We aim to connect buyers and sellers, as well as consumers, with the proximity of who listens carefully to detect, understand and fulfill every and each individual need.
From 2019 onwards, a new company and business model is built in Brazil upon the solid foundation of Sorocred, a consumer credit regional company consolidated throughout 30 years of growth targeting the local retail segment and the under and unbanked population, both formally and informally employed.
In March 2021 Sorocred was granted its universal bank authorization by the Central Bank of Brazil, and was re-founded as Afinz. Afinz is structured as an Open Platform combining advanced technologies, digital financial services, and non-financial services (eg. in the segments of Health and eCommerce), proven risk management capabilities, with a broad line-up of products and solutions, delivered in a manner to connect businesses and consumers and build a fast growing marketplace well suited for the Brazilian mass market.
Credit cards, electronic & instant payments, lending, digital bank accounts, securitization, insurance, e-commerce, wealth management, and many other financial services are being made generally available after the rebranding of Sorocred as Afinz.
Our business model focuses on the reality of Brazil, where SMEs account for 98% of the companies, employ 60% of the workforce and deliver ˜40% of the GDP. The lower income classes correspond to 45 million people, the vast majority living away from the 50 largest cities (out of 5,500+ municipalities) and are either underbanked or totally unbanked, but with ˜65% having access to internet mostly through smartphones.
Our DNA has Open Banking imprint, as we pioneered in 2012 by providing credit underwriting APIs of consumer lending contracts originated by start-ups, consistently with the new regulation published by the Brazilian Central Bank to promote innovation and foster competition.
We call our licensed universal bank “the B of our Open Platform, because our solutions range from A to Z”. From the beginning we adopted Open Architecture in our Business and IT foundation, enabling us to cooperate with other ecosystems, create prosperity and share value with our partners. That includes retailers from our Sorocred’s B2B2C roots, as well as fintechs, healthtechs, consumer goods manufacturers, and eventually our competitors. We believe in true collaboration, and we actively invest and promote financial inclusion.
We are a self-funded Financial Institution, as the Afinz Group is controlled by the two Sorocred co-founders, along with Mr. Yamaguti and Mr. Zanvettor. We are currently focused on our first cycle of growth locally in Brazil, and we consider going regional in the upcoming years to expand our franchise in countries with sizeable markets and the need to reduce their under and unbanked population.
Afinz is intended to perpetuate as our legacy, and we might consider further financing growth and contribution by going public at the right moment, which we believe will come a few years ahead of growth.
Over 6 million credit cards issued.
3 million new consumer applications in 2020.
400+ thousand active merchants.
70%+ TPV growth in 2H2020 and 1Q2021.
Forecast ˜100% growth in revenue in 2021.
Products of high quality & competitive prices, that satisfy needs and give back.