Brazilian fintech Stay has raised R$30 million, equivalent to about US$5.7 million, in a round led by Citrino. The company, which develops corporate private pension infrastructure, announced the investment on Friday, September 25. The capital will support expansion in Brazil, where fewer than 3% of workers have an employer-sponsored pension plan, according to founder and CEO Tsai Chi-yu.
Investor Base and Strategic Backing
Citrino, which combines asset management with multi-family office activities, holds ties to major Brazilian business families and brings a long-term investment perspective to the company. The round also includes participation from Norte, 17Sigma, and BTV, broadening Stay's institutional support. Stay had previously raised R$15 million, or about US$2.85 million, in an initial round backed by MAYA Capital and Better Tomorrow Ventures.
Founder Perspective on Trust
Tsai Chi-yu described Citrino's entry as a seal of confidence and a factor that he considers central to the business because retirement products depend on long-term credibility. Managing people's money over decades requires trust, he told Times Brasil, and the presence of a family office investor reinforces that commitment. This investor base combines financial expertise with long-term relationships that align with Stay's corporate pension model and its focus on employee retention.
How the Platform Operates
Stay positions itself between employers of different sizes and the insurers that provide private pension plans, acting as a technology layer for corporate retirement benefits. Beyond private pension offerings, the company develops long-term incentive programs known as ILPs to help companies retain employees over time. In 2024, Stay formed an alliance with Zurich Seguros, expanding its distribution through established insurance infrastructure and broadening access for corporate clients.
Corporate Traction and Clients
Corporate clients include Claro, iFood, Milky Moo, and Hospital de Câncer Araújo Jorge, according to Times Brasil, reflecting demand across telecom, food, and healthcare sectors. The company reports that assets under management have multiplied more than 30 times since its founding, a sign of rapid commercial traction. Stay now serves nearly one hundred companies and tens of thousands of employees through its corporate pension and incentive programs.
Market Opportunity and Strategic Goals
Tsai links the product to pressure on family budgets, citing record default levels among Brazilian households and the increasing influence of betting. He argues that employer-sponsored pension access remains far below the 70% to 90% range seen in comparable European, Asian, and United States markets. The company has set a public target of exceeding 100 corporate clients by December 2026, which would mark a significant expansion from its current base.
What to Watch
One key question is whether corporate benefits platforms and insurers will compete or collaborate as private pension products become more common across Brazil. Retirement plans may be bundled with debt reduction and financial wellness programs, or they may remain standalone offerings sold through employers. Stay's ability to navigate this evolving landscape, secure partnerships, and scale adoption will influence its growth trajectory.
Stay's new round signals investor confidence in the expansion of employer-sponsored pension plans in Brazil. The company combines technology, insurance partnerships, and a corporate distribution model to address a foundational financial security gap. Moving forward, its progress toward 100 corporate clients and broader adoption will help determine whether the model can deliver on its promise.