Bullla
“Can a payroll-linked credit and benefits card become the default financial layer for underserved Brazilian workers?”
Founded2017
HQSão Paulo, Brazil
Total raisedBRL 315M
Latest roundDebt Financing, 2024 (BRL 240M)
IndustryFintech / SMB banking
The story
Bullla started in 2017 as an inclusive-credit fintech in Brazil, and became the first BCB-approved peer-to-peer lender (SEP) in 2019. The 2020 acquisition of WEX Brasil brought payment-methods infrastructure in-house, enabling the 2021 launch of the Mastercard-branded Cartão Bullla — a single card that combines credit, salary advance, and PAT/flexible employee benefits. It has since built a vertically integrated corporate-benefits + payroll-linked credit stack, funded via its own FIDC and debt raises, and became a BCB-regulated financial institution in 2024.
Product timeline
2017
Bullla founded to offer accessible, no-bureaucracy credit solutions.· founding
2019
First company approved by Brazil's Central Bank as a SEP (peer-to-peer lending society) for individuals.· lending
2020
Acquired WEX's Brazilian operation, absorbing its payment methods (means of payment) solutions.· acquisition
2021
Certified by Mastercard and launched Cartão Bullla, hitting 500k cards issued.· card
2022
Expanded credit and salary advance with flexible benefits; launched FIDC Bullla Cartões in the Brazilian capital markets.· lending
2023
Surpassed R$1.5B in transacted volume; raised R$75M for the FIDC.· milestone
2024
Received BCB authorization as a financial institution.· regulatory
Acquisitions
Regulated entities
2
regulatory licences held by Bullla
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
6 layers disclosed in Bullla’s embedded-finance stack
Payments / PSP
Cartão Bullla (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
Accounting
in the full report
Accounting gap: minor
9 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.