This report is part of the series “50 startups that change Brazil”, published in EXAME. Meet the other selected companies
Sergio All lived in the dark skin – the problem he wants to solve: the lack of credit for peripheral people and racial prejudice. In 2016, when he decided to seek a loan in a traditional account where he had been an account holder for 10 years, his application was denied without any justification. He had a clean name, a good score and a doable plan. Since then, the businessman started Conta Black, a digital bank focused on C, D and E class customers.
With 12,000 customers (and another 9,000 pre-approved), Conta Black wants to be more than just another digital bank. “We want to be the bank of the communities, of the favelas”, says All. To achieve this, the focus is on the race for the “without a bank”.
Before the pandemic, more than 45 million Brazilians had no account with any financial institution – be it traditional or a fintech. A study by Americas Market Intelligence in partnership with Mastercard points out that the number of unbanked people fell 73% in the country in the last year due to the effects of the quarantine and the arrival of the PIX.
Over the years, fintech has earned the nickname “the Nubank of the favela”, in reference to the digital bank of the purple card. In some details, the story of All and the Colombian David Vélez, founder of Nubank, is similar. Velez also decided to open his own bank after problems with Brazilian institutions.
But, unlike Nubank, which has raised more than US $ 1.5 billion and has a market value of more than US $ 18 billion – more than Banco do Brasil -, the Black Account still has a long way to go. . And the strategy is similar to that used by its purple rival: to facilitate and diversify.
The company wants to allow Black Account transactions to be made without the need for a smartphone equipped with the application – which will help those who do not have a device. There is also a plan to create a fund to promote entrepreneurship with the creation of its own credit portfolio.
Fintech will also enter the war of the machines with a terminal that is already nicknamed Black Pay. To get the plans off the ground, Conta Black is already in talks with four investment funds and is expected to raise capital by 2021.
If it succeeds, it must also accelerate another plan: international expansion. “Our entry into France should take place as soon as possible,” says All, who still cites a possible entry into countries such as the United States, Canada, Colombia, Angola, Nigeria and Mozambique.