Boleto Facil
A Case Study in Identifying Opportunity, Building Lean, and Exiting Smart
Context
Year: 1999–2005
Environment: Brazil’s payment infrastructure was fragmented. Credit card usage was low, and e-commerce was still nascent. Most small businesses relied on cash and boletos (bank slips) to collect payments.
The "Boleto Bancário" was created by FEBRABAN to allow individuals and businesses to issue a payment slip that could be paid at various locations — banks, lottery houses, post offices, or through online banking. While functional, it came at a high cost. Banks typically charged R$2.50 to R$4.00 (USD $1.00–$1.60) per boleto, plus setup and success fees.
Problem
These costs were prohibitive for small merchants. Issuing just 50 boletos a month could mean R$1,500 annually — a steep price for a basic utility. The banks’ APIs were also clunky, bureaucratic, and difficult to access for small tech teams.
I saw an opportunity: why not build an affordable, self-service boleto generator that gave small businesses control — without the overhead?
Solution
Phase 1: Desktop App (1999–2003)
Built using Visual Basic 6 and Microsoft Access, the first version was a standalone Windows application. It included:
A customer database with basic CRM functionality
A boleto generator compliant with FEBRABAN standards
Batch printing and, later, email dispatch with automated due-date reminders
To implement the boleto logic, I reverse-engineered FEBRABAN’s public documentation. I coded barcode generation, the "linha digitável," and validation rules — all in VB6. It was tedious, but it gave me full control and ensured bank compliance.
Phase 2: Web Version (2004 onward)
As e-commerce gained traction in Brazil around 2004, I ported the solution to Java Server Pages (JSP). This online version allowed integration with e-commerce sites, CRMs, and custom business systems. It was fast, scalable, and required no technical knowledge from the business owner.
Go-To-Market
Pricing: R$49.99 (USD ~$20) for a one-year license — unlimited boletos.
Distribution: Direct sales and word-of-mouth, targeting small businesses and software vendors.
ROI Example: A business issuing 600 boletos/year would spend R$1,500–R$2,400 via banks. With Boleto Facil, they paid under R$50. The payback was instant.
Outcome
With a growing customer base and national recognition, Boleto Facil became a well-known tool among small and mid-sized businesses. But I was also realistic: the low technical and regulatory barriers that enabled my success also meant larger players could quickly replicate and overtake the space.
Combined with the lack of institutional support for entrepreneurs in Brazil, scaling the business further would have required funding and infrastructure I didn’t have.
Exit: I sold the solution to a major financial institution in Brazil. The product gained a broader platform, and I gained the freedom to pursue new opportunities with strategic clarity.
This experience taught me the power of fast execution, customer empathy, and knowing when to build — and when to exit. Boleto Facil wasn’t just a business. It was a masterclass in navigating opportunity, constraints, and timing in a challenging ecosystem.