Pay4Fun, provider of Processors and Wallets

History and origin of Pay4Fun

Pay4Fun is the first payment institution authorised by the Central Bank of Brazil to specifically serve the betting segment, founded in 2015 in São Paulo, Brazil. The company operates commercially under the entity Pay4Fun Instituição de Pagamento S.A, with a team close to 100 employees between the São Paulo office and remote collaborators. The structure is private, bootstrapped with a single undisclosed investment round from Appleton Capital, an unusual financial profile in a segment where most PSPs have deep institutional capital behind them.

First regulated payment institution for betting in Brazil

Pay4Fun's most relevant regulatory move was obtaining the payment institution authorisation in EMEL (electronic money issuer) modality from the Central Bank of Brazil on 7 June 2022, becoming the first authorised payment institution in the Brazilian betting segment. Two years later, on 13 May 2024, it became a direct Pix participant, settling on its own account without depending on an intermediary bank.

• Central Bank of Brazil EMEL authorisation (7 June 2022)
• Direct Pix participant with own account (13 May 2024)
• First authorised PSP in the Brazilian betting segment
• Member of the Brazilian Responsible Gaming Institute (IBJR)
• 100 percent regulated operation under Brazilian regulation

Transition from wallet to pure payment gateway

Pay4Fun operated for nearly a decade as a consumer wallet, with close to 2 million active wallets and monthly processing that reached 500 million reais (around 91 million dollars) in 2024. In February 2025, after the entry into force of the new Brazilian regulatory framework, the company executed a strategic transition by closing the end-user wallet and reorienting its entire infrastructure towards its role as a B2B payment gateway for regulated operators.

• February 2025: closure of the consumer wallet
• 17 February 2025: mobile app withdrawn from app stores
• Complete transition to B2B infrastructure for operators
• Payments as pure gateway without player balances
• Merchant account structure maintained

Pix as central rail

Pay4Fun's core product is Pix processing, the Central Bank of Brazil's instant payment system, which in 2024 represented 97 percent of the volume processed by the company. As a direct participant, Pay4Fun settles each operation on its own account at the Central Bank, which reduces the intermediation chain and accelerates execution times.

• Pix deposits in less than 10 seconds, 24/7
• Instant Pix withdrawals including weekends and holidays
• Open Finance payment initiation (ITP) as complementary method
• Withdrawals to Pix keys or player bank accounts
• Operator settlement in T+0 to T+1
• Minimum deposit from BRL 10
• Operator-configured limits up to BRL 30,000 in 24 hours

Push-based scheme without chargebacks

The push-based nature of Pix structurally eliminates the possibility of chargebacks, a critical differentiator for iGaming operators working with thin margins and high exposure to fraud risk in traditional card-based models.

• No chargebacks due to the nature of the method
• Semi-automated KYC/AML based on player CPF
• Validation that the bank account belongs to the player themselves
• Transaction monitoring rules and fraud controls
• Player does not need a Pay4Fun account to operate
• Compliance aligned with Central Bank Brazilian regulation

Instant mass payouts

A relevant commercial differentiator of Pay4Fun's gateway for iGaming operators is its capacity to execute instant mass payouts via Pix, with no published operational cap, which allows the operator to release winnings immediately even during load peaks in promotional campaigns or high-volume days.

API, integration and plugins

The technical layer is exposed to the operator via REST API version 4.29 with webhooks for deposits and withdrawals, and a documented integration that the company positions as one of the fastest in the Brazilian market.

• REST API with deposit and withdrawal webhooks
• Requests hash-signed with merchant secret
• IP whitelist per environment (Test and Live)
• Sandbox with test Pix keys
• Hosted checkout, iframe or Pix QR in operator cashier
• Configurable branding (colour and logo) on screens
• Official plugin for WooCommerce
• 1-3 weeks for direct build, 2-4 weeks for onboarding

Pre-built connectors with aggregators

For operators already running on established iGaming platforms, Pay4Fun maintains pre-built connectors that eliminate the work of integrating from scratch.

• SoftSwiss
• SoftGamings
• Nuvei (within its APM catalogue)
• Corefy
• Rebilly
• Akurateco

Partnership with BetConstruct AI

On 20 July 2026 Pay4Fun announced the integration of its financial infrastructure within the BetConstruct AI platform, a strategic move that opened access to dozens of operators connected to the SoftConstruct group's platform operating or planning to operate in Brazil. The proposition integrates Pix processing, account ownership validation, transaction monitoring, fraud prevention and compliance aligned with Brazilian regulation.

Connected operators

Pay4Fun's commercial base combines regulated operators that already hold a licence in the Brazilian .bet.br market with integrations via B2B platforms that redistribute the gateway to their own clients.

• Bet4: agreement signed February 2025
• GaleraBet: integration July 2026
• Meridianbet: payment institution for Brazilian operation (24 August 2026)
• BetConstruct AI: dozens of operators via platform (July 2026)
• Clients via SoftSwiss, SoftGamings, Nuvei, Corefy, Rebilly, Akurateco

Exclusive Brazilian market

Pay4Fun's operation is exclusively limited to Brazil, with strict requirement that the player holds a CPF and Brazilian bank account in their own name. The company only onboards operators with active .bet.br market licence, a filter that positions it as a partner 100 percent aligned with the national regulated ecosystem.

• Operation exclusively in Brazil
• Requirement of player CPF and bank account
• Onboarding only of operators with .bet.br licence
• Currencies: BRL default, USD, EUR, GBP converted with 1-2 percent FX markup
• Deposit fee 1-5 percent per transaction, operator-configurable
• No eCommerce, only iGaming and online entertainment

Verticals served

Pay4Fun focuses exclusively on regulated iGaming operations, a vertical positioning that differentiates it from generalist PSPs serving both eCommerce and betting.

• Online casinos with Brazilian licence
• Regulated sportsbooks
• Slots and RNG catalogue
• Complementary online entertainment
• Expansion to B2B platforms and aggregators since 2026

Awards and recognition

Pay4Fun was recognised as one of the most relevant payment innovations in the Latin American iGaming segment by the industry.

• SBC Payment Innovation of the Year: first edition of the SBC Awards Lisbon 2024
• Recurring participation in SBC Summit Rio, SiGMA Americas and Brazilian iGaming Summit (BiS)
• Recognition as first regulated PSP in the Brazilian betting segment

Metrics and volume

Pay4Fun's operational numbers confirmed its positioning as one of the most used PSPs in the pre-regulation Brazilian market.

• 2 million user wallets (before closure in February 2025)
• BRL 500 million processed monthly in 2024 (~USD 91 million)
• 97 percent of volume via Pix in 2024
• 76 percent drop in January 2025 vs 2024 average post-regulation
• 90+ percent drop in February 2025 that triggered the consumer wallet closure
• Complete transition to B2B gateway model since 2025

Operational fit for operators

For iGaming operators running or seeking to run in the post-SPA regulated Brazilian market, Pay4Fun offers a differentiated proposition through the combination of pioneering authorisation from the Central Bank of Brazil as the first payment institution in the betting segment, direct Pix participation with settlement on its own account, 24/7 processing with deposits in less than 10 seconds and instant withdrawals, mass payouts with no published operational cap, REST API with webhooks, sandbox, configurable branding and WooCommerce plugin, pre-built connectors with SoftSwiss, SoftGamings, Nuvei, Corefy, Rebilly and Akurateco, partnership with BetConstruct AI that extends reach to dozens of operators on the platform, Pix push-based nature that eliminates chargebacks, CPF-based automated KYC/AML, compliance aligned with Brazilian regulation and exclusive focus on the regulated iGaming vertical. The transition from the wallet model to the pure gateway model in 2025 positioned the company as a partner aligned to the new regulatory framework, with the structural advantage of having been first mover in obtaining formal Central Bank authorisation for this specific segment. The combination of regulation, settlement speed, vertical focus and reach to B2B platforms makes it a natural option for operators seeking professional, compliance-first and scalable payment processing in Brazil.