Correspondente BMG

What Correspondente BMG does

Correspondente BMG is the trade name used by CrédMútuo (CNPJ 066966620001-24), a privately held Brazilian authorized bank correspondent headquartered in São Paulo. Founded in 2003 and operating as a BMG correspondent since 2005 under Brazilian Central Bank Resolution 3.954, the company specializes exclusively in consignado (payroll-deducted) credit products. It serves INSS retirees and pensioners, federal public servants (via Siape), municipal employees of the São Paulo Prefecture, and state public servants of São Paulo (including IPREM-affiliated clients). The company does not grant credit itself; it processes applications and forwards them to partner banks (principally BMG, with BV-Daycoval and Itaú Consignado also cited) for credit analysis and approval.

Service delivery is conducted through two physical branches in São Paulo (Lapa and Vila Mariana), dedicated 0800 phone lines, and WhatsApp, with a corporate website as the primary digital presence. There is no mobile app, no public API, and no digital onboarding product; all service channels require customer-initiated contact, and the company explicitly states it does not make unsolicited outbound contact. All customer-facing staff are Febraban-certified employees rather than independent agents.

The underlying operational system is branded PersonaNet, used to manage consignado loan services and customer service operations. Revenue is generated on a per-transaction commission basis from partner banks for processing and forwarding loan applications, plus ancillary commissions from consignado credit cards and benefit cards offered to public servants. Pricing (interest rates, maximum terms) is set by the partner banks and the relevant convênios, not by the company. The business has operated under the same BMG correspondent code (31761) for 20 years and has not disclosed funding, M&A activity, or external investment.

Name

Correspondente BMG

Legal name

CrédMútuo

Website

https://correspondentebmg.com.br

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

1–10 employees

Short description

Correspondente BMG (legal name CrédMútuo) is a São Paulo-based authorized bank correspondent that, since 2005, processes consignado loan applications for INSS retirees and Brazilian public servants under Central Bank Resolution 3.954, earning commissions from partner banks including BMG, BV-Daycoval, and Itaú Consignado.

Ownership category

akta.pro rank

Product category

Authorized Banking Correspondent / Consigned Credit Intermediation

NAICS

Activities Related to Credit Intermediation (5223)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Commercial & Multifamily Correspondent Lending (FSALACAH)

Keywords

• Consigned credit services
• Payroll-deducted loans
• Authorized banking correspondent
• Credit intermediation services
• Consignado loan processing

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Consignado Loan Commission: Earns commissions from BMG (Banco BMG) for processing loan applications and serving as an authorized correspondent. Acts as a distribution and processing channel for the bank's consignado loan products.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Correspondente BMG (operating as CrédMútuo) is an authorized banking correspondent that processes and forwards consigned (payroll-deducted) credit applications for INSS retirees/pensioners and Brazilian public servants to its partner bank, Banco BMG, under Banco Central do Brasil Resolution 3.954. The company does not grant credit directly; it acts as an intermediary channel for consigned loans, consigned credit cards, benefit cards, cash withdrawals, and portability services. Services are delivered through two physical service points in São Paulo (Lapa and Vila Mariana), 0800 phone lines, and WhatsApp channels, staffed exclusively by Febraban-certified employees.

Product overview

Correspondente BMG operates as an authorized financial correspondent for BMG Bank since 2005, specializing exclusively in consigned credit (crédito consignado) products. The company offers a unified service platform through its PersonaNet sub-brand, providing INSS retirement/pensioner loans, federal employee loans (Consignado Siape), municipal and state public servant loans, and specialized consigned credit cards. The company does not directly grant credit but acts as an intermediary channel, processing applications and facilitating document analysis through BMG and partner banks. All services are delivered through physical service points in São Paulo with phone and WhatsApp support.

Differentiator

Problem solved

Functional benefit

Products and services

• Consignado INSS Consigned credit product for Brazilian Social Security Institute (INSS) retirees and pensioners, processed and forwarded to Banco BMG. Maximum interest rate: 1.85% per month; maximum term: 108 months. Terms set by BMG bank and subject to change.
• Consignado Siape Consigned credit product for federal government employees via the Siape payroll system, processed and forwarded to Banco BMG. Maximum term: 120 months; maximum interest rate: 1.80% per month. Terms set by BMG bank and convênio requirements.
• Consignado para Servidores Públicos (Municipal, Estadual e IPREM) Consigned credit products for municipal (Prefeitura de São Paulo), state (São Paulo state government), and IPREM-affiliated public servants, accessed via government convention agreements (convênios). Includes loan processing for municipal and state payroll-deducted borrowing.
• Cartões de Créditos Consignados e de Benefícios Consigned credit cards and benefit cards for municipal and state public servants, with cash withdrawal capabilities. Availability depends on the specific public agency (orgão) and its convênio.
• Serviço de Portabilidade de Crédito Consignado Credit portability service enabling INSS beneficiaries and public servants to refinance and transfer existing consigned loans from other lenders to Banco BMG through the correspondent channel, subject to convênio rules and Banco Central regulations.

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Banco BMGcoreChannel Partner/ Reseller/ Distributor · 1 January 2005Authorized Correspondent of BMG since 2005 under Brazilian Central Bank Resolution 3.954. Processes and forwards consignado loan applications to BMG. Company code: BMG-31761. Primary and exclusive banking partner relationship.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Banco Pan: Banco Pan is a Brazilian digital bank and consumer lender with a large consignado book for INSS and public-sector borrowers. It operates both direct-to-consumer origination and a banking-correspondent network, making it a comparable incumbent in the same customer and product category as Correspondente BMG.
• BV (Banco Votorantim): BV is one of Brazil's largest retail banks, offering consignado and payroll-deducted credit to public servants and INSS retirees through digital and correspondent channels. It is named on Correspondente BMG's website as a partner institution and represents a comparable broad incumbent in the same customer and product space.
• Banco BMG: Banco BMG is the originating bank partner for Correspondente BMG and Brazil's most prominent specialty lender in consignado credit. It is a broad incumbent that funds the loans Correspondente BMG distributes; the two share customer base (INSS retirees and public servants) and product category, but BMG holds the balance sheet while Correspondente BMG is the human-mediated distribution channel.
• Itaú Consignado: Itaú Unibanco is Brazil's largest private bank and operates a significant consignado origination business for public servants and INSS retirees, both directly and through correspondents. It is named on Correspondente BMG's website and is a relevant broad incumbent peer in the same customer base and product category.
• Daycoval: Banco Daycoval is a Brazilian commercial bank that offers consignado credit to public servants and INSS retirees through its own channels and via authorized correspondents. It is referenced directly on Correspondente BMG's website footer and is a comparable incumbent in the consignado category with broader product scope.

Emerging players

• Geru: Geru is a Brazilian online consumer lender focused on credit-constrained borrowers, including INSS retirees and public servants, using digital origination rather than physical correspondents. It is an emerging player competing for the same end customer via a fundamentally different (digital) delivery model, making it a structural threat to brick-and-mortar correspondents like Correspondente BMG.
• Z1 Bank: Z1 is a Brazilian digital banking platform for younger consumers that has expanded into teen payroll and INSS-linked products. While its core demographic differs from Correspondente BMG's retirees, it represents an emerging digital-first player increasingly competing for the same INSS/early-public-servant customer base via app-based flows.

Direct peers

• Pinbank: Pinbank is a Brazilian digital bank and correspondent network operator focused on payroll-linked credit and INSS borrowers. It is a direct peer of Correspondente BMG in customer segment (INSS/public servants), product (consignado), and operating model (authorized correspondent), but with a digital-first execution.
• Crefisa: Crefisa is a Brazilian consumer lender focused on INSS retirees and low-income salaried borrowers, distributing through a national branch and correspondent network. It is a direct peer of Correspondente BMG in customer segment, product focus, and physical-correspondent distribution model.
• Facta Financeira: Facta Financeira is a Brazilian financial institution specialized in payroll-deducted (consignado) credit for INSS retirees and public servants, operating a correspondent and direct-origination network nationally. It is a direct peer to Correspondente BMG in target customer, product, and Brazilian banking-correspondent model, but with substantially larger geographic reach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/correspondente-bmg

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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 Correspondente BMG