← Embedded Finance Index 2026

Edenred Pay Brasil

“Can Edenred leverage its BACEN payment-institution license and Mastercard card-issuing rails to own corporate expense management in Brazil beyond its legacy meal-voucher franchise?”

Founded2016
HQBarueri, São Paulo, Brazil
IndustryFintech / Corporate spend & payments (BACEN-licensed Payment Institution)
The story

Edenred Pay Brasil is the Brazilian corporate-payments arm of the Edenred group (French benefits and payments giant). It operates as a BACEN-authorized Payment Institution under the legal entity Edenred Soluções e Instituição de Pagamento AHA S.A., separate from Edenred's meal/benefits voucher business in Brazil. Its focus is prepaid corporate cards (physical and virtual) on the Mastercard network for expense management, supplier payments, home-office allowances, and payouts to unbanked contractors — competing with Payfy and other Brazilian corporate spend players.

Last 12 months
2025-06
2026-02
Product timeline
2016
Edenred Pay Brasil founded to develop corporate payment and expense management solutions· launch
2024
Publishes liquidity risk management framework under BACEN Resolution 198/2022· regulatory
2025
Publishes semi-annual financial statements audited by Deloitte for the payment institution entity· regulatory
Regulated entities
1
regulatory licence held by Edenred Pay Brasil
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in Edenred Pay Brasil’s embedded-finance stack
Payments / PSP
Edenred Pay (self-operated, BACEN Payment Institution)
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Accounting gap: significant
3 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.