Pay4Fun

Company History

Pay4Fun was founded in 2018 in São Paulo by Leonardo Baptista (CEO) and Ari Celia (Director of Institutional Relations), with Marlon Rupe also cited as a co-founder and CFO in some sources. The initial vision was to create a payment method that met all legal requirements set by the Central Bank of Brazil while providing a seamless user experience for online bettors. From its early focus on online sports betting, Pay4Fun expanded into iGaming and later into land-based lottery solutions, signing partnerships with state lotteries in Paraíba, Rio de Janeiro, Maranhão, and Paraná. The company participated in G2E 2023 and ICE London 2024, signalling its ambition to enter the physical casino market when regulation permits.

Business Model

Pay4Fun operates as both an e-wallet provider and a payment gateway, generating revenue through transaction fees and settlement services. Its platform handles high volumes of transactions with low chargeback rates and full transparency on settlements abroad, making it attractive to international operators. The company does not publicly disclose detailed financials, but by 2023 it reported growth in employee numbers and client base, and by 2024 it claimed over 500 integrations with operators.

Products and Services

Pay4Fun’s core product is the Pay4Fun E-Wallet, a digital wallet that supports deposits and withdrawals via PIX, Boleto, bank transfer, and credit cards, available as mobile apps for iOS and Android. In early 2024, the company launched Pay4Fun GO, a gateway system that allows users to deposit directly on a merchant website without needing a Pay4Fun account; the merchant receives the full amount instantly, with no chargebacks and transparent settlement abroad. The Pay4Fun API is a REST API that operators integrate to offer multiple local payment methods in one place. Additionally, Pay4Fun develops land-based lottery solutions including payment terminals for video lottery terminals (VLTs) and physical casinos, with live implementation in Paraíba state lotteries.

Market Position and Regulation

Pay4Fun is authorised and regulated by the Central Bank of Brazil, making it one of the few payment institutions fully compliant with domestic financial regulations. Its focus on the Brazilian market allows it to offer local expertise that global processors often lack. The company has been recognised with industry awards and has attracted a growing base of international operators entering Brazil, such as Bet4, Betfast, Arzella, and Bellona. Key competitors include other Brazilian payment processors and global gateways, but Pay4Fun’s deep local integration and regulatory status provide a moat.

Leadership

The company is led by co-founder Leonardo Baptista (CEO), who has over 20 years of experience in gaming and IT. Ari Celia (Director of Institutional Relations) represents the company at regulatory panels and industry events. Henrique Costa serves as CTO, responsible for technology innovation, and Fabricio Murakami is CMO, leading marketing and product communication. Marlon Rupe is reported as CFO in some independent sources, overseeing financial operations.

Recent Developments

In 2024, Pay4Fun launched Pay4Fun GO and opened new headquarters in São Paulo. The company continues to expand into land-based operations, signing agreements with state lotteries and developing payment terminals for physical casinos. It also signed an integration agreement with Bet4 in early 2025, reinforcing its presence in the Brazilian sports betting market.