At a time when promoting quality of life for delivery drivers and app drivers is on the agenda, a Brazilian startup has stood out in the market precisely for focusing on these informal workers. Trampay, which completes four years of operation in 2024, grows by offering credit, support, and protection to gig workers – those who provide services in the Gig Economy, businesses based on digital tools.
In fact, Trampay is the first fintech in Brazil focused on gig workers. The gap was noticed by the startup’s co-founders, Jorge Junior, CEO of the company, and Tiago Ribeiro, CPO. ‘The way the traditional market manages credit does not serve those in the shadows of informality. We want to give these people the opportunities they deserve, such as access to credit, which can economically transform their lives,’ says Ribeiro.
In this sense, the digital bank for informal workers has already granted over R$ 200 million in credit. Conditions suitable to the profiles of these workers – understanding, for example, the absence of a fixed income – make obtaining loans easier. One of the main offers provided by Trampay is accounts receivable financing.
‘This allows these professionals to receive their daily earnings in advance, through a loan facilitated with rates below the market. This mechanism combats immediate financial precariousness, providing a more stable and less uncertain routine,’ explains Trampay’s CPO.
According to him, the average credit request is concentrated around R$ 150, with 70% of these loans intended to cover basic needs such as gasoline, food, and overdue bills. “The most remarkable thing is that these loans have a zero default rate. Our customers understand the importance of having access to credit, especially since informal workers usually cannot get credit in the market due to lack of income history.”
Headquartered in Brasília, Trampay is present in more than 500 municipalities and in 21 states of Brazil. In the first half of 2024, the company doubled its user base and aims to reach 300 thousand customers in the coming years. Revenue also saw a significant increase, tripling compared to the same period last year.
For Ribeiro, this growth reflects the social impact generated by the company. “We want to be recognized as ‘the bank of informal workers’ in the country, promoting inclusion and economic development based on three main pillars: income generation, employability, and social uplift.”
In addition to financial support, Trampay provides assistance to informal workers. For example, with support points where delivery drivers and app drivers have access to rest rooms, meeting rooms, storage lockers, microwaves, refrigerators, telephones, and charging outlets for cellphones. “Our commitment is to provide everything that employees need to work and live better,” say the co-founders.
The company also looks at the international market, with plans to expand to other countries in Latin America. ‘The needs of informal workers in Latin America are similar to those in Brazil. In many countries, they face similar challenges in accessing credit and other financial services. We want to bring our solution to these emerging markets,’ reveals Ribeiro.
A fundamental stage has been accomplished: this year, the startup reached the so-called ‘break-even’ point. This occurs when the business’s earnings equal its costs and, subsequently, it begins to operate at a profit.
‘Technology companies take a long time to reach the positive cash flow stage. This is important because it means that we have delivered a good business and generated good revenue, which already covers all operational expenses. At this stage, we do not rely solely on investment rounds, proving the sustainability of the business model and financial independence,’ explains the CPO.
