BoletoFlex, a startup from Santa Catarina that specializes in the Buy Now Pay Later (BNPL) model, the digital version of the "old" payday loans popularized in Brazil by chains such as Casas Bahia. Open Co's current base in the Buy Now Pay Later space includes approximately 20 partners, including MadeiraMadeira, a unicorn startup that owns a furniture and homeware platform. With the arrival of BoletoFlex, the goal is to reach 1,500 partners by 2025.
"We saw in BoletoFlex the opportunity to consolidate the work we had been doing on Buy Now Pay Later," Sandro Reiss, co-founder of Open Co, tells NeoFeed. "They have a strong team and had been doing this for the longest time. With this acquisition, we're going to take a couple of steps at once."