Asaas places a third R$300 million receivables fund
Asaas places a third R$300 million receivables fund, not new equity. S&P rates the R$280 million senior shares AAA, and Asaas keeps R$20 million subordinated.
Asaas, the Joinville payments firm (Asaas Gestão Financeira Instituição de Pagamentos S.A.), has placed a third receivables fund of R$300 million. It kept R$20 million of subordinated shares, one-fifteenth of that vehicle, and placed R$280 million of senior shares that Veja reports as rated AAA on the national scale by S&P Global Ratings. The vehicle is a Fundo de Investimento em Direitos Creditórios (FIDC), which Let's Money calls FIDC Asaas III and reports a national-scale AAA from S&P Global Ratings. The proceeds fund card advances for merchants already on the platform, the job Stripe has agreed to take on by acquiring Parafin, rather than new equity in Asaas.
NeoFeed on October 1, 2026, and Veja on October 5, both put advances made in 2026 at R$1.4 billion, so the fund restocks a book already in use. Finsiders Brasil said the October 5 disclosure carried those same amounts. If the one-fifteenth retention holds, further AAA senior paper has to be matched by more subordinated capital from Asaas, and that retention is the limit to watch into 2027.
Who holds the R$300 million
NeoFeed, Veja, Finsiders Brasil and Let's Money agree the split: R$300 million in total, R$280 million of senior shares, and R$20 million of subordinated shares that Asaas keeps. Finsiders Brasil and Let's Money call that retained slice an extra layer of protection. NeoFeed, Veja and Let's Money report that Kanastra manages and administers the fund. The firm is based in Joinville, Santa Catarina, on its Portuguese Wikipedia entry and in a De Olho na Ilha report.
Veja, citing Asaas, says an Application Programming Interface (API) runs the book and can carry out thousands of advances a day. Manuel Netto, co-founder of Kanastra, told Let's Money that the rating reflects that pipeline and that it is how small and medium-sized enterprises (SMEs) get capital at a competitive cost. None of the four reports quoted Stone, PagBank or Mercado Pago.
Finsiders Brasil wrote on October 5, 2026 that, early in the year, the Central Bank of Brazil authorized Asaas to operate as a finance company. The license moved from a Sociedade de Crédito Direto (SCD), a direct-credit company, to a Sociedade de Crédito, Financiamento e Investimento (SCFI).
Twice the earlier funds
NeoFeed, Veja and Let's Money match on the history. A 2023 fund raised R$50 million, and August 2025 brought another R$100 million. Those two total R$150 million, so the new vehicle, at R$300 million, is twice the first two combined. Veja and Let's Money say the proceeds finance credit-card receivables advances. NeoFeed links the demand to installment cards, which leave a merchant waiting on cash already earned.
On receivables advanced since the product began, Veja put the cumulative total at R$3.9 billion. The 2026 figure of R$1.4 billion is shared by NeoFeed, Veja, Finsiders Brasil and Let's Money. Veja, Finsiders Brasil and Let's Money put active clients above 300,000, and Finsiders Brasil and Let's Money put staff above 1,300.
All four also report a separate goal: surpass R$1 billion of annual revenue in 2026 and R$2 billion in 2027. The fund is not that revenue. NeoFeed lists Bond and SoftBank as backers of the company, and Let's Money names BOND Capital, SoftBank and Vivo Ventures.
What Possamai said
João Vitor Possamai, chief financial officer at Asaas, said this in a statement reported by Finsiders Brasil and Let's Money:
Quando a antecipação ganha força, ela vira uma ferramenta de gestão.
In English: "When anticipation gains strength, it becomes a management tool." He added that clients use the advance to balance cash in and out, pay suppliers, rebuild inventory and get through seasonal swings. To NeoFeed on October 1 he said: "Essa certeza de funding é o principal fator aqui que ajuda muito os nossos clientes." That line means: "That certainty of funding is the main factor here that helps our clients a great deal."
What the rating still has to prove
Let's Money reported the company's expectation that a national-scale AAA widens the buyer list and cheapens funding, then shows up in client limits and terms. Getting there still depends on the API moving thousands of card advances without a jump in disputes, and on the R$20 million Asaas keeps working as first loss against a 2026 book already at R$1.4 billion advanced.
Whether merchants return is the stricter test. YouLend's SME funding through Dojo is one public measure of repeat use, and finmid's lending for Bolt and Skroutz attaches credit to a checkout the platform already runs. If Asaas limits do not reflect the AAA price by early 2027, investors in the senior shares can still have been paid for a rated risk while the management-tool claim is missed.
Reporting by Rick Steves. Filed 13 October 2026, 19:02 GMT.
Senior Reporter, Regulation and Fintech
Rick Steves has seen business and economics through many lenses. He joined the financial services industry in 2009, and has been a financial journalist since 2011.
