© Reuters. C&M Software, a leading fintech company with a significant presence in Brazil, plans to expand its U.S. workforce to nearly 250 by the end of 2024, with strategic hiring primarily in Texas and additional roles in New York and California, Bloomberg reported. Chicago and Miami. Where the company’s headquarters is located. This expansion aims to strengthen the company’s role in driving the adoption of FedNow among financial institutions, a service that enables instant payments and is currently used by approximately 20 customers.
Orly Machado, whose experience shaped the Pix system widely used in Brazil and who has advised Latin American countries on instant payment systems, leads the company’s strategic direction. Under Machado’s leadership, C&M Software expects FedNow to be widely used in the US by 2025, despite competition from non-FDIC insured entities such as Venmo and PayPal (NASDAQ:).
The appointment of Ricardo Lanfranchi as the new US CEO comes at a time when the company is strengthening its position in the face of a potential economic downturn thanks to its market-leading fintech software solutions in Brazil and its 255-person workforce. Machado’s background, which includes contributing to the development of the Brazilian Payment System (SPB) at IBM Corp, highlights his extensive experience in the areas of fintech innovation.
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