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Cielo

“Can Brazil's incumbent acquirer defend share against fintech challengers by becoming a full merchant services platform?”

Founded1995
HQBarueri, São Paulo, Brazil
IndustryInfrastructure / Payments
The story

Cielo is Brazil's largest card acquirer, founded in 1995 as a JV of Banco do Brasil and Bradesco. Originally focused on card-present acquiring via 'maquininhas', it expanded into e-commerce (Cielo e-Commerce / Braspag gateway), Pix acceptance, and merchant credit. Under intense competition from Stone, PagSeguro and Rede, it pivoted toward broader merchant services — direct lending, FX conversion, payment links, split payments — to defend margin.

Last 12 months
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Product timeline
1995
Founded as Companhia Brasileira de Meios de Pagamento, joint venture between Banco do Brasil and Bradesco.· founding
2009
Rebranded as Cielo and IPO on B3.· ipo
2016
Began direct credit issuance to merchants from own balance sheet.· lending
2021
Launched Cielo Receba Mais FIDC with BNDES (R$529.4M) for MSME credit.· lending
Regulated entities
Payment Institution (Acquirer)
Brazil (BCB)
Cielo S.A.
The stack
Payments / PSP
Cielo (self-operated acquirer)Cielo e-Commerce (self-operated)Braspag Gateway (self-operated)Cielo Checkout (self-operated)Cielo Link de Pagamento (self-operated)Cielo Tap (self-operated)Tap to Pay on iPhone (self-operated)
Banking / BaaS
Cielo (in-house)
Lending
Cielo (in-house) + Money Plus + BNDES (funding partners)Cielo Receba Mais FIDCDirect merchant credit (capital de giro)Receivables anticipation (antecipação de recebíveis)
FX & payouts
Cielo Conversor de Moedas (self-operated)
Accounting
Cielo EDI Electronic Statement (SFG/sterling file gateway)Cielo Store apps marketplace
Accounting gap: minor