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Issuer Afinz

“Can a 35-year-old Brazilian consumer credit company leverage its universal bank charter to become the embedded financial infrastructure layer for fintechs and underbanked consumers in Brazil?”

Founded2021
HQSorocaba, São Paulo, Brazil
IndustryFintech / SMB banking
The story

Founded as Sorocred nearly 35 years ago as a regional consumer credit and credit card company serving Brazil's mass market and unbanked populations, the company pivoted in 2019 to build a digital open platform and in 2021 obtained a full universal bank charter from the Banco Central do Brasil, rebranding as Afinz. The company now operates as an embedded-finance platform offering its banking license and infrastructure (credit, lending, card issuing, Pix payments, insurance, receivables) to fintechs and startups as a BaaS partner, while also serving consumers directly. Card processing is outsourced to FIS.

Last 12 months
—
Product timeline
1989
Founded as Sorocred, a regional consumer credit company targeting the local retail segment and under/unbanked population in Brazil.· pivot
2019
Began building a new company and business model upon the Sorocred foundation, transitioning toward an open platform combining digital financial and non-financial services.· pivot
2021
Granted universal bank authorization by the Central Bank of Brazil in March 2021 and re-founded as Afinz.· banking
2021
Launched Afinz as an open platform combining credit cards, electronic & instant payments, lending, digital bank accounts, securitization, insurance, e-commerce, and wealth management.· banking
2023
Tapped FIS for card processing services, expanding its card issuing and processing infrastructure.· card
Regulated entities
1
regulatory licence held by Issuer Afinz
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
Same company
Issuer Afinz was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
Afinz4 layers →
The stack
4 layers disclosed in Issuer Afinz’s embedded-finance stack
Money movement
Pix
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Accounting gap: minor
9 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.