Ruvo

Ruvo (legal entity Ruvo Financial Inc., formerly known as Cacao) operates a mobile application that functions as a "global account" for Brazilians, allowing users to receive, hold, convert and send money across BRL, USD, digital dollars (stablecoins such as USDT) and crypto. Users obtain US account details to receive dollars free of charge via ACH, wire or crypto transfer, hold balances in multiple currencies, convert between them, and withdraw to Brazilian bank accounts through Pix keys. The company also issues a dollar-denominated Visa card that can be added to Apple Pay or Google Pay and spent directly from a dollar balance.

The product supports both personal (CPF) and business (CNPJ) accounts. Business features described by the company include receiving global payments, instant reconciliation and holding company funds in USD. Ruvo markets an absence of IOF (Brazil's financial transactions tax) on conversion, spending and sending abroad, contrasting this with the 4.38% IOF on Brazilian cards, 3.5% IOF on card spending abroad and 1.1% on bank wires. The company states it applies the market exchange rate without markup, charging a single transparent fee of 0.3%-1% depending on route and account type, with USD to digital dollar conversion free; card spending is free on dollar purchases and 1% on other currencies. Its site notes that stablecoin transfers typically settle in minutes while ACH and wire timing depends on the banks involved.

Ruvo describes itself as a technology platform rather than a regulated financial institution: it states that financial services are provided by regulated third parties, that it does not custody funds or perform regulated activities in Brazil, and that user funds sit in non-custodial wallets. Third-party coverage reports the company uses Crossmint infrastructure for its smart wallet technology, and the company cites licensed partners including Persona and Rain.