CASH3

Méliuz S.A. is a technology company founded in 2011 by Israel Fernandes Salmen and Ofli Campos Guimarães, originally under the name Solo Marketing Eletrônico Ltda., in Minas Gerais. The company began its operations focused on discount coupons and cashback for purchases made at partner online stores. On August 6, 2015, it was converted into a privately held corporation and later evolved to become a category A securities issuer, with common shares traded on B3 under the ticker CASH3. The company’s headquarters are currently located in São Bernardo do Campo, in the State of São Paulo, consolidating its presence in the technology and digital services ecosystem focused on retail and the financial market.

Throughout its history, Méliuz has sought capital and strategic partnerships to accelerate product development and the expansion of its user base. In 2012, it was selected for the Startup Chile acceleration program, an experience that contributed to the entry of a new partner, Leandro de Barros Alves. In 2015 and 2016, the company carried out funding rounds with investors such as Monashees and, in 2017, with Lumia Capital, which made it possible to strengthen its core business of generating sales for marketplaces and explore new fronts, such as partnerships with consumer goods manufacturers and financial institutions. In November 2020, Méliuz carried out its initial public offering, raising funds through the issuance of new shares and the sale of interests by selling shareholders, and became known as the first Brazilian startup to go public on B3.

Méliuz’s business model is based on a digital platform that connects users, retailers, brands, and financial institutions, focusing on generating qualified traffic and increasing sales for partners. The company operates through a website, mobile app, and browser extension, monetizing mainly through commissions on the gross merchandise volume (GMV) generated for partner e-commerce sites and through fees linked to the total payment volume (TPV) of financial services offered on its platform. Revenue also includes the sale of advertising space in premium positions, distribution of discount coupons, activation of financial services, and remuneration for users originated for credit and loan products. In 2024, based on management information, Méliuz reported approximately R$ 5 billion in online sales generated through its platform.

Méliuz’s operations are organized into four main segments: Domestic B2C, International B2C, Bitcoin Treasury, and Other segments. Domestic B2C concentrates the core of the business, including the cashback shopping marketplace, gift card sales, mobile phone top-ups, the Méliuz Nota Fiscal product, digital account, credit card and payment services, as well as the results of Promobit, a social-commerce platform acquired in 2021. International B2C reflects the operation of Picodi, a company based in Poland that works with discount coupons and cashback in dozens of countries. The Bitcoin Treasury, created in 2025, is dedicated to a bitcoin store-of-value strategy, and Other segments group complementary businesses such as Melhor Plano, Alter, and the Méliuz FIDC, focused on service comparison, financial services, and offering credit products associated with the new Méliuz card.

In the Domestic B2C segment, Méliuz structures a digital “shopping” ecosystem in which users can freely access various online stores, products and services, discount coupons, and cashback campaigns. Commissions are generated from sales to e-commerce partners, the use of coupons, and the sale of media and advertising placements, with part of this remuneration passed on to consumers in the form of cashback. The company has developed specific solutions such as cashback via receipt (nota fiscal) scanning, which allows it to incentivize the sale of specific products in any brick-and-mortar retail chain, and Méliuz Ads, a tool that uses the company’s database and CRM to segment marketing campaigns and increase brand visibility across its digital channels. The portfolio is complemented by services such as gift card sales with cashback, mobile phone top-ups, and Méliuz Prime, a premium subscription model that offers additional benefits, such as double cashback at certain stores and extra perks for purchases linked to receipts.

Méliuz’s strategy includes integrating financial services into the shopping journey. After previous experiences with a co-branded credit card in partnership with Banco Pan, the company entered into a strategic alliance with Banco BV in 2022 to offer a free digital account, an annual fee–free credit card with cashback, and investment products. This partnership resulted in the launch of the Méliuz credit card with the Mastercard brand, available in both physical and virtual versions, as well as a digital account that directly receives the accumulated cashback. In 2024, the “Cofrinho” (little savings pot) feature was introduced, which channels funds from the digital account into fixed-income investments pegged to the CDI. The company also operates, through its FIDC, in offering credit products linked to the Méliuz card, reinforcing the financial services vertical within the ecosystem.

Méliuz’s presence extends beyond the Brazilian market through Picodi, an international operation initially acquired in 2021 and integrated into the group. Picodi promotes discount coupons and, later, cashback in 44 countries, with a website available in several languages and a browser extension, expanding the company’s geographic reach. In the domestic market, the company reports a base of tens of millions of registered accounts and positions itself as an important channel for customer acquisition and retention for online retailers, consumer packaged goods brands, and financial institutions. In addition, Promobit complements the ecosystem with a community-based social-commerce model, in which users share deals, promotions, and coupons, generating traffic and conversions for partner stores.

Regarding regulation, Méliuz operates in an environment heavily influenced by personal data protection rules in Brazil. The company adapted its operations to the General Personal Data Protection Law (LGPD) starting in 2020, with the creation of internal privacy governance structures, such as the formal appointment of a data protection officer (DPO) and the establishment of a Privacy Committee involving the Information Security and Governance, Risk, and Compliance areas. The company follows the guidelines and resolutions of the National Data Protection Authority (ANPD) and maintains a data protection and cyber liability insurance policy to mitigate risks associated with information security incidents. In the environmental field, Méliuz states that its predominantly digital activities do not generate significant environmental impacts and, therefore, it does not adopt formal environmental policies or specific international standards, while still paying attention to social and human rights issues in line with regulatory guidelines and regulatory trends applicable to medium and large companies.

Méliuz’s common shares, traded on B3 under the code CASH3, reflect a business model based on a digital intermediation platform, performance marketing, financial services in partnership with regulated institutions, and, more recently, bitcoin reserve management. The revenue structure is concentrated in B2C operations focused on the Brazilian market, with geographic diversification through Picodi and product complementarity provided by the subsidiaries Melhor Plano, Alter, and Promobit. This positioning places the company at the intersection of technology, digital retail, and financial services, with significant exposure to online consumption trends, data usage, and the evolution of the regulatory environment for privacy and digital services in Brazil.