Asaas raises $57.6M in third receivables fund to fuel SME credit
What's the deal? Asaas, a Brazilian financial management platform for small and medium businesses, has raised US$76.7M (≈$57.6 million) through its third FIDC, a receivables investment fund. It is the largest issuance the company has completed via the instrument, aimed at expanding credit for SMEs. Asaas is backed by Bond and SoftBankDealroom has a profile for this one. Try Dealroom →.
The structure: The fund splits into US$71.6M in senior shares and US$5.12M in subordinated shares, which Asaas retains to absorb first losses. Senior shares pay CDI plus 1.15% per year and went to institutional investors, with Kanastra as manager and administrator. The issuance follows a US$12.8M FIDC in 2023 and a US$25.6M one in August 2025 — bringing total funding through the structure to US$115.1M.
Why now? Credit card installment payments are growing faster than Pix, pushing more small businesses to seek working capital. Asaas anticipated US$358.1M in receivables for clients in 2026, with cumulative volume reaching US$1.02B since launch. Receivables anticipation now accounts for roughly 90% of its credit operation.
Deeper penetration: About 30% of Asaas's 300,000 active monthly clients use receivables anticipation, up from 18% to 20% two and a half years ago. Around 80% of anticipation volume is financed through FIDCs, with the rest covered by equity, bank lines, and acquirers.
Risk profile: Because installment card receivables are pre-approved by issuers, default risk is limited, and chargebacks are the main concern. Asaas reports a chargeback rate near 0.5%, below the market reference of about 1%.
What's the endgame? Credit contributes around 15% of total revenue, a share management expects to hold steady. The company is targeting more than US$255.8M in annual revenue in 2026 and US$511.6M in 2027, while avoiding over-reliance on a cyclical credit market.
New alternatives ahead: In December 2025, Asaas received authorization to operate as a finance company, unlocking instruments such as CDBs and letras financeiras. These should let it diversify liabilities and reduce the FIDC's relative weight over time.
The signal: Asaas's largest FIDC issuance shows how it is scaling credit while building a more diversified funding base. Strong client adoption and a controlled risk profile support near-term expansion, but the receivables fund should remain a strategic — if smaller — part of the capital structure.
Read more: startupresearcher.com
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