Asaas Packs $56M Into a New FIDC to Keep Brazil's SMB Receivables Moving

Asaas, the Brazilian fintech that provides payment, financial management, and credit tools for small and medium-sized businesses, has raised $56M through a new FIDC — a Brazilian credit rights investment fund.

The structure splits the capital by seniority. Institutional investors provided $51.9M through senior shares, while Asaas invested $3.7M through subordinated shares, taking the first-loss position that typically sits beneath outside investors in such vehicles. Kanastra manages the fund.

The money is earmarked for Asaas' receivables advance product, which gives merchants early access to revenue from installment sales. The company also intends the fund to help diversify its funding sources, a shift that follows its receipt of a financial institution license from Brazil's Central Bank in December 2025.

Asaas' lending and receivables business has been scaling. The company advanced roughly $260M in receivables in 2026, and about $740M since it launched the product. Around 30% of its 300,000 monthly active customers use its credit products, which generate roughly 15% of company revenue. FIDCs already finance about 80% of its receivables advances, making the structure a core piece of the funding stack rather than a one-off experiment.

That reliance on FIDCs also explains why the company is now talking publicly about broadening where its capital comes from. Brazil's SMB receivables market is crowded, with fintechs and incumbent banks competing to serve merchants who need working capital tied to card installment schedules.

Asaas was founded in 2010 by brothers Piero and Diego Contezini, and has grown alongside a Brazilian SMB segment that has become a focal point for fintech lending. The financial institution license gives the company a regulated footing that many of its peers must partner out for.

For now, the new fund hands Asaas a fresh pool of capital dedicated to a product line it has already spent years building volume in — and a larger share of that growth will be financed by third-party institutional money rather than the company's own balance sheet.