German-based Mambu, the company creating a SaaS banking engine, has signed Acesso, the financial services company, as its first Brazilian client.
Acesso specializes in issuing and managing prepaid cards to the country’s 50 million unbanked and underbanked people. Since launching in 2010, it has grown the number of active accounts past the 500,000 mark.
Davi Holanda, CEO of Acesso, believes the new deal will help build that client base even more. “Our challenge is to not only continue to bring more Brazilians into the formal sector, but to change the way Brazilians interact with their financial service providers and give them more options, especially when making payments,” he explained.
“Mambu’s platform will allow us to provide the best modern digital financial experience to our customers while giving us the momentum to grow by offering a comprehensive product range and cementing our leading place in this country’s digital financial services sector.”
Commenting on Mambu’s first foray into Brazil, Edgardo Torres-Caballero, managing director of Mambu, said the deal complemented the German commitment to South America. “The response of our Latin American clients has been positive and our portfolio has grown along with our clients,” he added. “We will support the innovation and expansion Acesso looks to achieve. Our platform will help Acesso be more agile and quick to market, while they focus on customer experience and creating cutting-edge services.”
The deal between Mambu and Acesso isn’t the only FinTech news coming out of Brazil recently. For instance, the Brazilian venture capital monashees closed its latest fund a while back, raising $150m to invest into the FinTech, transport and healthcare tech sectors.
In other news, Visa made an undisclosed strategic minority investment into Conductor, the Brazilian payments processor company, in October 2018.
