Bloomberg has reported that C&M Software, a fintech leader with a significant presence in Brazil, is set to expand its U.S. workforce to approximately 250 by late-2024, with strategic hiring primarily in Texas and additional roles in New York, California, Chicago, and Miami, where the company's U.S. headquarters is located. This expansion aims to bolster the company's role in promoting the adoption of FedNow among financial institutions, a service that enables instant payment capabilities and is currently utilized by about 20 clients.
Orli Machado, whose expertise has shaped Brazil's widely-used Pix system and who has advised Latin American countries on instant payment systems, leads the company's strategic direction. Under Machado's guidance, C&M Software anticipates widespread use of FedNow in the U.S. by 2025 despite competition from non-FDIC insured entities like Venmo and PayPal (NASDAQ:PYPL).
The appointment of Ricardo Lanfranchi as the new U.S. CEO comes at a time when the company is strengthening its position against potential economic downturns with its market-leading fintech software solutions in Brazil and its workforce of 255 individuals. Machado's background, which includes contributing to the development of Brazil's Payment System (SPB) at IBM (NYSE:IBM) Corp., underscores his extensive experience in financial technology innovation sectors.
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