99Pay, the digital account of the mobility app 99, has received official authorization from the Brazilian Central Bank to operate as a Credit, Financing, and Investment Institution (SCFI). This authorization broadens the fintech’s operational capacity and reinforces the company’s expansion plans within the Brazilian financial market. With this license, 99Pay can now develop new financial solutions, expand its credit offerings, and raise funds through instruments such as Bank Deposit Certificates (CDBs) and Bank Deposit Receipts (RDBs).

Founded in 2012 by two Brazilian entrepreneurs, 99 initially launched as a local alternative to Uber, standing out by successfully integrating with Brazil’s existing taxi ecosystem. In 2018, the company was acquired by Beijing-based DiDi Chuxing, the world’s largest transportation app. The acquisition pushed the startup to a $1 billion valuation, making it one of Brazil’s very first tech unicorns. Since then, the company has evolved into a super app, expanding into new sectors such as food delivery, logistics, and advertising through brands like 99Food, 99Compras, and 99Ads.

“The authorization to operate as an SCFI represents a major milestone in 99Pay’s evolution and reinforces our strategy of building an increasingly comprehensive financial platform for Brazilians,” said Rafael Leal, Legal and Compliance Director at 99Pay.

Boasting a base of over 28 million registered users, 99Pay views this authorization as a core component of its long-term strategy to fortify its financial and regulatory infrastructure. In recent years, the company has actively expanded its portfolio of financial solutions and invested in upgrading its platform to provide a more holistic user experience.

“More than just enhancing our operational efficiency, this license creates a solid foundation to accelerate the development of new products, strengthen our innovation capabilities, and expand access to financial solutions that are simple, accessible, and aligned with our users’ needs.” added Leal.

The new license affords 99Pay greater flexibility to structure innovative financial solutions and scale its credit operations. Furthermore, the model allows the fintech to diversify its funding sources via fixed-income instruments protected by Brazil’s Credit Guarantee Fund (FGC), driving operational efficiency and enabling further scalability.

The digital account is integrated directly into the 99 super app. It currently offers a yield equivalent to 110% of the CDI (Interbank Deposit Certificate) for account balances up to R$5,000 (approximately $1,000 USD). The platform also supports a range of everyday financial services, including peer-to-peer transfers, bill payments, and mobile phone top-ups.