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Méliuz

“Can a Brazilian cashback marketplace evolve into a consumer fintech ecosystem (digital account + card + credit + Bitcoin treasury) without losing its shopping monetization engine?”

Founded2011
HQBelo Horizonte, Minas Gerais, Brazil (registered office: São Bernardo do Campo, SP)
Latest roundPublicly listed on B3 Novo Mercado (ticker CASH3)
IndustryFintech / Consumer banking
The story

Méliuz began in 2011 as a cashback/coupon affiliate marketplace for Brazilian e-commerce. From 2019 it leveraged that audience to cross-sell financial products — first a co-branded credit card, then a digital account, and by 2021 BaaS infrastructure via the Bankly acquisition. After IPO'ing in 2020 at high valuations, the company struggled to monetize Bankly and ultimately divested it, refocusing on shopping plus embedded financial services (insurance, credit, cashback-linked account). In 2025 the company adopted a Bitcoin treasury strategy, becoming one of the first Brazilian listed companies to publicly position around BTC reserves.

Last 12 months
2025
2026-03
Product timeline
2011
Founded as a cashback and coupons platform connecting Brazilian e-commerce stores to consumers.· pivot
2019
Entered credit card business (co-branded Méliuz card) to extend marketplace into financial services.· card
2020
IPO on B3's Novo Mercado (ticker CASH3).· ipo
2021
Acquired Bankly to enter BaaS / digital account, expanding into embedded financial services.· acquisition
2022
Launched embedded insurance partnership and international cashback (Picodi) across 44 countries.· banking
2023
Reached operating break-even excluding Bankly; later divested Bankly to refocus on core shopping + finance.· pivot
2025
Pivoted treasury strategy toward Bitcoin reserves, repositioning IR site around 'core business and Bitcoin metrics'.· pivot
Regulated entities
1
regulatory licence held by Méliuz
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
3 layers disclosed in Méliuz’s embedded-finance stack
Payments / PSP
Pix (Brazilian instant payments rail)
Banking / BaaS
in the full report
Lending
in the full report
Accounting gap: none
7 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.