v3.26.1
Risk Management (Tables)
 12 Months Ended
Dec. 31, 2025
Risk Management [Abstract]  
Schedule of Credit Exposure from Financial Assets, Pre-approved Credit Card Limits and Derivative Financial Instruments

The Group’s maximum credit exposure from financial assets, pre-approved credit card limits and derivative financial instruments is presented in the table below:

 

   December 31,
2025		   December 31,
2024		 
Cash and cash equivalents   3,863,395    7,471,673 
           
Financial assets measured at fair value through other comprehensive income   3,000,551    3,099,077 
Financial Investments   3,000,551    3,099,077 
           
Financial assets measured  at fair value through profit or loss   71,451    100,051 
Financial Investments   42,435    45,864 
Derivative financial instruments   29,106    54,187 
           
Financial assets measured at amortized cost   29,861,938    14,669,571 
Financial Investments   2,891,089    
-
 
Trade receivables   4,146,321    3,877,167 
Consumer loans   20,913,519    10,571,338 
Other receivables   1,911,010    221,066 
           
Pre-approved credit card limits (off-balance)   7,454,802    4,455,217 
Total   44,252,227    29,795,589 
Schedule of Demonstrates the Sensitivity of Fair Value of Group’s Financial Instruments

The analysis below demonstrates the sensitivity of the fair value of the group’s financial instruments to an increase of 1 basis point (DV01) in the Brazilian interest rates.

 

   DV01 – December 31, 2025 
   Asset   Liability   Derivative   Net 
Fixed interest rate financial instruments   (2,982)   2,053    942    12 

 

   DV01 - December 31, 2024 
   Asset   Liability   Derivative   Net 
Fixed interest rate financial instruments   (1,181)   687    377    (117)
Schedule of Floating Rate Instruments For floating rate instruments, the table below presents the sensitivity of 12 months of interest income / expense (assumes no other changes to balance or rates during this period).
      Total portfolio    Basic interest rate change 
   Rate risk  amount   10%   -10% 
As of December 31, 2025               
Type               
Financial assets               
Government bonds – LFT  SELIC   3,034,719    45,217    (45,217)
Government Bonds – LTN and NTN-F  Fixed Rate   2,791,164    41,588    (41,588)
Government Bonds - NTN-B (3)  IPCA   1,035    15    (15)
Derivative financial instruments  Fixed Rate   29,016    388    (388)
Investment Fund Quotas  CDI   99,926    1,489    (1,489)
Consumer loans (1)  Fixed Rate   20,913,518    358,617    (358,617)
Futures Contract - CDI Rate (2)  Fixed Rate   13,054,396    194,511    (194,511)
Financial liabilities                  
Futures Contract - CDI Rate (2)  Fixed Rate   (3,252,200)   (48,458)   48,458 
CDB’s  CDI   (27,839,064)   (414,802)   414,802 
Other obligations under financial instruments  Fixed Rate   (752,571)   (11,213)   11,213 

 

      Total portfolio   Basic interest rate change 
   Rate risk  amount   10%   -10% 
As of December 31, 2024               
Type               
Financial assets               
Government bonds – LFT  SELIC   2,338,261    28,644    (28,644)
Government Bonds – LTN  Fixed Rate   800,368    9,805    (9,805)
Derivative financial instruments  CDI   54,187    664    (664)
Reverse repurchases agreements - National Treasury Note (NTN-B)  IPCA   4,809,999    58,923    (58,923)
Consumer loans (1)  Fixed Rate   10,571,338    129,499    (129,499)
Financial liabilities                  
Payment accounts  CDI   (889,296)   (10,894)   10,894 
CDB’s  CDI   (19,094,153)   (233,903)   233,903 
Other obligations under financial instruments  CDI   (2,955,650)   (36,207)   36,207 

 

(1)Refers to gross amount consumer loans

 

(2)Futures contract - CDI Rate to hedge interest rate risk of the assets and liabilities of the FIDC. The “Total portfolio amount” represents the notional amount.

 

(3)The IPCA (Índice de Preços ao Consumidor Amplo) is Brazil’s official consumer price inflation index which measures the change in the cost of a basket of consumer goods and services and is calculated by the Brazilian Institute of Geography and Statistics (IBGE).
Schedule of Group had no Amounts Exposed to Foreign Currency

As of December 31, 2025 the Group had no amounts exposed to foreign currency.

 

   Rate risk   Total
exposure on
December 31,
2024		    +10%    -10% 
Type                  
Trade payables  Dollar   3    
   -
    
-
 
Schedule of Financial Assets at Fair Value through other Comprehensive Income

For designated and qualifying fair value hedges, the cumulative change in the fair value of the hedging derivative and of the hedged item is recognized in the consolidated financial statements of profit or loss in “interest income and gains (losses) on financial instruments – Financial assets at fair value through other comprehensive income”.

 

   December 31, 2025 
   Total
amount of		   Fair value
adjustment to the
hedge object		   Fair value
adjustment to
the Hedging 		   Hedge 
   hedged item   Asset   Liability   instrument   effectiveness 
Interest rate risk                    
Interest Rate Contracts - Future and Swap - Payroll loans (1)   1,705,083    1,539    
-
    (1,539)   100%
Interest Rate Contracts - Future and Swap – FGTS Loan (2)   5,452,205    
-
    (33,499)   33,499    100%
Interest Rate Contracts - Future - Liabilities Pre   (1,628,546)   
-
    (53,272)   53,335    100%
Interest Rate Contracts - Future - LTN Bonds   934,083    15,709    
-
    (15,709)   100%
Interest Rate Contracts - Future - Titles NTNF   1,132,440    
-
    (8,383)   8,534    102%
Interest Rate Contracts - Future - LF Sub(3)   (279,418)   3,014    
-
    (3,823)   100%
Interest Rate Contracts - Future - Advances on energy receivables   1,056,634    
-
    (1,220)   1,206    99%
Total   8,372,481    20,262    (96,374)   75,503    99%

 

   December 31, 2024 
   Total
amount of		   Fair value
adjustment to the
hedge object		   Fair value
adjustment to
the Hedging 		   Hedge 
   hedged item   Asset   Liability   instrument   effectiveness 
Interest rate risk                    
Interest rate contracts - Future and Swap – Payroll loan (1)   988,606    
-
    (11,846)   11,846    100%
Interest rate contracts - Future and Swap – FGTS loan (2)   1,766,424    
-
    (143,192)   143,192    100%
Interest rate contracts - Future - Liabilities Pre   (587,705)   
-
    17,780    (17,775)   100%
Interest rate contracts - Future - LTN Bonds   783,130    
-
    (17,237)   17,237    100%
Total   2,950,455    
-
    (154,495)   154,500    100%

 

(1)Payroll loan – From the value of the hedging instrument of R$ 1,539 as of December 31, 2025 (R$ 716 as December 31, 2024), it is composed by: Swap R$ (4) for the year ended December 31, 2025 (R$ 262 for the year ended December 31, 2024) and R$ 1,543 for the year ended December 31, 2025 by futures contracts (R$ 454 for the year ended December 31, 2025) to futures contracts.

 

(2)FGTS loan - From the value of the hedging instrument of R$ 33,499 as of December 31, 2025 (R$ 43,979 as of December 31, 2024), it is composed of Swap R$ 9,181 for the year ended December 31, 2025 (R$ 15,550 for the year ended December 31, 2024) and R$ 24,318 by futures contracts for the year ended December 31, 2025 (R$ 28,459 for the year ended December 31, 2024).

 

(3)LF Sub - For the LF Sub´s hedge effectiveness, a regression model is used, verifying if there is an economic relationship between the movements of the hedging object and instrument.
Schedule of Liabilities

Liabilities

 

   Up to
30 days		   From 31
to
60 days		   From 61
to
90 days		   From 91
to
180 days		   From 181
to
365 days		   Over
365 days		   Total 
As of December 31, 2025                            
Third-party funds - payment accounts   856,573    
-
    
-
    
-
    
-
    
-
    856,573 
Third-party funds – CDB’s   10,206,007    2,270,216    1,118,998    2,573,571    3,603,763    8,066,409    27,838,964 
Third party funds - financial instruments   
-
    
-
    
-
    
-
    
-
    752,571    752,571 
Third-party funds – Others   526,722    
-
    
-
    
-
    
-
    
-
    526,722 
Obligations to FIDC FGTS quota holders   
-
    
-
    
-
    
-
    
-
    815,557    815,557 
Trade payables   2,333,625    955,257    651,297    1,057,411    485,049    14,474    5,497,113 
Derivative financial instrument   15,751    
-
    
-
    
-
    
-
    
-
    15,751 
Total   13,938,678    3,225,473    1,770,295    3,630,982    4,088,812    9,649,011    36,303,251 
                                    
As of December 31, 2024                                   
Third-party funds - payment accounts   889,296    
-
    
-
    
-
    
-
    
-
    889,296 
Third-party funds – CDB’s   8,833,086    2,231,071    1,297,330    1,581,909    2,544,897    2,605,860    19,094,153 
Third-party funds – Others   220,539    
-
    
-
    
-
    
-
    
-
    220,539 
Obligations to FIDC FGTS quota holders   
-
    
-
    
-
    
-
    
-
    704,755    704,755 
Trade payables   1,995,733    173,766    188,148    403,034    558,296    46,288    3,365,265 
Total   11,938,654    2,404,837    1,485,478    1,984,943    3,103,193    3,356,903    24,274,008 
Schedule of Capital Ratios

The following table presents the Group’s capital ratios as of December 31, 2025 and December 31, 2024, calculated according to BACEN’s regulation on capital requirements and accounting, which differs from IFRS in some respects, notably in the scope of consolidation and in the calculation of expected losses.

 

   December 31,
2025		   December 31,
2024		 
Common Equity Tier I   1,893,357    1,098,552 
Tier I   1,893,357    1,098,552 
Tier II   508,457    
-
 
Total Capital (Tier I + Tier II)   2,401,814    1,098,552 
Risk-Weighted Assets (RWA)   20,460,446    11,342,536 
Credit Risk (RWA CPAD)   16,534,435    7,183,591 
Market Risk (RWA MPAD)   75,125    28,941 
Operational Risk (RWA OPAD)   1,972,208    2,242,859 
Payment Service Risk (RWA SP)   1,878,678    1,887,144 
Common Equity Tier I Ratio   9.25%   9.69%
Tier I Ratio   9.25%   9.69%
CAR (Total Capital Ratio)   11.74%   9.69%
Schedule of Fair Value of Financial Instruments

The following is a description of the method for determining the fair value of financial instruments. The valuation techniques incorporate estimates of the assumptions that a market participant would use to value the instruments.

 

   December 31, 2025 
   Level 1   Level 2   Level 3   Total 
Financial assets                
Financial assets measured at fair value through other comprehensive                
Government Bonds – LFT   2,999,516    
     -
    
       -
    2,999,516 
Government Bonds – NTN   1,035    
-
    
-
    1,035 
Total   3,000,551    
-
    
-
    3,000,551 
                     
Financial assets  measured at amortized cost                    
Government Bonds – LTN   965,840    
-
    
-
    965,840 
Investment Fund Quotas   99,926              99,926 
Government Bonds – NTN   1,825,323    
-
    
-
    1,825,323 
Total   2,891,089    
-
    
-
    2,891,089 
                     
Derivative financial instruments - Interest rate derivatives measured at fair value through profit or loss                    
Swaps contracts (1)   
-
    27,572    
-
    27,572 
DI1 - future contract   1,299    
-
    
-
    1,299 
DI1 e DDI - future contract   145    
-
    
-
    145 
Total   1,444    27,572    
-
    29,016 
                     
Other financial assets measured at fair value through profit or loss                    
Government Bonds – LFT   35,203    
-
    
-
    35,203 
Other Investments   7,232    
-
    
-
    7,232 
Total   42,435    
-
    
-
    42,435 
Total Financial assets   5,935,520    27,572    
-
    5,963,092 
Financial liabilities                    
Derivative measured at fair value through profit or loss                    
DI1 - future contract   1,674    
-
    
-
    1,674 
Swaps contracts (1)   
-
    14,077    
-
    14,077 
Total Financial Liabilities   1,674    14,077    
-
    15,751 

 

(1)Interest rate swap contracts are commitments to settle in cash on a future date or dates, the difference between two specified financial indices (two different interest rates in a single currency or two different rates each in a different currency) applied to a principal reference value.

Financial assets

 

   December 31, 2024 
   Level 1   Level 2   Level 3   Total 
Financial assets measured at fair value through other comprehensive                
Government Bonds – LFT   2,298,709    
       -
    
      -
    2,298,709 
Government Bonds – LTN   800,368    
-
    
-
    800,368 
Total   3,099,077    
-
    
-
    3,099,077 
                     
Derivative financial instruments - Interest rate derivatives measured at fair value through profit or loss income                    
 Swaps contracts (1)   
-
    54,187    
-
    54,187 
Total   
-
    54,187    
-
    54,187 
                     
Other financial assets measured at fair value through profit or loss                    
Government Bonds – LFT   39,552    
-
    
-
    39,552 
Reverse repurchases agreements   4,809,999    
-
    
-
    4,809,999 
Other Investments   6,312    
-
    
-
    6,312 
Total   4,855,863    
-
    
-
    4,855,863 
                     
Total Financial assets   7,954,940    54,187    
-
    8,009,127 

 

(1)Interest rate swap contracts are commitments to settle in cash, on a future date or dates, the differential between two specified financial indices (two different interest rates in a single currency or two different rates each in a different currency) applied to a principal reference value.
Schedule of Financial Assets and Liabilities

Financial assets

 

   December 31, 2025 
   Carrying
amount		   Fair
Value		 
Fair Value of financial instruments measured at fair value through profit or loss   29,016    29,016 
Derivative financial instruments   29,016    29,016 
           
Fair Value of financial instruments measured at amortized cost   33,758,513    33,725,334 
Cash and cash equivalents   3,863,395    3,863,395 
Financial Investments   2,891,089    2,891,089 
Amounts receivable from card issuers   3,273,306    3,273,306 
Consumer loans   20,946,698    20,913,519 
Other receivables (1)   2,784,025    2,784,025 
Total   33,787,529    33,754,350 

 

(1)Balance composed of: Receivables from purchasers, Receivables from customers, Receivables - related parties, Compulsory deposits in Central Bank and Sundry receivables.

 

Financial liabilities

 

   December 31, 2025 
   Carrying
amount		   Fair
Value		 
Fair Value of financial instruments measured at fair value through profit or loss   15,751    15,751 
Derivative financial instruments   15,751    15,751 
           
Fair Value of financial instruments measured at amortized cost   36,287,500    36,287,500 
Third-party funds - payment account   856,573    856,573 
Third-party funds - CDBs   27,838,964    27,838,964 
Third-party funds - financial instruments   752,571    752,571 
Third-party funds - Others   526,722    526,722 
Trade payables   5,497,113    5,497,113 
Obligations to FIDC FGTS quota holders   815,557    815,557 
Total   36,303,251    36,303,251 

Financial assets

 

   December 31, 2024 
   Carrying
amount		   Fair
Value		 
         
Fair Value of financial instruments measured at amortized cost   54,187    54,187 
Derivative financial instruments   54,187    54,187 
           
Fair Value of financial instruments measured at amortized cost   21,302,548    21,148,054 
Cash and cash equivalents   7,471,673    7,471,673 
Amounts receivable from card issuers   3,653,774    3,653,774 
Consumer loans   9,732,642    9,578,148 
Other receivables (1)   444,459    444,459 
Total   21,356,735    21,202,241 

 

(1)Balance composed of: Receivables from purchasers, Receivables from customers, Receivables - related parties, Compulsory deposits in Central Bank and Sundry receivables.

 

Financial liabilities

 

   December 31, 2024 
   Carrying
amount		   Fair
Value		 
         
Fair Value of financial instruments measured at amortized cost        
Third-party funds - payment account   889,296    889,296 
Third-party funds - CDB’s   19,094,153    19,094,153 
Trade payables   3,365,265    3,365,265 
Obligations to FIDC FGTS quota holders   704,755    704,755 
Total   24,053,469    24,053,469