R$1 billion. That is the cumulative transaction volume reported by Cashin’s platform for corporate incentives by October 2026 [Exame, October 2026]. The number is a stark measure of how a niche Brazilian payments problem,managing sales contests and employee rewards,has become a venture-scale wedge. Founders Nani Gordon and Luciana Ramos, both former retail executives, built a software layer to replace physical gift cards, travel vouchers, and manual bank transfers with traceable digital payouts. Their customer list reads like a who’s who of Brazilian enterprise: Ambev, Burger King, Coca-Cola, Nestlé, and Suzano [Estadão, December 2022].
The Physical-to-Digital Wedge
Cashin’s product is straightforward. It digitizes the administration and payment of corporate incentives and rewards to employees, sales teams, and channel partners [Experience Club, November 2025]. The wedge is replacing legacy processes that are administratively heavy and difficult to track. Think of a national sales contest where the top performers win a trip to Disney. Cashin replaces the travel agency coordination and manual reimbursement with a digital campaign where winners receive funds via Pix, Brazil’s ubiquitous instant payment system [Exame, October 2026]. The platform provides tools for creating campaigns, setting rules, tracking participation, and ensuring compliant, auditable payouts.
Its primary buyers are large enterprises, which represented 80% of its customer base according to a late 2025 report [Experience Club, November 2025]. For these companies, the value proposition is operational clarity and control over a budget line that is often fragmented and opaque.
Traction on the Balance Sheet
The company’s reported growth in transaction volume is the clearest traction signal. It moved R$25 million in all of 2021, then R$60 million in just the first nine months of 2022 [Estadão, December 2022]. By 2025, that annual figure was reported at R$250 million [Ação na Bolsa]. The leap to a cumulative R$1 billion suggests accelerating adoption. Customer growth followed a similar path, from 25 clients in 2020 to over 150 by November 2025 [Experience Club, November 2025]. Revenue, however, tells a different story. The company reported audited accounting revenue of R$4.6 million for 2025 [Ação na Bolsa]. The gap between high transaction volume and modest revenue highlights a classic fintech model: Cashin likely earns a fee on flows, not a percentage of the total prize pool.
| Period | Reported Transaction Volume | Reported Revenue | Customer Count |
|---|---|---|---|
| 2021 | R$25 million [Estadão] | Not Disclosed | ~25 [Experience Club] |
| 2022 (Jan-Sep) | R$60 million [Estadão] | Not Disclosed | Not Disclosed |
| 2025 | R$250 million [Ação na Bolsa] | R$4.6 million [Ação na Bolsa] | 150+ [Experience Club] |
| Cumulative to Oct 2026 | R$1 billion [Exame] | Not Disclosed | Not Disclosed |
The Capital Behind the Flow
Cashin has raised capital to fund this scaling. A R$7 million round in December 2022 was led by Bertha Capital, with participation from Thales, WE Impact, and FIP FIEAM, bringing total investment to R$10 million at the time [Estadão, December 2022] [Clientesa, December 2022]. The major step-up came in February 2026 with a $16 million Series A led by Impact46 [The SaaS News, February 2026]. The round, worth approximately R$80 million, provided the war chest to expand beyond its core incentive product into adjacent corporate payments streams, as reported in earlier planning coverage [Valor Econômico, March 2026].
Where the Model Faces Friction
No wedge is without friction. Cashin operates in a competitive payments landscape where large acquirers like Cielo and Getnet Brasil have deep enterprise relationships. Its model depends on continued corporate willingness to outsource a non-core but sensitive function,employee and partner rewards. Furthermore, the financial model requires significant volume to generate meaningful revenue from thin-margin transaction fees. The company’s answer to these pressures appears to be account expansion: using its platform position to sell additional financial services to the same large clients, turning a point solution into a broader financial operations hub.
The risks are not trivial, but the investor vote is clear. Impact46’s $16 million Series A check, alongside earlier backing from Bertha Capital, bets that the shift from physical rewards to digital disbursements is a permanent, high-volume trend in Latin America’s largest economy. The question for the next twelve months is whether Cashin can convert its R$1 billion in flow into a proportionally larger revenue base, and which enterprise department it will digitize next.
Sources
- [Exame, October 2026] A startup que trocou viagens a Disney por Pix e já movimentou R$ 1 bilhão | https://exame.com/negocios/a-startup-que-trocou-viagens-a-disney-por-pix-e-ja-movimentou-r-1-bilhao/
- [Estadão, December 2022] Cashin, especializada em remuneração de prêmios digitais, capta R$ 7 mi | https://www.estadao.com.br/economia/coluna-do-broad/cashin-especializada-em-remuneracao-de-premios-digitais-capta-r-7-mi/
- [Experience Club, November 2025] Cashin, de prêmios digitais, lança plataforma de criação e engajamento de campanhas de incentivo | https://experienceclub.com.br/cashin-de-premios-digitais-lanca-plataforma-de-criacao-e-engajamento-de-campanhas-de-incentivo/
- [Ação na Bolsa] Cashin movimenta R$ 250 milhões em 2025 e prepara rodada de até R$ 20 milhões | https://acaonabolsa.com.br/noticia/126-cashin-movimenta-r-250-milhoes-em-2025-e-prepara-rodada-de-ate-r-20-milhoes
- [Clientesa, December 2022] Cashin recebe aporte de R$ 7 milhões | https://portal.clientesa.com.br/cashin-recebe-aporte-de-r%EF%BC%84-7-milhoes/
- [The SaaS News, February 2026] CASHIN Raises $16 Million Series A | https://www.thesaasnews.com/news/cashin-raises-16-million-series-a/
- [Valor Econômico, March 2026] Cashin expande atuação e se prepara para captar R$ 25 milhões em nova rodada de investimento | https://valor.globo.com/empresas/media-e-mais/noticia/2026/03/10/cashin-expande-atuacao-e-se-prepara-para-captar-r-25-milhoes-em-nova-rodada-de-investimento.ghtml