Asaas, a Brazilian financial management and automation platform for small and medium businesses supported by Bond and SoftBank, has raised R$300 million through its third FIDC, a receivables investment fund. The issuance is the largest the company has completed using this type of instrument and is aimed at expanding credit for small and medium enterprises. The transaction reinforces the company's strategy to serve growing working capital needs among its clients.
A Record FIDC Issuance for Asaas
The new fund is divided into R$280 million in senior shares and R$20 million in subordinated shares, which are retained by Asaas to absorb first losses. Senior shares pay CDI plus 1.15% per year and were distributed to institutional investors, with Kanastra acting as manager and administrator. This issuance follows a FIDC of R$50 million in 2023 and another of R$100 million in August 2025, bringing total funding through the structure to R$450 million.
Installment Payments Drive Demand
According to Asaas, Pix usage has advanced, but credit card installment payments are growing faster and prompting more small businesses to seek working capital. In 2026 alone, the company anticipated R$1.4 billion in receivables for clients, while cumulative anticipation volume has reached R$4 billion since the product launched. Receivables anticipation now accounts for approximately 90% of Asaas's credit operation, making it the company's main credit front.
Deeper Client Penetration
About 30% of Asaas's 300,000 active monthly clients currently use receivables anticipation, compared with a range of 18% to 20% two and a half years ago. This shift reflects stronger acceptance of installment payments and the resulting need for predictable cash flow among small businesses. Around 80% of all anticipation volume is financed through FIDCs, with the remainder covered by equity, bank lines, and acquirers.
Risk Profile and Funding Stability
Because installment card receivables are already approved by issuers, traditional default risk is limited, and chargebacks represent the main portfolio concern. Asaas reports a chargeback rate of approximately 0.5%, below the market reference of about 1%. The dedicated FIDC structure provides stable financing specifically for receivables anticipation, and it helps ensure continuity for clients even during periods of market uncertainty.
Credit Strategy and Revenue Balance
Credit currently contributes around 15% of Asaas's total revenue, and management expects that share to remain broadly stable. The company is targeting more than R$1 billion in annual revenue in 2026 and R$2 billion in 2027, while avoiding excessive dependence on a naturally cyclical credit market. Receivables anticipation remains the primary credit product, but other revenue streams continue to support the company's growth.
New Funding Alternatives Ahead
In December 2025, Asaas received authorization to operate as a finance company, opening access to instruments such as CDBs and letras financeiras that were previously unavailable. These options are expected to allow the company to diversify its liabilities over time and reduce the relative weight of the FIDC. Even so, the receivables fund is expected to remain an important funding tool because it is dedicated, regulated, and able to access institutional investors.
Asaas's largest FIDC issuance underscores how the company is scaling its credit offering while preparing a more diversified funding base. Strong client adoption and a controlled risk profile support the company's near-term expansion plans for small and medium businesses. As new funding sources become available, the FIDC should remain a strategic component, albeit a relatively smaller share of the overall capital structure.
Source: NeoFeed