TPV reached 112 billion BRL (+27% YoY), more than twice the industry’s growth and 31 billion BRL in deposits, reinforcing the balance sheet for expansion of receivables anticipation and credit concession.

SÃO PAULO, May 24, 2024 /PRNewswire/ — PagBank (NYSE: PAGS), a complete digital bank in financial services and payments solution and one of the largest digital banks in Brazil, announces its results for the first quarter of 2024 (Q124). The main highlights of the period include a record recurring net profit  of 522 million BRL (+33% YoY), while the net accounting profit reached 483 million BRL (+31 YoY%).

Alexandre Magnani, CEO of PagBank, points out the continuity of the good results presented in the last quarters, highlighting the expressive gain of market share in payments (acquirings), balancing growth with profitability, while the Company establishes itself among the largest financial institutions in Brazil in number of clients:

“We are more than 31 million customers and our execution has been consistent. We have consolidated our value proposition for micro, small, and medium-sized enterprises, facilitating the financial life of individuals and businesses. At the same time, we have captured opportunities for client-consumers who do not have a relationship with payment machines through payroll loans, our broad investment platform, and the offer of a complete bank,” says the CEO of PagBank.

In acquirings, the TPV registered was 112 billion BRL (+27% YoY), growing in all segments (MSMBs and Large Companies, E-commerce, and Cross-border businesses¹). In digital banking, PagBank reached 66 billion BRL in Cash-In (+48% YoY), a metric that represents the financial volume received from other financial institutions in PagBank accounts, excluding acquisition, especially Pix, business account products, and salary portability.

The substantial volumes of TPV and Cash-in led deposits to record numbers of nearly 31 billion BRL (+64% YoY and +11%QoQ) despite the less favorable seasonality of the period, given that in the first months of the year, customers have more significant disbursements to honor the payment of taxes, such as IPTU and IPVA, and school yearly supplies, among other expenses.“We stand out for offering instant settlement for our customers and carrying out easy operations via Pix, leveraging our TPV and Cash-In volume in PagBank accounts. This, added to the fact that we have a banking license since 2019, means that we have the agility of a fintech and low funding costs like a traditional bank,” says Magnani. 

According to Artur Schunck, CFO of PagBank, operational growth does not harm the Company’s capital allocation. On the contrary, the acceleration of revenue growth and discipline in costs and expenses were the main levers of the record result. “The financial margins of the consolidated business were high. Our profit grew more than 30% compared to the Q1 2023, even with additional disbursements linked to the new cycle of growth and diversification of the operation, including geographical expansion and marketing actions in the period”, says Schunck.

The credit portfolio resumed growth and reached 2.7 billion (+8% QoQ) at the end of March, focusing on low-risk products such as consigned credit, the anticipation of the year withdrawal of FGTS (Severance Pay Fund), and credit cards with a limit attached to PagBank’s CDBs (a type of fixed-income investment). Schunck believes that despite short-term macroeconomic uncertainties regarding interest and inflation behavior, the worst is in the past, and he is confident in the credit strategy:

“We crossed the pandemic, the significant high-interest rate period, and one of the worst credit cycles in Brazil and still we have built a robust balance sheet and diversified our credit portfolio in terms of customers, products, and risks. Now, we are opening up opportunities to accelerate the concession and gradually expand the offer of credit products from the next few months,” says the CFO of PagBank. 

Other Highlights

Net revenue in the quarter was 4.3 billion BRL (+15% YoY), driven by the strong growth of the acquirings, led by MSMBs (micro, small and medium-sized businesses) and the advance in large accounts, with emphasis on online, cross-border, and automation, as well as the growth of higher margins in financial services. The number of clients reached 31.4 million, reinforcing PagBank’s position as one of the largest digital banks in the country.

In the period, PagBank was recognized as the best bank in Brazil and awarded the RA1000 seal of quality in service, both granted by the Reclame Aqui ranking and as one of the 50 most valuable brands in the country, according to a survey conducted by Kantar BrandZ.

Among the launches of the quarter, main highlights were PagBankPartnerships, a relationship and integration program with software companies and commercial automation; Seguro Empresarial (Business Insurance) offering coverage against fires, electrical damage, theft, burglary, and natural disasters, among others; and Tap to Pay Online, a new and exclusive technology in Latin America that allows the customer to run online transactions by bringing credit or debit card closer to the mobile phone on e-commerce platforms. In addition, PagBank has started to offer 1% cashback on all purchases made with the digital bank credit card and new investment options, such as the CBD, with a 130% CDI rate-variation yield.

“This current moment reminds us very much of our phase between 2018 and 2019, in which we grew in a fast and profitable way, and launched several products. We are very optimistic about the coming months and years of the Company”, says the CEO of PagBank. 

Rio Grande do Sul

PagBank has closely monitored the potential impacts of the ongoing climate tragedy in the state of Rio Grande do Sul and the developments in its operations. The Company’s TPV exposure in the state is similar to the state’s share in national GDP – around 5%. The Company says t is early to share some numbers since consumption in the affected regions have decreased due to the temporary closure of the business, while moving people to neighboring cities and states can increase consumption in unaffected areas.

“At this time, our focus is on supporting flood victims, especially our professionals working in the state of Rio Grande do Sul, through donations from PagBank and its professionals, in cash and goods, as well as offering special support to our affected customer,” says Magnani. 

Check out the financial results of PagBank in Q124 here.

About PagBank
PagBank promotes innovative solutions in financial services and means of payment, automating the purchase, sale, and transfer process to leverage individuals’ and enterprises’ businesses simply and securely. A company of the UOL Group – leader of the Brazilian Internet – PagBank acts as an issuer and acquirer, offering digital accounts and providing complete solutions for online and face-to-face payments (by mobile devices and POS devices). 

PagBank also has a wide variety of means of payment, such as credit and prepaid cards, bank transfers, payments by billet, and balance in the account, among others. PagBank (PagSeguro Internet Payment Institution S.A) is regulated by the Central Bank of Brazil as an electronic money-issuing payment institution, issuer of post-paid instruments and acquirer, having partnerships with the leading credit card issuers. Its parent company, PagSeguro Digital, is listed in the U.S. (NYSE: PAGS) and regulated by the Securities and Exchange Commission (SEC). The distribution of investment funds is carried out by BancoSeguro S.A., authorized by the Central Bank of Brazil, the Securities and Exchange Commission, and affiliated with ANBIMA. 

Visit the PagBank Press Room

¹ GCECs: The Brazilian acronym for large companies (annual revenues above 12 million BRL), e-commerce and cross-border businesses.

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NEW YORK, May 24, 2024 /PRNewswire/ — Today marks a significant milestone for the digital trading industry as Shift Markets unveils its new Crypto Derivatives Trading Platform. This leading white label solution allows exchanges and brokerages to quickly and efficiently break into the crypto derivatives market. With advanced tools for leveraged trading and sophisticated order types, the platform provides market participants a comprehensive solution to effectively operate and expand their presence in the rapidly growing digital asset market space.

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The Crypto Derivatives Platform is engineered to surpass the increasing technical requirements of brokerages and exchanges, offering a high level of adaptability and customization. It can integrate as either a standalone system or a component within existing trading ecosystems, thereby facilitating a complex and scalable trading environment that enhances operational efficiency.

This platform supports an extensive array of combined spot and derivatives trading order types including Market, Limit, Stop Loss, and Take Profit. These features enable traders to deploy expanded trading strategies that align with their financial objectives and risk management preferences. The addition of leverage trading significantly increases profit opportunities for exchange operators, which may be the most attractive appeal in highly volatile markets. This strategic implementation of leverage enables exchange operators to enhance earnings potential while maintaining control over risk, crucial for thriving in dynamic trading environments.

Ian McAfee, CEO of Shift Markets, stated, “We knew there was a clear market need for a dedicated derivatives trading solution for exchanges and brokerages. The Crypto Derivatives Platform addresses this gap, enhancing our clients’ trading operations and offering significant growth potential through derivatives trading. It enables our clients to more effectively capitalize on market movements, enhancing their trading capabilities and positioning them for growth in a competitive market.”

Setting the Stage for Future Exchange Platforms

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About Shift Markets

Shift Markets is the premier Crypto-as-a-Service provider, offering proprietary white label digital asset infrastructure and trading technology. Shift enables businesses to quickly commercialize digital assets, assisting enterprises in integrating high-level digital asset trading. This ensures efficient adoption and superior market performance.

Previously Featured In: TechCrunch, CoinDesk, Bloomberg Technology, Forbes Crypto

Media Contact:
Sarah Cullers
[email protected] 

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• More than 600 local suppliers and 225 multinational exporter companies under the Definitive Regime and the Free Zones Regime, generated 2,100 business appointments.
• Production chains recorded remarkable growth of 52% according to data from PROCOMER.

SAN JOSÉ, Costa Rica, May 24, 2024 /PRNewswire/ — In order to boost the Costa Rican market and meet constantly evolving business demands, the Trade and Investment Promotion Agency of Costa Rica (PROCOMER) and the Association of Free Trade Zone Companies of Costa Rica (AZOFRAS) organized Encadenados 2024, the business conference that seeks to generate commercial relationships, chains, and connections between local and multinational suppliers under the Definitive Regime (RD) and the Free Zones Regime (RZF).

This year, more than 600 Costa Rican suppliers and 200 companies under both regimes made 2,100 business appointments in the third edition of the event, a record edition since the number of appointments reached in previous years doubled: 600 in 2022 and 1,000 in 2023.

“Encadenados 2024 is much more than an annual business event; it’s a platform that drives growth and business collaboration in Costa Rica. Under the slogan ‘Together we achieve more’, and looking to strengthen the national supply chain and meet constantly evolving business demands, Encadenados represents an invaluable opportunity for the economic and business development of the country, “said Laura López, General Manager of PROCOMER.

Companies led by women made a significant contribution to the third edition of Encadenados, representing 50% of attendees at the business conference, in their capacity as both buyers and suppliers. On the other hand, suppliers located outside the Greater Metropolitan Area (GAM) achieved remarkable success with participating companies, which is becoming an additional incentive for companies interested in setting up in these parts of the country.

More than 400 multinational companies have set up in Costa Rica and one of the factors that has been key in the country’s value proposition has been the broad ecosystem of local suppliers that has been developed with the support of PROCOMER. This network of Costa Rican suppliers, from various goods and services sectors, provides logistics agility and a reduction in time and costs to companies that invest, resulting in a competitive advantage in their operations.  

“Participation by women and the success of companies outside the GAM at Encadenados 2024 show the diversity and strength characterizing the Costa Rican business fabric. These results reflect our commitment to inclusion and regional collaboration to boost sustainable economic growth in our country; fundamental elements for the promotion of our exports and the attraction of new investments for Costa Rica.”

The food sector stood out as the most dynamic by closing opportunities quickly and effectively. Other industrial and service sectors are launching their processes of validation, sampling and testing in the coming days, as they need to comply with other requirements in order to integrate into global value chains.

Encadenados 2024 closed with $2 billion in business opportunities. This figure is expected to increase as 100 additional appointments were scheduled after the event. According to data from PROCOMER, companies in the Free Trade Zone buy more than $5 billion from micro, small, medium and large companies locally. In addition, they report a 52% growth in the securing of production chains over the last year.

Contact: Ofelia Fernández Valverde, [email protected] & Esteban Chaves Trejos, [email protected]

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