The unicorn marks its first full year of profitability with 41% revenue increase
Rapid growth fueled by the successful rollout of innovative products such as Instant Settlement “Tap to Pay” solutions
Plans to introduce Jim.com in the U.S., an app for SMBs that features AI, Tap to Pay, and Instant Payment technologies
SAO PAULO, March 7, 2024 /PRNewswire/ — CloudWalk, Inc. (“CloudWalk” or the “Company”), a Brazilian fintech pioneer and creator of the InfinitePay brand, today announced that it achieved total revenue of $320.5 million in 2023, a 41% increase year-over-year. Amidst a challenging macro environment for startups, the Brazilian unicorn reported a net income of $22.3 million, with its revenue run rate approaching $400 million.
“The year 2023 was an extraordinary chapter in CloudWalk’s journey, characterized by a unique combination of hyper-growth and profitability, industry-leading innovations, and a steadfast long-term strategic vision,” said Luis Silva, founder and CEO of CloudWalk.
During 2023, CloudWalk significantly expanded its InfinitePay platform by adding a range of new tools and services, such as credit, invoice management, sales and inventory management, and instant payment, among others. With this strategy, the company witnessed its active merchant base surge to over 1.1 million by year-end, representing a threefold growth compared to 2022.
The highlight of CloudWalk’s 2023 accomplishments was the rapid adoption of “Tap to Pay” technology, allowing merchants to use a smartphone to accept contactless payments, whether with physical cards or digital wallets. “As the first Brazilian company to offer tap-to-pay on both iOS and Android devices, we quickly became the market leader. Our massive increase in InfinitePay customers this year is just the proof of the pudding,” noted Luis. “In 2023, our clients saved over $150 million without needing to purchase a POS machine for card payments.”
CloudWalk also released InfiniteNitro, an instant settlement tool that gives merchants access to their money within seconds after payment, processing over 10 million transactions last year.
“We are delighted to see strong momentum in improving the overall value proposition of the InfinitePay brand, as we drive the adoption of new products to establish ourselves as a one-stop shop financial platform for small and medium-sized entrepreneurs,” said Luis. Last December, the company marked a significant achievement by establishing a presence in every one of Brazil’s 5,568 cities. “This is a great example of our unwavering commitment to democratizing digital payments.”
In January 2024, CloudWalk announced its expansion to the U.S., starting in New York City, San Francisco, and Austin with an app called Jim.com, which allows merchants to instantly process and receive payments via smartphones. Jim.com brings together the power of Artificial Intelligence (acting as the seller’s financial assistant), Instant Payment, and Tap to Pay – three major trends in the global financial market. Furthermore, CloudWalk has plans to launch the same solution in the South East Asia and Middle East markets.
“This strategic move marks our first step towards building a global payment network. We remain dedicated to our mission of delivering the most innovative financial solutions to entrepreneurs and businesses worldwide and have never been more excited about what lies ahead,” concluded Luis.
ABOUT CLOUDWALKCloudWalk is a global financial services platform with a primary mission to revolutionize the way individuals and small to medium-sized businesses handle money. As the owner of the InfinitePay and Jim.com brands, the Company has been operating since 2019 with blockchain-based products, including digital banking, loans, cashback cards, online sales, digital wallets, and payment terminals. It has more than 1 million customers across 5,568 Brazilian municipalities. Since its founding, the Company has raised $365 million and was last valued at $2.15 billion in November 2021 for a $150 million Series C led by Coatue. For additional information, please visit www.cloudwalk.io.
SOURCE CloudWalk
