TruePay, credit score fintech, is now Tino and needs to get nearer to small retail
- September 15, 2022
- No Comment
Fintech announces new name and change in its flagship product, credit for small retailers
THE TruePay, a fintech dedicated to small retail, has a new look. This Tuesday, the startup announced a change of name, positioning and, consequently, its main product: credit for shopkeepers from card receivables.
TruePay is now called Tinoin a clear reference to the so-called “entrepreneurial acumen”, a striking feature of the primary target audience of the fintech founded in 2020 by investors Pedro Sônego de Oliveira and Luis Eduardo Cascão.
With the change, Tino now reconfigures its main product as well. Until now, the fintech worked in the conversion of credit card receivables into a means of payment for small merchants interested in more working capital to pay suppliers and to keep inventories up to date. Now, the receivables gain a new function, being just a guarantee for the credit operations financed by the startup.
In practice, card receivables (advances of sales made on installments) will only be accessed by Tino if the retailer does not pay its loans on time. The payment of installments can be made through other methods such as boleto and Pix, ways more familiar to shopkeepers.
Why did TruePay change its name?
According to the founders, the product change comes after a long process that has been going on for months, and which involved conversations with customers in different focus groups to understand the best positioning, name and product. “We understand that receivables, as a form of payment, hindered the shopkeeper. But our mission is always to help, from the beginning”, explains Sônego, CEO of the company.
If, on the one hand, there is a change that even includes the change of the company’s name, on the other hand, there is a careful analysis of the message passed on by him. For Cascão, the name change arose from a need they observed, as customers did not assimilate the English term to TruePay’s solution, in addition to messing up financial management with anticipation. Today, the company has around 10,000 customers.
Now, the intention is to be closer and better dialogue with this audience. “The goal is to first educate the base inwardly and ensure that customers understand the value of this rebranding and product evolution,” he says. “The idea is to put the entrepreneur as the protagonist in their decisions”.
Founded in 2020 by Pedro Sônego de Oliveira and Luis Eduardo Cascão, TruPay (now Tino) was born to solve a common pain of small shopkeepers: the excess of bureaucracy faced when accessing credit lines and the lengthy relationship between these professionals and their Providers.
Against this backdrop, TruePay has developed a business model that allows retailers to pay their suppliers using credit card receivables. The startup, which closed the year 2021 with two contributions — a seed round and another Series A, totaling around BRL 221 million raised — will now offer traditional lines of credit, and receivables will only be collateral in operations. .