Banco Central do Brasil has authorized peer-to-peer loan startup Nexoos do Brasil Tecnologia e Serviços Ltda. to intermediate loans between borrowers and lenders without having to link to a separate financial institution, Diário Comércio Indústria & Serviços reported.

Nexoos reportedly filed for authorization to act autonomously 9 months earlier. The central bank is currently studying another 13 similar applications.

The company intermediated 80 million Brazilian reais in loans in 2018, a 260% jump from 2017. It now expects to reach 1 billion reais in volume by the end of 2020.

As of June 4, US$1 was equivalent to 3.86 Brazilian reais.