The archive · Money & Fintech · Product decision · 2019–2026
InfinitePay's free-phone-terminal bet wins Brazil: 6.3M sellers, $1.3B run rate
InfinitePay turns any smartphone into a free card terminal for Brazilian micro-entrepreneurs; 6.3M sellers in 2025, $990M revenue, #1 finance app
CloudWalk · InfinitePay
What the business is
CloudWalk's InfinitePay gives Brazilian micro and small entrepreneurs a free digital account and card payments from any smartphone (Tap to Pay), plus Pix, receivables advances and an embedded AI agent called JIM.
Starting capital：InfinitePay launched in 2019 with about US$2M; since 2021 CloudWalk has raised roughly US$4B through FIDC structured-credit vehicles, including a R$4.2B FIDC in Oct 2025 (Exame) and a US$1.1B issuance in Apr 2026 (LatamList).
How it started
CloudWalk was founded in São Paulo by Luis Silva in 2015 and launched InfinitePay in 2019 with about US$2M, betting that the phone could replace the rented terminal and that microentrepreneurs would accept cards if acceptance were free and instant.
What happened
InfinitePay grew from 3 million to more than 6.3 million active sellers in 2025 and became Brazil's most-downloaded finance app in December 2025 (4.9 stars, 566,000+ reviews). CloudWalk crossed US$1B annualized revenue in July 2025 and closed 2025 with US$990M revenue (+104% YoY) and US$110M net income on a 720-person team, secured a full credit-institution license from Brazil's central bank, and received a first Fitch rating (AA-(bra)). Funding came mainly through structured credit: about US$4B in FIDC vehicles since 2021, including a R$4.2B FIDC in Oct 2025 and a US$1.1B issuance in Apr 2026 to finance merchant receivables.
How it ended up
Still scaling: as of April 2026 CloudWalk had raised another US$1.1B via FIDC and pushed into the US with JIM.com, while InfinitePay kept adding millions of Brazilian sellers.
Background
CloudWalk is a payments company founded in São Paulo in 2015 by Luis Silva. In 2019 it launched InfinitePay with about US$2M, betting that Brazil's microentrepreneurs would start accepting cards if the smartphone itself became the terminal — no rented machine, no monthly fee.
The wedge was price and friction: Tap to Pay lets sellers take card payments on their own phones, smart fees fall as sales volume grows, and JIM, an embedded AI agent, handles payments, marketing and cash-flow analysis. The formula scaled: InfinitePay grew from 3 million to more than 6.3 million active sellers in 2025 and became the most downloaded finance app on Brazil's App Store in December 2025, with a 4.9-star rating and more than 566,000 reviews.
The economics came from scale and AI. CloudWalk crossed US$1B annualized revenue in July 2025 and closed 2025 with US$990M revenue (+104% year over year) and US$110M net income with just 720 employees; it secured a full credit-institution license from Brazil's central bank and a first Fitch rating (AA-(bra)). Funding relied mainly on structured credit: about US$4B in FIDC vehicles since 2021, including a R$4.2B fund in October 2025 and a US$1.1B issuance in April 2026.
As of 2026 the company is still scaling, now in the United States too: JIM.com, launched in early 2025, reached tens of thousands of merchants across all 50 states within months, while InfinitePay keeps adding millions of Brazilian sellers.
What has to be true
- The barrier was rental: card machines with monthly fees excluded micro-sellers, and free phone-based acceptance removed it entirely.
- Fees aligned with growth: smart fees that fall as volume rises made the product cheaper the more successful the seller became.
- AI ran the business: 720 employees served 6.3M sellers at a US$1.3B run rate — an operating model that branch-and-call-center incumbents could not match.
- Credit funded growth without dilution: receivables advances backed by roughly US$4B of FIDC issuance since 2021 monetized the merchant base.
What can be applied
Win the smallest customer by removing the rental barrier: free phone-based acceptance plus AI-run operations turns a low-fee product profitable and capital-light — then monetize it with credit.
Aftermath
As of September 2026 CloudWalk is still scaling: InfinitePay serves more than 6.3 million active Brazilian sellers and holds a full credit-institution license with a first Fitch rating (AA-(bra)); CloudWalk closed 2025 at US$990M revenue (+104% YoY) and US$110M net income on 720 employees, and in April 2026 raised another US$1.1B via FIDC to finance merchant receivables. In the United States, JIM.com — launched in early 2025 — reached tens of thousands of merchants across all 50 states within months of launch.
Sources
- CloudWalk capta R$ 4,2 bilhões no maior FIDC do ano. O destino? A sua PME
- InfinitePay Becomes the Most Downloaded Finance App in Brazil on the App Store
- CloudWalk Hits $1.3 Billion Annualized Revenue Run Rate and $1.8 Million Revenue Per Employee in 2025
- CloudWalk raises $1.1B through FIDC issuance
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