Brazilian Fintech CloudWalk Reports Revenue of $153.3 million and $13.2 million in Profits in H1 2023, Driven by Growth of its "Tap to Pay" Solution

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Sep 11, 2023, 09:00 ET

Owner of the InfinitePay financial services platform reports growth of 56% in revenue and 70% in customer base YoY
Rapid growth in H1 2023 reflects the high adoption of InfiniteTap, the "Tap to Pay" solution transforming smartphones into payment terminals. The number of clients using this technology grew by an average of 123% per month in 2023

SÃO PAULO, Sept. 11, 2023 /PRNewswire/ -- CloudWalk, the owner of the InfinitePay financial services platform, achieved a total revenue of $151.350 million in the first half of 2023 – a 56% increase compared to the same period last year. In an environment where many unicorns are struggling to break even, CloudWalk wrapped the first half of 2023 with a net income of $13.2 million, on track to hit $300 million in annual recurring revenue (ARR).

"This is a milestone not only for CloudWalk, but for Brazilian fintechs on a global scale. Not only have we broken the barrier of $300 million in annual recurring revenue, but we have done so while being profitable, which is rare among our peers," says Luis Silva, founder and CEO of CloudWalk.

The growth in revenue, profit and customers was driven by the company's diversification of financial services, particularly due to the advancement of its "Tap to Pay" technology in its InfiniteTap platform. This innovation, which allows any individual or merchant to instantly accept tap to pay (or contactless) payments on their mobile device, contributed to a 70% increase in customers in the first half of 2023. Since its launch in November 2022, InfiniteTap has maintained an average monthly growth of 123%.

"The ubiquitous government-backed digital payment system in Brazil, Pix, paved the way for millions of small and medium-sized merchants to accept payments through smartphones, but InfiniteTap represents the next chapter of this story," says Silva. "It's the path to democratizing access to innovative financial services. Anyone with a smartphone today can start a business almost instantly, with registration that takes less than five minutes. There are also many customers who use the InfiniteSmart terminal and see InfiniteTap as an alternative for a second or third terminal," he adds.

With InfiniteTap, CloudWalk is riding a new wave of contactless payment adoption that arrived in Brazil almost 10 years ago but took off with the pandemic. A recent report published by Abecs, an association representing the electronic payment methods sector, reveals that 54% of Brazilian consumers usually make payments using contactless methods such as their card, mobile phone, watch, or another device and adoption is growing rapidly, with triple-digit growth in the past two years. This trend continues globally as well, with a recent study by Mastercard revealing more than half of consumers in the U.S. are now using some form of contactless payment.

Two other milestones for CloudWalk in the first half of 2023 include the release of InfiniteCash, InfinitePay's lending offering, and SuperCobra, an automated invoice management system using artificial intelligence. Since its launch a year ago, InfiniteCash has distributed $53 million in loans to InfinitePay customers, with a goal to reach $78 million by the end of 2023.

"Since the inception of CloudWalk, our mission has been to make life easier for small and medium-sized entrepreneurs through technology. We want to move money faster and ensure that these businesses can thrive. When they win, everyone wins. This is consistently demonstrated by our positive results and validates the consistency of our growth," says Silva.

ABOUT CLOUDWALK
CloudWalk is a global financial services platform with a primary mission to revolutionize the way individuals and small to medium-sized businesses handle money. As the owner of the InfinitePay brand, the company has been operating since 2019 with blockchain-based products, including digital banking, loans, cashback cards, online sales, digital wallets, and payment terminals. It has more than 1 million customers across over 5,400 Brazilian municipalities. Since its founding, the company has raised $350 million, placing its estimated market value at $2.15 billion.

SOURCE CloudWalk