The acquisition aims to expand the company’s presence in the financial technology sector and accelerate digital transformation in vehicle financing in Brazil
Reinforcing its commitment to growth and innovation in Latin America, Evertec (NYSE: EVTC), a leading provider of payment processing and financial technology solutions in the region, today announced the completion of its acquisition of a 75% stake in Tecnobank, a market leader in the digital registration of vehicle financing contracts in Brazil.
The transaction, valued at BRL 787 million, equivalent to USD 148 million, was approved in September by the Administrative Council for Economic Defense (CADE), the Brazilian government agency responsible for regulating national competition, and marks Evertec’s entry into one of the most strategic sectors of the country’s financial market.
“We are excited to welcome the Tecnobank team to Evertec, strengthening our financial technology capabilities and opening new avenues for growth” said Mac Schuessler, President and CEO of Evertec. “Further, this acquisition scales our footprint in the rapidly-growing Brazilian market as we look to continue our momentum across Latin America.”
Recognized for its strong expertise in data intelligence and digital infrastructure, Tecnobank has established itself as a leader in its segment. For Renata Herani, the company’s president, the integration represents a unique opportunity: “By joining forces with Evertec, we have the chance to expand innovation, accelerate digital transformation in vehicle financing, and contribute to a faster, safer, and more inclusive financial ecosystem in Brazil.”
The alignment between the two companies paves the way for innovation, greater operational efficiency, and increased value for clients and partners.
