaps with Valid's ID & Digital Government and Banking digital onboarding solutions.
• Infineon Technologies: Supplies secure elements and embedded SIM silicon used in payment cards and connectivity devices; analogous position to Valid in the secure hardware stack, particularly for iSE/iSIM and EMV.
• NXP Semiconductors: Provides secure element chips (iSE/iSIM) that underpin embedded SIM and payment card security; Valid's iSE and iSIM products rely on similar silicon architectures, making NXP both a supplier and adjacent competitor.

Direct peers

• Giesecke+Devrient (G+D): Provides SIM/eSIM, secure payment and government ID solutions with similar GSMA and banking certifications; comparable vertical structure to Valid's ID, Payments and Trusted Connectivity businesses.
• Thales: Operates a Digital Identity & Security (DIS) division covering SIM/eSIM, EMV payment cards, government ID and biometric identity—closely mirroring Valid's three-vertical model across secure people, transactions and connectivity.
• Veridos: Joint venture between G+D and Bundesdruckerei focused on government-issued secure identity documents (passports, national IDs), directly comparable to Valid's CIN and digital government offerings.
• CPI Card Group: U.S.-focused EMV credit, debit and prepaid card manufacturer serving banks and fintechs, comparable to Valid's top-10 global payment card manufacturing business and EMV card portfolio.
• IDEMIA: Global leader in SIM/eSIM, payment cards, biometric and government identity solutions, competing head-to-head with Valid across banking, mobile operators and national ID programs.

Emerging players

• Truphone: eSIM-centric mobile connectivity provider serving enterprises and IoT, comparable to Valid's eSIM and IoT connectivity vertical though more software/service-weighted and less of a card manufacturer.
• Workz: Specialist eSIM provisioning and management provider for mobile operators and IoT, comparable to Valid's Trusted Connectivity eSIM and RSP platform offerings, especially for consumer and IoT deployments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/ValidSA
• LinkedInlinkedin.com/company/valid-s-a-
• Instagraminstagram.com/valid_oficial
• Xx.com/valid_oficial

Compliance17 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments1 record

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

Frequently asked questions about Valid S.A