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payfy

“Can a Brazil-native spend management platform outcompete US incumbents by embedding into local ERPs, Pix rails and Banco do Brasil's distribution?”

Founded2019
HQFlorianópolis, Santa Catarina, Brazil
FoundersAndré Apollaro
Total raised$1.1M
Latest roundBB Ventures (CVC Banco do Brasil), 2022
IndustryHorizontal SaaS / Spend Management
The story

Founded in 2019 in Florianópolis, Payfy is a Brazilian corporate expense management platform combining Mastercard-issued corporate cards (credit, prepaid, virtual), Pix payments, reimbursements and AI-powered accounting automation. A 2022 strategic investment from Banco do Brasil's CVC (BB Ventures) anchored the company to the incumbent bank and led to the co-built BB Expenses product. Today Payfy serves 1,500+ Brazilian finance teams and competes with US spend-management incumbents (Ramp, Brex, Expensify) via ERP-native integrations with TOTVS, SAP, Senior, Sankhya and Omie plus native Pix and NF-e support.

Last 12 months
2025
Product timeline
2019
Payfy founded in Florianópolis as a corporate expense management platform.· pivot
2022
Strategic investment from BB Ventures (Banco do Brasil CVC).· banking
2024
Launch of Payfy.AI: OCR-based receipt capture and automated expense categorization.· pivot
2025
Co-built 'BB Expenses' with Banco do Brasil for corporate customers.· banking
The stack
4 layers disclosed in payfy’s embedded-finance stack
Payments / PSP
Pix (self-operated via Payfy corporate rails)
Money movement
in the full report
Card network
in the full report
Accounting
in the full report
Accounting gap: minor
10 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.