As presented by the CTO of Celcoin, the company's payment transaction initiation API is a 100% white label solution, which makes it customisable for the various use cases. He stated that ‘very few institutions are authorised and already offer flexible ITP solutions to the client.’ Celcoin’s Open Banking payment initiation API seeks to improve this process since it reportedly enables any company to have access without having to know Open Banking technology and without going through the entire authorisation process.
So far, Celcoin offers APIs for PIX, bill payment, taxes, recharges, withdrawals, collection, and credit, which have been used by 250 fintechs and digital banks, 2,700 medium and large companies, and 40,000 retail points. According to Infor Channel, Celcoin processes BRL 4 billion (aprox. USD 762,000). The company closed Q2 of 2022 with a revenue of BRL 27 million (over USD 5 million), exceeding the 2nd quarter of 2021 by 78%. Reportedly, Celcoin has an ARR (annualised revenue) of BRL 122 million (aprox. USD 23.25 million) and already generates cash.
So far, Celcoin’s ITP API was released only with PIX. However, the company plans to add other payment methods, such as TED (Express Wire Transfer)/TEF (Online Debit), bank slip, and direct debit. Celcoin’s CTO further explained that Celcoin's payment API seeks to reduce friction in the customers' current PIX payment journey, taking care of redirects between participants. According to the executive,’the payment process through PIX will be more fluid because the number of 'steps' that the customer needs to take to carry out the operation will be much smaller’. The solution is designed to reduce operational costs by eliminating intermediaries – when using PIX, payments are made instantly from the customer's bank account.
Because the authentication of information and payments takes place in the bank's own environment or in the payer's digital account, fraud is less likely to occur. Celcoin declared that the Central Bank carries out constant audits in order to guarantee the best possible security and performance for the entire ecosystem.
The Payment Transaction Initiation solution began to be distributed in early August 2022 and Celcoin already made partnerships with fintechs, digital banks, and concessionaires.
In February 2022, Celcoin acquired Flow Finance, a techfin that provides infrastructure for credit companies. Flow Finance joined efforts with Celcoin in the consolidation process towards a possible IPO in 2023.
In July 2021, Open Finance platform Celcoin announced an investment of BRL 55 million for Open Finance. The round marked the first investment by Torq Ventures , Sinqia's CVC programme, and also included the participation of Vox Capital, the main impact fund in Latin America, and boostLab, the technology business hub of BTG Pactual. The fintech was valued at 5x the value of the round held in 2020.
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