In April, I had the opportunity to take part in the seminar “The receivables market - a business or credit opportunity for your business”, promoted by ANFAC. The event was a good time to reflect on the future of business credit in the country and on the importance of commercial development and the diversification of credit instruments.

In modern economies, companies seek resources for two basic purposes: to make business operations viable and to make productive investments aimed at increasing future production. To do this, they turn to the credit market or the capital market. In the credit market, operations take the form of loans and financing, allowing companies to advance funds by paying interest. In the capital market, operations are more complex and connect companies and investors by issuing shares and bonds, such as debentures, sharing the risk of their projects.

Because it involves more complex operations, the use of the capital market is still in its infancy, especially when you consider the reality of micro and small companies. This picture, however, is beginning to change. According to ANBIMA data, in 2024, companies raised a record amount of R$ 783.4 billion, which represents an increase of 66.7% compared to 2023.

So-called “receivables” are instruments that can be used in the credit and capital markets. A receivable is a credit that a company has to receive from a third party. In general, this credit arises from the sale of goods or the provision of a service. Through the financial market, these receivables can be advanced, giving companies more liquidity.

Outside of financial institutions, operations with receivables can also be made possible by specialized companies. Factoring is a financial operation in which a company sells its receivables at a discount to a company specializing in these operations. The factoring company assumes the risk of default and provides immediate liquidity to the selling company. This operation is especially useful for small and medium-sized companies that need quick working capital.

Securitization, on the other hand, is the process of transforming financial assets, such as receivables, into securities that can be traded on the capital markets. These securities are sold to investors, providing immediate liquidity to the companies that originated the receivables. Securitization allows companies to diversify their sources of financing and reduce credit risk by transferring it to investors. According to data from the Brazilian Association of Financial and Capital Market Entities (ANBIMA), securitization bond issues in Brazil reached R$ 182.6 billion in 2024, reflecting the growing importance of this mechanism in the financial market.

In the credit market, operations that anticipate these resources represent a significant share of corporate credit. According to data from the Central Bank of Brazil, the balance of credit with discounted trade bills reached R$ 204.9 billion in March 2025, which represents 13% of the free credit balance. Credit card bill anticipation operations reached R$ 87.4 billion - equivalent to 5.7%. Looking ahead, the creation of the electronic duplicate should streamline credit operations for discounting duplicates, making the process of granting these resources more agile and secure.

In the capital market, it is worth highlighting the growth of Credit Rights Investment Funds, known by the acronym FIDC, which are gaining more and more ground. As investment funds, FIDCs pool the resources of various investors with the commitment to allocate at least half of their assets to the acquisition of receivables from companies in various sectors. By acquiring these receivables at a discount, the fund anticipates the funds that the companies would receive over time.

A recent change has broadened the scope of these funds. Until October 2024, only qualified and professional investors could invest in FIDCs. Now, these funds are also accessible to individuals. According to data from ANBIMA, in 2024, the companies raised R$ 81.4 million., with an increase of 86.1% compared to 2023. Although the figures are still insignificant compared to other capital market instruments, the recent evolution is worth highlighting.

In line with the evolution of the Brazilian market, the bureaus' solutions provide intelligence for credit decisions that go beyond more conventional instruments. Information from the receivables portfolio, for example, becomes a valuable asset when incorporated into a company's credit analysis. In addition, the management of the receivables portfolio itself, including collection processes, can be done using bureau solutions.

Thinking about the evolution of the credit-GDP ratio goes beyond bank credit. World Bank data on the credit-to-GDP ratio takes into account the share of the capital market and shows that Brazil is below the world average, as we highlighted in this space. The sustainable growth of credit supply requires the modernization of different markets, including the receivables market.

Turning receivables into liquidity is a crucial step for the future of credit in Brazil, as it allows companies to have quick access to financial resources, improving their cash flow and enabling investments in growth and innovation. This, in turn, strengthens the economy as a whole, promoting a more dynamic and resilient business environment.