CASH3 Méliuz

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 an issuer of securities registered in Category A, 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 aimed at 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 investment rounds with funds such as Monashees and, in 2017, with Lumia Capital, which allowed it 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 held its initial public offering, raising funds through the issuance of new shares and the sale of stakes by selling shareholders, and became known as the first Brazilian startup to list its shares 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 boosting 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-commerces 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, the distribution of discount coupons, the activation of financial services and remuneration for users originated for credit and loan products. In 2024, Méliuz reported, based on management information, 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 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 operations 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 the bitcoin store-of-value strategy, and Other segments group together complementary businesses such as Melhor Plano, Alter and the Méliuz FIDC, focused on service comparison, financial services and the offer of credit products associated with the new Méliuz card.

In the Domestic B2C segment, Méliuz structures a digital “shopping” ecosystem where 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 commercialization of media and advertising placements, with part of this compensation being passed on to consumers in the form of cashback. The company has developed specific solutions such as cashback via receipt scanning, which makes it possible 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 the sale of gift cards 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 on purchases with 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 accumulated cashback. In 2024, the “Cofrinho” (piggy bank) feature was introduced, which directs funds from the digital account into fixed income securities tied 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 operates by promoting 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 acquisition and retention channel 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 strongly influenced by personal data protection rules in Brazil. The company adapted its operations to the General 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 remaining attentive to social and human rights issues in line with regulatory guidelines and evolving standards 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, the management of bitcoin reserves. The revenue structure is concentrated in B2C operations focused on the Brazilian market, with geographic diversification through Picodi and complementary products offered 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 trends in online consumption, data usage and the evolution of the regulatory environment in privacy and digital services in Brazil.