Following this announcement, the acquisition is expected to give BYX the possibility to no longer need to hire BaaS providers in order to offer credit solutions. In addition, it will also allow the company to expand into new credit markets, beyond payroll loans.
The transaction is currently pending approval from the Central Bank for the change of ownership process. The firm will also continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
BYX operates as a banking correspondent, being developed in order to act as an intermediary for financial services and offering structured payroll credit and securitisation solutions for fintechs, banks, and financial institutions. The company also serves multiple financial institutions and firms, aiming to provide them with an optimised strategy of growth. Nvio represents an authorised direct credit society regulated by Brazil’s Central Bank.
According to officials of the company, the initiative is expected to enable BYX to strengthen its banking infrastructure, while also providing optimised security for operation settlement. The firm is set to also focus on accelerating its development process in a rapidly growing market, while prioritising the process of improving the overall customer experience, making it more secure, efficient, and rapid.
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