CSUD3: quote, dividends and indicators for CSU Digital

CSU Digital S.A. is a Brazilian financial technology company, with common shares traded on B3 under the ticker CSUD3 and listed on the Novo Mercado corporate governance segment. Founded in 1992 by Marcos Ribeiro Leite, initially under the name CardSystem Ltda., the company began as the first independent processor and manager of electronic payment methods in Brazil, focused on small and mid-sized commercial banks in a still incipient card market. Throughout the 1990s, it consolidated a “full service” operating model for the credit card cycle, adding to its technological infrastructure services such as transaction authorization, billing, collections, fraud prevention, customer service, and systems development. In 1996, it became the first company in the country to work simultaneously with the Visa, Mastercard, and American Express brands, and in 1997 it was converted into a corporation (sociedade anônima), with the entry of private equity investors and the acquisition of UPSI Informática, adopting the name CSU CardSystem S.A. In 2006, it went public on the then Bovespa, becoming the first company in its segment to list its shares on the stock exchange, under the code that was later changed to CSUD3.

Throughout the 2000s, CSU expanded its activities beyond card processing, structuring new business lines integrated into the full-service concept. Divisions were created focused on relationship marketing, loyalty and incentive programs, as well as the management of call centers, customer service (SAC), telesales, collections, engagement, and back office. This diversification allowed the company to meet the operational and relationship needs of card issuers and other clients, starting to offer activation, engagement, and support solutions for user bases. Between 2012 and 2017, the company also expanded its presence in information technology services, including managed hosting, collocation, and consulting, while consolidating platforms such as the OpteMais e-marketplace and the C360 solution for data analysis, campaign management, and multichannel communication. By the end of this period, it managed tens of millions of registered cards and thousands of service positions, with significant presence in loyalty and incentive programs in the Brazilian market.

From 2018 onward, CSU intensified the digitalization of its portfolio, moving closer to neobanks, fintechs, and companies from various industries interested in embedded financial services and digital payments. In the then business unit responsible for payments, now CSU Pays, projects were developed for digital and virtual cards, e-wallets, payment solutions using wearable devices, QR Code, and contactless technology. In parallel, the customer service unit, now CSU DX, began to rapidly incorporate emerging technologies, with extensive use of automation, robotics, apps, and digital tools to increase productivity and efficiency in end-consumer relationship operations. The Covid-19 pandemic, from 2020, led to a massive migration of service operations to the remote model, with a strong increase in the use of non-voice digital channels such as chat, email, social media, and robotic solutions, reinforcing the technological nature of the company’s activities.

CSU Digital’s current business model is organized into two major operating segments: CSU Pays and CSU DX. CSU Pays is the hub for digital payments, loyalty, incentive, and embedded finance solutions, providing technological and operational infrastructure for processing credit, debit, and prepaid cards in physical, digital, and virtual environments, as well as digital wallets, Pix, Pix Parcelado (installment Pix), and cryptocurrency transactions. In this area, the company operates under the software as a service (SaaS) concept, providing transaction authorization, billing, credit cycle management, collections, card issuance and delivery, loyalty programs and CRM, back office, fraud prevention, brand relationship management, and support for acquirers. Recent developments include a hybrid technology architecture, combining the robustness of a proprietary high-platform system, the Wide Platform, with the Magnus cloud core, based on microservices and a cloud environment, which enables greater flexibility in creating and deploying new solutions.

Still within CSU Pays, the embedded finance offering consists of providing a complete and modular banking core, accessible via APIs or through white-label applications, enabling companies from different sectors to offer digital accounts for individuals and legal entities, transfers, payments, issuance and settlement of boletos, top-ups, and digital cards. The company also structures and operates loyalty and incentive programs that involve the accumulation of points, access to product and service catalogs, redemptions with discounts at commercial partners, and cashback, as well as sales incentive and employee engagement programs with gamification elements. These offerings allow issuers, retailers, financial institutions, and companies from other segments to use CSU Digital’s infrastructure to increase retention, relationships, and monetization of their customer, employee, and partner bases, generating new revenue streams related to payments and benefits.

The CSU DX segment concentrates activities in customer experience and process management with intensive use of technology, hyperautomation, and artificial intelligence. The unit operates in digital customer service, through apps, self-service channels, and bots, and in telephone customer service supported by proprietary platforms, integrating people and technology in a hybrid infrastructure. The offering includes technical support, collections, relationship services, and cross-sell and up-sell initiatives, focusing on various sectors, especially those linked to financial services. CSU DX also develops and operates a process hyperautomation platform, called HAS, aimed at front, middle, and back office, which integrates advanced AI tools in areas such as fraud prevention, document and data curation, credit pipelines, information exchange, quality monitoring, and onboarding. These solutions seek to increase efficiency, reduce operating costs, and enable greater integration between CSU Pays and CSU DX offerings, opening space for cross-sell and up-sell opportunities between the company’s segments.

CSU Digital maintains a strong presence in the Brazilian market, with 100% of its 2025 net revenue coming from clients located in the country. The company mainly provides services to financial institutions, card issuers, acquirers, fintechs, digital banks, retail companies, and other businesses that require large-scale electronic payment, loyalty, and customer service solutions. The payment methods market in Brazil is regulated and interconnected, involving issuers, brands, acquirers, and merchants, and CSU positions itself as a processor that operates around these links, offering associated technology, infrastructure, and services. In 2025, three clients individually accounted for more than 10% of the company’s net revenue, totaling R$ 306 million distributed between the CSU Pays and CSU DX segments, which indicates the relevance of large contracts in its revenue profile. On the regulatory front, subsidiary CSU Digital Instituição de Pagamento Ltda. received authorization from the Central Bank of Brazil to operate as an electronic money issuer and postpaid payment instrument issuer, and the migration of regulated activities to this entity is underway.

From the standpoint of intellectual capital and intangible assets, CSU Digital primarily develops its own technology, recorded as IT systems, and also uses third-party software considered strategic, operating under a hybrid technology model. The company owns dozens of trademarks registered with the INPI, notably the “CSU” brand, and holds important domain names such as csu.com.br and optemais.com.br. In the environmental, social, and governance field, the company’s activities are not subject to specific environmental regulation, but it has implemented a sustainability program focused on awareness-raising initiatives and proper solid waste management, through selective collection and disposal by specialized companies. Since 2003, the company has maintained the CSU Institute, a non-profit organization dedicated to managing social projects that have already served thousands of people in initiatives aimed at training and integration into the job market. These practices, together with its Novo Mercado listing and trading of CSUD3 shares on B3, comprise the governance and socioenvironmental responsibility context in which CSU Digital operates.