Technology

Tecban, owner of Banco24horas ATMs, reverses losses and already works with 11 fintechs

Another 108 Brazilian fintechs are under negotiation to connect with the company's system

Banco24horas ATM's in Porto de Galinhas, Pernambuco.
Banco24horas ATM's in Porto de Galinhas, Pernambuco. Photo: Fotoadicta / Shutterstock
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  • Tecban is a company whose partners are the five main banks in Brazil: Itaú (with a 28.95% share), Bradesco (24.32%), Santander (19.81%), Banco do Brasil (12.52 %), Caixa (11.61%), in addition to Banorte (2.78%);
  • This last institution is in extrajudicial liquidation and under the management of Brazil’s Central Bank.

Tecban, owner of the Brazilian Banco24Horas ATM network, managed to reverse the loss of 2018 (BRL 38.584 million) and end 2019 with a profit of BRL 57.228 million. According to the Valor Econômico newspaper, the company’s net revenue grew 18.10%, to BRL 2.371 billion last year, while expenses grew 16.51%, to BRL 499.385 million. The results were released this Tuesday (3th).

In Brazil, the Banco24horas ATM’s network offers a series of services, such as payments and withdrawals, for a range of different banks and financial institutions. Currently, Tecban has 23 thousand ATMs in 650 cities, with 40 banks associated with the network.

READ ALSO: Brazilian neobank Nubank saw its revenue double and the number of customers triple in 2019

Tecban is a company whose partners are the five main banks in Brazil: Itaú (with a 28.95% share), Bradesco (24.32%), Santander (19.81%), Banco do Brasil (12.52 %), Caixa (11.61%), in addition to Banorte (2.78%), an institution that is in extrajudicial liquidation and under the management of Brazil’s Central Bank.

Also in February, the company released the first results of its partnership with fintechs, payment companies and social banks in the country. In less than two months after the launch of HubDigital, a platform developed by TecBan for these companies, more than BRL 13 million has already been withdrawn via these fintechs customers.

READ ALSO: Profits of Brazilian neobank Banco Inter increased by 16.8% in 2019

Today, according to the company, TecBan has 11 fintechs connected to the new model–Nubank and Banco Inter are among them–, and more than 108 are under negotiation to also use the platform.

Last year, the Brazilian Central Bank launched a public consultation on the possibility of implementing the interoperability of ATM networks in the country. The consultation ended on February 14th and has yet to be released. The idea is to facilitate the access of small and medium-sized institutions to ATM networks in the country. It is not yet known what impact something like this would have on the operations of TecBan and the banks themselves.