Brazilian fintech Asaas has entered the physical point of sale market with the launch of the Asaas Smart terminal, developed in partnership with global payments company Adyen. The device will be offered to the company's base of 300,000 small and medium enterprise clients, accepting debit, credit, voucher, and multibenefit payments. The move places Asaas in direct competition with Stone, PagBank, Itaú, Cielo, and BTG.
Product Strategy and Market Entry
The Asaas Smart terminal supports contactless payments, chip and magnetic stripe transactions, and Pix through QR codes, building on the company's existing Asaas Tap mobile solution for smartphone-based collections. CEO Diego Contezini said the smartphone-based feature has seen limited adoption in what he calls the Brasil com S market outside major commercial hubs. Asaas wants to combine payment acceptance with back office tools such as receivables anticipation, ERP systems, invoice issuance, and digital accounts.
Software Differentiation and Merchant Pain Points
Contezini acknowledged the market is crowded but argued that rivals are strong at making hardware while Asaas is strong at software. He said the company will offer a series of competitive differentiators by connecting payments to the daily management tools small businesses already use. This integration addresses a common frustration among merchants who rely on multiple third party systems that do not communicate with each other effectively.
Financial Targets and CEO Perspective
The company projects the new terminal vertical will generate R$237 million in total payment volume by the end of 2026 and double that amount after its first full year. Contezini said the physical device should become a larger business than the mobile version because it can reach the smallest merchants across Brazil. The launch supports Asaas' goal to surpass R$1 billion in revenue in 2026 and reach R$2 billion in 2027.
Acquisition Strategy and Funding
Before deciding to build its own device, Asaas explored buying an acquiring company but found no assets that complemented its existing software ecosystem. In June, the company acquired startup Helena CRM for R$150 million, its largest purchase to date, and last month it raised R$300 million through a FIDC to fund its credit operation. Contezini expects the company to execute two acquisitions per year starting in 2027 as it strengthens its product and credit capabilities.
IPO Preparation and Investor Base
The company is preparing for an initial public offering late this decade, with KPMG supporting the process for the past two years. Contezini said the listing could take place in Brazil or abroad and would provide capital for internationalization. Backed by Bond Capital, SoftBank, 23S Capital, and Vivo Ventures, Asaas aims to become a global company.
Asaas enters a crowded acquiring market where established rivals already compete on pricing and settlement terms. Its ability to win over small merchants across Brazil will depend on whether integrated software features such as invoicing, ERP, and receivables management outweigh aggressive price considerations. The terminal's distribution pace will reveal whether the company's R$237 million total payment volume projection for 2026 is realistic and how much of its 2027 revenue target relies on this channel.
Source: Pipeline