Agi is a Brazilian fintech bank focused on providing credit to underserved Brazilians — primarily social security retirees and pensioners, private sector workers, and public sector employees. Agi's core product is the social security benefits loan (consignado INSS), which makes up roughly 79% of its R$34.9B credit portfolio. These loans are repaid via automatic deductions from government pension payments before cash reaches the borrower, which effectively eliminates credit risk and shifts it to mortality risk. Interest rates on these loans are government-capped, so competition is on origination volume and service rather than price. The remainder of the portfolio consists of unsecured personal loans, payroll-linked credit cards, FGTS-backed loans, and a fast-growing private sector payroll loan product launched following 2025 regulatory reform. Agi distributes through a hybrid model: a network of 1,111 compact retail locations called Smart Hubs across 720+ cities, combined with a mobile app. Critically, Agi holds INSS accreditation, which allows it to act as the designated payer of social security benefits in micro-regions it wins through government auctions — creating a captive flow of new potential borrowers. This accreditation requires a physical presence nationwide, making it structurally inaccessible to digital-only competitors. Agi earns additional fee income by brokering insurance products to its existing customer base without bearing underwriting risk. Customers average six Agi products each, and approximately 20% of new customers join digitally. A key risk is Agi's dependence on its INSS agreements — the company was suspended twice in 2025, with both suspensions subsequently lifted.