Swap has introduced its Receivables Card during Febraban Tech, held from August 24 to 26, as a corporate credit card for businesses that accept card machine payments. The product carries built-in collateral and funding, and it will be distributed through sub-acquirers, management software providers, and other payment chain participants. This launch completes a credit vertical that the company opened two weeks earlier with private payroll loans.
How the Receivables Card Works
The new card uses receivables that a company already generates through point-of-sale terminals to secure its credit limit. Swap manages the locking of client receivables and calculates available credit based on Receivable Units, allowing the limit to grow as sales increase. When the card is used, the receivables automatically settle the invoice without requiring manual action from the merchant.
Market Size and Opportunity
Data from Núclea indicates that the stock of registered card receivables in Brazil exceeds R$700 billion, while acquirers process R$3.1 trillion per year. Swap estimates that the portion addressable through its Banking as a Service model represents a market of R$3.6 billion. The product is designed for sub-acquirers, enterprise resource planning providers, and other B2B companies seeking to offer credit to their own clients without immobilizing cash.
Entry into Credit and Benefits
Swap began its move into credit at Conarh between August 18 and 20, when it presented the Benefits Platform 2.0. The platform includes three modules: private payroll loans, a digital benefits marketplace, and a white-label portal for benefits and corporate expense management. Chief Executive Officer Doug Storf said the launch reflects the company's commitment to continuous portfolio evolution and responds to recent regulatory updates and changes in the Worker Food Program.
Regulatory Shifts and New Revenue Streams
Private payroll loans now target a recently opened market because this credit modality was previously limited to companies with direct banking agreements. The federal government launched the Crédito do Trabalhador program in March 2025, allowing workers with formal contracts to access cheaper credit than many alternatives. Meanwhile, new food program rules have capped merchant fees at 3.6 percent and reduced transfer timelines to fifteen days, compressing operator margins and pushing the sector toward new monetization models.
Strategic Response to Sector Pressure
The launch also responds to a sector-wide turning point. Operators of benefits and payroll services face thinner margins as regulation reduces traditional revenue sources. Swap's new modules provide ways to monetize existing user bases by introducing credit products and digital benefits, and these offerings are built to be distributed through partners that already have relationships with merchants and workers.
Platform Model and Growth
Across both credit fronts, Swap maintains its founding model of supplying infrastructure so clients can build and offer financial products to their own bases. With the new vertical, the Banking as a Service portfolio now includes card issuance and processing, banking, risks and compliance, integration interfaces, and credit. The company grew 70 percent in 2025 and projects 50 percent growth in 2026, serving more than 150 partners.
Swap's Receivables Card addresses a structural pain point by allowing partners to extend postpaid corporate credit without tying up cash or contracting expensive guarantees. The solution leverages Brazil's large receivables market and adds credit to a B2B infrastructure portfolio that already spans cards, banking, compliance, and risk management. By embedding credit into existing payment flows, the company positions itself to capture value in a regulatory environment that is reshaping both benefits and payroll lending.