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Brazilian bank Itaú buys digital transformation startup for about $ 144.5 million

With the acquisition of Zup, Itaú should accelerate its digitization plans

App from the Brazilian bank Itau
It's the largest donation from just one company in Brazil to fight the pandemic, and it will be managed by Fundação Itaú Unibanco. Photo: Shutterstock
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  • Itaú will buy 51% of Zup, for about BRL 293 million in a first stage;
  • The rest will be acquired gradually, within four years.

One of the five largest banks in Brazil, Itaú announced the acquisition of Zup, a startup created in 2011 in the city of Uberlândia. According to the Brazilian newspaper O Estado de S.Paulo, the total value of the transaction is BRL 575 million ($ 144,5 milllion) and the purchase will be made in three stages, in four years.

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Zup is a startup focused on digital transformation that offers analysis of large databases as a service. With the acquisition, Itaú should accelerate its digitization plans.

According to Estadão, Itaú will buy 51% of Zup, for about BRL 293 million in a first stage. The rest will be acquired gradually, within four years.