Financial Services
For 28 years we have followed the evolution of the sector in Brazi, from the first movements to today’s consolidation and innovation theses — always by the side of business owners.
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For 28 years we have followed the evolution of the sector in Brazi, from the first movements to today’s consolidation and innovation theses — always by the side of business owners.
Deals completed in this sector.
Countries where deals took place.
Specialists dedicated to this sector.
trade shows, exhibitions, and conferences mapped globally.
bilhões de reais transacionados com fundos de investimento internacionais
Context
Founded in the mid 1990s and headquartered in São Paulo, Conductor was a leading Brazilian payment processing company specializing in private label and co branded card solutions. It held PCI DSS certification and operated across prepaid, credit, and hybrid cards partnered with networks such as Visa and Mastercard. In 2018, Conductor launched a banking-as-a-service arm called Dock. Following a strategic rebranding in 2021, the Conductor, Dock, and Muxi brands were unified under the single name Dock, reflecting its evolution into a full-stack fintech platform.
Riverwood Capital is a global private equity firm founded in 2008, with offices in Menlo Park, New York, and São Paulo. It invests in high growth technology companies across the Americas.
Strategic Rationale
The 2014 acquisition marked Riverwood’s strategic entry into Brazil’s payments infrastructure market. It provided Conductor with the necessary capital and expertise to modernize its platform and accelerate growth. The rebranding to Dock in 2021 signified a shift from pure card processing to a comprehensive BaaS and fintech services provider, enabling expansion across Latin America and participation in major infrastructure initiatives.
Context
Founded in 2018, Flip is a fintech specialized in receivables prepayment, offering a 100% digital, automated, and innovative credit journey. Through its proprietary technology, it performs real-time risk analysis, allowing entrepreneurs to choose the best credit structure for their businesses. This fast and transparent approach has enabled Flip to surpass R$ 1 billion in credit transactions throughout its trajectory.
Olist, a Brazilian unicorn valued at US$ 1.5 billion, is a platform of integrated commerce solutions, with an ecosystem that already includes the Tiny ERP, the Vnda e-commerce platform, and the PAX logistics solution.
Strategic Rationale
The acquisition of Flip marks Olist’s official entry into the SME credit segment, expanding its financial services unit launched in 2024. The transaction aims to address one of the biggest challenges faced by small and medium-sized entrepreneurs in Brazil: access to credit.
With this integration, Olist strengthens its position as the main partner for Brazilian entrepreneurs, offering comprehensive solutions that now cover technology, operations, and credit. The acquisition also represents the resumption of Olist’s M&A agenda as part of its strategy for sustainable growth and business diversification.
Context
Founded in São Paulo and also present in Rio de Janeiro, Inove Investimentos is one of the leading investment advisory firms in the XP network, with R$ 7 billion in assets under custody, approximately 8,000 clients, and a team of 50 advisors. The firm was recognized as the best in the Southeast Region at the Brazil Advisor Awards 2025, held during Expert XP, and stands out for its excellence in client service and mature, efficient management.
XP Inc., the largest investment platform in Brazil, has been expanding its ownership in high-performance partner offices as part of its strategy to strengthen and grow its advisor network. This was the 11th transaction of this kind carried out by XP.
Strategic Rationale
With XP becoming a minority shareholder, Inove Investimentos will accelerate its growth plans, both organically and through acquisitions. The partnership supports the goal of reaching R$ 10 billion in assets under management by 2026, while also driving expansion into new segments such as corporate client services and the development of strategic partnerships.
For XP, the transaction reinforces its strategy of investing in high-performance advisory firms, further strengthening its advisor network and ensuring excellence in investor service. For Inove, the partnership enables new investments in technology, governance, and expansion, while keeping the founding partners in control of operations.
Context
Vórtx is an infratech company that provides infrastructure for the Brazilian capital markets, offering services such as fund administration, custody, bookkeeping, trustee, and settlement agent. The company manages hundreds of billions in assets, with a strong technological focus, and has positioned itself to deliver increasingly integrated services to the financial market. In 2025, the company completed its Series C round with the entry of investment firms Hix and TreeCorp as new partners, in a move aimed at accelerating its growth trajectory.
Strategic Rationale
The strategic rationale of the transaction is linked to Vórtx’s inorganic expansion, with a focus on acquisitions and incorporations that complement its service portfolio and strengthen its position as one of the leading players in the sector. Beyond capital, the entry of Hix and TreeCorp brings strategic access, governance, and connections that enhance the company’s growth capacity, partnerships, and institutional positioning. The round also enables the acceleration of new scalable technological solutions, the reinforcement of back-office infrastructure, greater process automation, and the opening of new business verticals, consolidating Vórtx as a reference in innovation in the capital markets.
Context
3A RIVA Investimentos is one of Brazil’s leading investment advisory firms, with a presence in strategic regions of Minas Gerais and São Paulo. The firm manages over R$ 17 billion in assets under custody, serves 18,000 active clients, and has a team of more than 300 professionals.
With XP Inc. becoming a minority shareholder, 3A RIVA strengthens its market position and gains access to XP’s structure in management, technology, and governance, further enhancing its growth potential.
Strategic Rationale
The new partnership will allow 3A RIVA to accelerate its expansion plan, with the goal of reaching R$ 35 billion in assets under custody by 2027, while also investing in new business lines such as corporate services, insurance, international investments, and a new partnership model to attract and retain talent.
For XP, the transaction reinforces its strategy of investing in high-performance offices within its network, consolidating its position as the largest investment platform in the country and strengthening its ability to offer complete and innovative solutions for different client profiles.
Context
Farmtech, founded in 2017, is the leader in Brazil’s rural digital credit market. The fintech has built a scalable model through partnerships with agricultural input resellers and manufacturers, now serving 85% of the sector’s distribution chain. The company has enabled R$22 billion in credit across 200,000 operations through a fast-release financing platform integrated with distributors.
Bewater is a venture capital firm focused on growth-stage companies, offering long-term capital and strategic support.
Strategic rationale
The funding aims to solidify Farmtech’s position as the leading digital credit platform in Brazilian agriculture while enabling expansion into new verticals, such as machinery financing. igc partners acted as Farmtech’s exclusive financial advisor in the transaction with Bewater.
Context
Bexs Banco, specialized in foreign exchange and payments, was acquired by the London-based fintech Ebury.
Founded in 1989, Bexs has processed over 30 million transactions in 2021 — integrating FX with Pix — and handled over R$20 billion in foreign exchange in that year alone.
Ebury, established in London in 2009 with operations in more than 25 countries, is one of the world’s largest fintechs serving SMEs in international payments and foreign exchange.
Strategic Rationale
This acquisition broadens Ebury’s offering of international money transfer and foreign exchange solutions in Brazil, particularly for SMEs, marketplaces, SaaS companies, and e commerce platforms.
Leveraging Bexs’s scalable technology and FX banking license, Ebury can now enable large-scale payments from abroad directly to Brazil, support account opening in other currencies, and replicate this model in other markets.
With this deal, Ebury aims to onboard 3,000 clients in Brazil by 2025, accelerating its strategic entry into Latin America and reinforcing Brazil as its gateway to the region’s cross-border trade ecosystem.
Context
Founded in 2007, SVN Investimentos is one of Brazil’s leading investment advisory firms, currently managing around R$ 20 billion in assets, with 26,000 active clients and a team of 460 professionals. The company has offices in several cities, including Maringá, Curitiba, Foz do Iguaçu, Londrina, Cascavel, Campo Grande, and São Paulo, and recently expanded into the Northeast through its merger with Bahia Partners, another XP-affiliated office.
XP Inc., the largest investment platform in the country, acquired a minority stake in SVN in a transaction that marked the first deal under the new regulatory framework for the sector. With the deal, SVN consolidates its position as the fifth largest XP-affiliated office.
Strategic Rationale
The investment from XP will allow SVN to strengthen its existing operations and invest in new growth avenues, such as its recently created M&A division. The partnership also supports the firm’s goal of surpassing R$ 40 billion in assets under custody over the next five years, boosting competitiveness and diversifying the services offered.
For XP, the transaction reinforces its strategy of strengthening high-performance offices within its network, further consolidating its leadership in the Brazilian investment market.
Context
Founded as a digital marketplace for payroll loans, BX Blue specializes in offering credit solutions for public servants, retirees, and INSS pensioners. The company has over 1 million registered clients and has already originated more than R$ 2.4 billion in contracts, combining technology, data intelligence, and partnerships in a highly secure digital platform.
PicPay, one of the largest payment and financial services apps in Brazil, acquired BX Blue as part of its strategy to expand its portfolio and diversify services within its financial vertical.
Strategic Rationale
With the acquisition of BX Blue, PicPay enters the payroll loan market with immediate scale and an already consolidated platform. The transaction broadens PicPay’s presence in the financial services sector, adding a highly relevant credit line with strong growth potential.
For BX Blue, the deal represents an opportunity to accelerate its expansion by integrating into PicPay’s ecosystem, enlarging its customer base and strengthening its capacity for innovation in the payroll loan segment.
Context
Based in Tatuí (SP), One7 specializes in credit and receivables solutions for micro, small, and medium-sized enterprises, operating through FIDCs (Receivables Investment Funds) and securitization vehicles. Since 2019, it has originated more than R$ 7 billion in receivables prepayments and also offers products such as working capital and private payroll loans. With nationwide reach and ongoing digital transformation, the company has been expanding its relevance in the financial sector, with plans to triple its revenue in the next two years.
XP Asset Management, XP Inc.’s asset management arm, is one of the largest in Brazil. Founded in 2006, it offers a diversified portfolio that includes equities, fixed income, multimarket funds, structured credit, infrastructure, real estate, private equity, and other products for both institutional and individual investors.
Strategic Rationale
XP Asset acquired a minority stake in One7 through a R$ 110 million investment, which will be allocated to accelerating investments in technology, infrastructure, distribution network expansion, new partnerships, and potential acquisitions. The deal strengthens One7’s strategic positioning in a fragmented and high-potential market, enhancing its ability to consolidate market share and offer more robust financial solutions to SMEs.
For XP, the investment represents an opportunity to strengthen its presence in the structured credit segment alongside a player with a solid track record and scalable proprietary technology. For One7, the partnership with XP validates its management, increases resilience, and provides support for sustainable growth across different market scenarios.
Context
Passfolio Securities LLC is a U.S.-based fintech and brokerage firm founded in 2018 and headquartered in San Francisco, California. Focused on democratizing access to the U.S. financial markets, Passfolio allowed international investors — especially from emerging markets like Brazil — to easily buy and sell U.S. stocks, ETFs, and cryptocurrencies through a mobile app. The company operated under regulatory oversight from the SEC and FINRA, offering commission-free trading and seamless integration with local currency transfers, positioning itself as a gateway to global investing.
Banco Santander S.A., headquartered in Madrid, Spain, is one of the largest banks in the world by market capitalization and a global leader in retail and commercial banking. Founded in 1857, the Santander Group serves more than 160 million customers through approximately 9,800 branches and over 200,000 employees in Europe, the Americas and other regions.
Context
DM is a leader in the white label card processing and issuance segment, offering credit to low-income consumers (classes C, D, and E) through private label cards, co-branded cards, digital accounts, and personal loans. The company serves this audience in partnership with retailers seeking to provide attractive financial products, playing a key role in their loyalty programs. In 2023, the company’s credit portfolio grew 60%, reaching R$ 810 million, while total payment volume (TPV) hit R$ 4 billion, representing a 37% increase.
The Vinci Impacto e Retorno IV fund, managed by Vinci Partners, acquired a minority stake in the company.
Strategic Rationale
The investment will enable DM to invest in technology to enhance its clients’ digital experience, as well as to support potential strategic acquisitions. The partnership with Vinci strengthens the company’s ability to accelerate expansion, broaden its portfolio of financial products, and consolidate its leadership in the credit segment focused on lower-income consumers in Brazil.
Context
Founded in 2013, Absolute Investimentos is one of Brazil’s largest independent multimarket fund managers, with more than R$ 21 billion in assets under management. The firm is recognized for its true partnership culture and for its cohesive team of professionals with complementary backgrounds, which has enabled the delivery of consistent, above-market-average returns in strategies such as macro, arbitrage, and equities.
BTG Pactual, the largest investment bank in Latin America, acquired a minority stake in Absolute, in what represented the largest deal in the asset management segment in Brazil to date.
Strategic Rationale
The partnership with BTG Pactual will allow Absolute to expand its operations by entering new business areas and strengthening the distribution power of its products. For BTG, the investment reinforces its strategy of diversification and consolidation in the asset management market, partnering with one of the most respected and well-regarded firms in the country.
The transaction also highlights IGC Partners’ role as a reference in the sector, having advised on five transactions in the asset management segment over the last 12 months.
Context
Founded in 2016, Suno is a reference in financial market content production and data analysis, serving more than 150,000 clients and employing over 280 professionals. The group operates across several areas, including Suno Research, content portals, as well as its recently launched asset management, wealth management, and securities advisory services.
In this transaction, XP Inc., the largest investment platform in Brazil, acquired a minority stake in the group.
Strategic Rationale
With XP becoming a shareholder, Suno will continue to operate independently but will have the opportunity to accelerate its growth and expand access to its services. For XP, the transaction reinforces its strategy of partnering with high-performing and innovative companies in the financial market, consolidating its ecosystem of solutions for investors.
Context
Foxbit was born in 2014 with the desire to develop a solid and credible market for trading bitcoin and other cryptocurrencies in Brazil. It has consolidated itself as one of the largest and oldest cryptocurrency and digital asset exchanges with more than 20 billion reais traded so far, with almost one million registered customers. In 2021, it expanded its business with new products and services aimed at the B2B and B2B2C market such as asset tokenization, crypto-as-a-service and crypto payment methods.
OK Group is the world’s leading blockchain group, and also one of the earliest blockchain enterprises. Since its establishment in 2013, OK Group is always dedicated to the technical development and business application of blockchain. Currently OK Group has developed into a global large-scale blockchain technology and service provider. it has branches or offices in more than 10 countries and regions such as the United States, Europe, and Japan, and OK Group’s business covers more than 180 countries and regions, serving more than 50 million users all overthe world.
Strategic Rationale
The injection of capital into Foxbit's operation will help the company accelerate its mission to build a practical, simple and affordable future through the crypto economy, enabling anyone to invest in their financial independence, by increasing the product portfolio with new integrations, lowering service fees with more blockchain networks, increasing the speed of the platform and application, and developing robust and innovative solutions to support the growth of the B2B market and bring traditional players in Brazil closer to this new market.
The Series A funding gives Foxbit not only an investor, but also a great commercial and strategic ally, which will contribute to the business with extensive know-how to strengthen its infrastructure and liquidity to support the company's growth in its various business fronts.
Context
Founded in 2014 by executives with experience at firms such as Angra Partners, BTG Pactual, Paineiras Investimentos, and Vinci Partners, Vista Capital is an asset manager currently overseeing approximately R$ 4.5 billion in assets under management. Known for its performance in multimarket and equity products, the firm stands out with funds such as Vista Multiestratégia and Vista FIA, which have gained significant recognition in the asset management industry.
In this transaction, XP Investimentos, Brazil’s largest investment platform, acquired a minority stake in Vista Capital.
Strategic Rationale
With XP as a minority shareholder, Vista Capital will expand the distribution of its products, boost its current investment strategies, and accelerate the development of new initiatives. The firm will continue to operate independently while benefiting from XP’s strong distribution capabilities, which will strengthen its competitive position in the Brazilian asset management market.
Context
Vitra Capital is one of the largest multi-family offices in Brazil, with more than R$ 12 billion in assets under management, offering wealth management and estate planning services for families with consolidated assets.
Warren is a fast-growing digital investment platform with an innovative model that integrates technology and financial advisory, delivering modern and accessible solutions to investors.
As part of the merger, Vitra’s partners become shareholders of Warren, and together the companies now manage more than R$ 20 billion in assets under management.
Strategic Rationale
The merger between Vitra and Warren creates a stronger platform that combines the experience and tradition of a multi-family office with the innovation and scalability of a fintech. The joint goal is to double assets under management within a year, reaching R$ 40 billion, while offering increasingly technological and personalized solutions to clients.
The combination strengthens the positioning of both companies as leaders in their respective segments and accelerates the consolidation of the wealth management market in Brazil.
Context
Founded in 2014, Trademaster is a fintech specialized in B2B financial and credit solutions, serving more than 600,000 retailers that regularly purchase from large industries and distributors. Its fully cloud-based platform integrates in real time via APIs with partner companies’ management systems, enabling extended terms and credit limits at the time of purchase in a transparent and frictionless way.
BV, one of the largest private banks in Brazil, acquired a minority stake in the company as part of its strategy to expand its presence in fintechs and the digital credit market.
Strategic Rationale
The partnership with BV will allow Trademaster to broaden its offering of financial products and accelerate the development of new solutions, particularly aimed at small and medium-sized enterprises. For BV, the investment represents an opportunity to strengthen its innovation portfolio and expand its presence in the B2B segment, by integrating with a platform already consolidated in the retail credit market.
Context
Founded in 1988, Liderança Cobranças is a national leader in amicable debt collection in Brazil, with over 3,200 employees and 2,500 service positions across four offices in São Paulo, Barueri (2), and Foz do Iguaçu. The company serves major institutions across diverse industries.
Banco Santander S.A., headquartered in Madrid, Spain, is one of the largest banks in the world by market capitalization and a global leader in retail and commercial banking. Founded in 1857, the Santander Group serves more than 160 million customers through approximately 9,800 branches and over 200,000 employees in Europe, the Americas—including Brazil—and other regions. The transaction was carried out by Santander’s Brazilian subsidiary, which plays a key role in the group’s Latin American operations.
Strategic Rationale
The acquisition strengthens Santander’s non-performing asset recovery capabilities by integrating Liderança’s specialized debt collection infrastructure and experienced team. It complements Santander’s existing digital tools enhancing the bank’s operational efficiency in recovering defaulted assets and providing a more comprehensive credit risk management solution.
Context
Founded in 2012, Giant Steps Capital is an investment manager specialized in quantitative funds, and a market leader in this segment in Brazil. Recognized for its pioneering approach, innovation, intensive use of technology, and consistent results, the firm currently manages around R$ 7 billion in assets under management.
In this transaction, XP Investimentos, Brazil’s largest investment platform, acquired a minority stake in Giant Steps Capital.
Strategic Rationale
The partnership with XP will allow Giant Steps to accelerate its national and international expansion plans, as well as broaden its product portfolio with new strategies and solutions for the market. The deal reinforces the firm’s positioning as a benchmark in quantitative investing in Brazil, while XP strengthens its network of strategic partnerships with high-performance independent asset managers.
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We have adapted igc’s 28 years of experience to create a tailor-made process for the sector, whether in M&A or fundraising. We work across different transaction profiles and theses, with a specialized team that ensures a strategic approach to structuring, outreach, and negotiation.
Fundraising transactions.
BRL transacted with national and international funds.
We work with a broad network of strategic buyers and financial investors globally, including private equity funds, family offices, and multinational companies across various industries.
We work with a broad network of strategic buyers and financial investors globally, including private equity, growth, venture capital funds, and multinational companies across various industries.
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We closely monitor the development of key sector theses and transaction profiles. Over the past years, we have been responsible for several significant transactions, connecting global buyers to the sector.
We closely monitor the development of key sector theses and transaction profiles. In recent years, we have been responsible for several significant transactions, connecting global buyers to the sector.
Context
Founded in 2015, Vórtx is a one-stop shop for fund managers, banks, brokers, and corporations, developing all the infrastructure behind the scenes by combining technology and automation to deliver comprehensive services in fund administration, corporate operations, fiduciary services, asset custody, bookkeeping, and more.
FTV Capital, established in 1998 in the U.S., is a growth equity firm focused on enterprise and financial services technology. With over US $10 billion raised and nearly 150 companies in its portfolio, FTV brings deep domain expertise and a vast network to support its investments.
Strategic Rationale
Through the Series B investment led by FTV Capital, Vórtx will accelerate its growth by increasing technology investments and pursuing new M&A opportunities. This capital infusion supports Vórtx’s mission to scale its platform, innovate its offerings, and strengthen its position in the financial back-office market.
We work with a broad network of strategic buyers and financial investors globally, including private equity funds, family offices, and multinational companies across various industries.
We work with a broad network of strategic buyers and financial investors globally, including private equity, growth, venture capital funds, and multinational companies across various industries.
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We closely monitor the development of key sector theses and transaction profiles. Over the past years, we have been responsible for several significant transactions, connecting global buyers to the sector.
We closely monitor the development of key sector theses and transaction profiles. In recent years, we have been responsible for several significant transactions, connecting global buyers to the sector.
Context
Vórtx is an infratech company that provides infrastructure for the Brazilian capital markets, offering services such as fund administration, custody, bookkeeping, trustee, and settlement agent. The company manages hundreds of billions in assets, with a strong technological focus, and has positioned itself to deliver increasingly integrated services to the financial market. In 2025, the company completed its Series C round with the entry of investment firms Hix and TreeCorp as new partners, in a move aimed at accelerating its growth trajectory.
Strategic Rationale
The strategic rationale of the transaction is linked to Vórtx’s inorganic expansion, with a focus on acquisitions and incorporations that complement its service portfolio and strengthen its position as one of the leading players in the sector. Beyond capital, the entry of Hix and TreeCorp brings strategic access, governance, and connections that enhance the company’s growth capacity, partnerships, and institutional positioning. The round also enables the acceleration of new scalable technological solutions, the reinforcement of back-office infrastructure, greater process automation, and the opening of new business verticals, consolidating Vórtx as a reference in innovation in the capital markets.
Context
Founded in 2018, Flip is a fintech specialized in receivables prepayment, offering a 100% digital, automated, and innovative credit journey. Through its proprietary technology, it performs real-time risk analysis, allowing entrepreneurs to choose the best credit structure for their businesses. This fast and transparent approach has enabled Flip to surpass R$ 1 billion in credit transactions throughout its trajectory.
Olist, a Brazilian unicorn valued at US$ 1.5 billion, is a platform of integrated commerce solutions, with an ecosystem that already includes the Tiny ERP, the Vnda e-commerce platform, and the PAX logistics solution.
Strategic Rationale
The acquisition of Flip marks Olist’s official entry into the SME credit segment, expanding its financial services unit launched in 2024. The transaction aims to address one of the biggest challenges faced by small and medium-sized entrepreneurs in Brazil: access to credit.
With this integration, Olist strengthens its position as the main partner for Brazilian entrepreneurs, offering comprehensive solutions that now cover technology, operations, and credit. The acquisition also represents the resumption of Olist’s M&A agenda as part of its strategy for sustainable growth and business diversification.
Context
Founded in São Paulo and also present in Rio de Janeiro, Inove Investimentos is one of the leading investment advisory firms in the XP network, with R$ 7 billion in assets under custody, approximately 8,000 clients, and a team of 50 advisors. The firm was recognized as the best in the Southeast Region at the Brazil Advisor Awards 2025, held during Expert XP, and stands out for its excellence in client service and mature, efficient management.
XP Inc., the largest investment platform in Brazil, has been expanding its ownership in high-performance partner offices as part of its strategy to strengthen and grow its advisor network. This was the 11th transaction of this kind carried out by XP.
Strategic Rationale
With XP becoming a minority shareholder, Inove Investimentos will accelerate its growth plans, both organically and through acquisitions. The partnership supports the goal of reaching R$ 10 billion in assets under management by 2026, while also driving expansion into new segments such as corporate client services and the development of strategic partnerships.
For XP, the transaction reinforces its strategy of investing in high-performance advisory firms, further strengthening its advisor network and ensuring excellence in investor service. For Inove, the partnership enables new investments in technology, governance, and expansion, while keeping the founding partners in control of operations.
Context
3A RIVA Investimentos is one of Brazil’s leading investment advisory firms, with a presence in strategic regions of Minas Gerais and São Paulo. The firm manages over R$ 17 billion in assets under custody, serves 18,000 active clients, and has a team of more than 300 professionals.
With XP Inc. becoming a minority shareholder, 3A RIVA strengthens its market position and gains access to XP’s structure in management, technology, and governance, further enhancing its growth potential.
Strategic Rationale
The new partnership will allow 3A RIVA to accelerate its expansion plan, with the goal of reaching R$ 35 billion in assets under custody by 2027, while also investing in new business lines such as corporate services, insurance, international investments, and a new partnership model to attract and retain talent.
For XP, the transaction reinforces its strategy of investing in high-performance offices within its network, consolidating its position as the largest investment platform in the country and strengthening its ability to offer complete and innovative solutions for different client profiles.
Context
Founded in 2007, SVN Investimentos is one of Brazil’s leading investment advisory firms, currently managing around R$ 20 billion in assets, with 26,000 active clients and a team of 460 professionals. The company has offices in several cities, including Maringá, Curitiba, Foz do Iguaçu, Londrina, Cascavel, Campo Grande, and São Paulo, and recently expanded into the Northeast through its merger with Bahia Partners, another XP-affiliated office.
XP Inc., the largest investment platform in the country, acquired a minority stake in SVN in a transaction that marked the first deal under the new regulatory framework for the sector. With the deal, SVN consolidates its position as the fifth largest XP-affiliated office.
Strategic Rationale
The investment from XP will allow SVN to strengthen its existing operations and invest in new growth avenues, such as its recently created M&A division. The partnership also supports the firm’s goal of surpassing R$ 40 billion in assets under custody over the next five years, boosting competitiveness and diversifying the services offered.
For XP, the transaction reinforces its strategy of strengthening high-performance offices within its network, further consolidating its leadership in the Brazilian investment market.
Context
Founded as a digital marketplace for payroll loans, BX Blue specializes in offering credit solutions for public servants, retirees, and INSS pensioners. The company has over 1 million registered clients and has already originated more than R$ 2.4 billion in contracts, combining technology, data intelligence, and partnerships in a highly secure digital platform.
PicPay, one of the largest payment and financial services apps in Brazil, acquired BX Blue as part of its strategy to expand its portfolio and diversify services within its financial vertical.
Strategic Rationale
With the acquisition of BX Blue, PicPay enters the payroll loan market with immediate scale and an already consolidated platform. The transaction broadens PicPay’s presence in the financial services sector, adding a highly relevant credit line with strong growth potential.
For BX Blue, the deal represents an opportunity to accelerate its expansion by integrating into PicPay’s ecosystem, enlarging its customer base and strengthening its capacity for innovation in the payroll loan segment.
Context
Based in Tatuí (SP), One7 specializes in credit and receivables solutions for micro, small, and medium-sized enterprises, operating through FIDCs (Receivables Investment Funds) and securitization vehicles. Since 2019, it has originated more than R$ 7 billion in receivables prepayments and also offers products such as working capital and private payroll loans. With nationwide reach and ongoing digital transformation, the company has been expanding its relevance in the financial sector, with plans to triple its revenue in the next two years.
XP Asset Management, XP Inc.’s asset management arm, is one of the largest in Brazil. Founded in 2006, it offers a diversified portfolio that includes equities, fixed income, multimarket funds, structured credit, infrastructure, real estate, private equity, and other products for both institutional and individual investors.
Strategic Rationale
XP Asset acquired a minority stake in One7 through a R$ 110 million investment, which will be allocated to accelerating investments in technology, infrastructure, distribution network expansion, new partnerships, and potential acquisitions. The deal strengthens One7’s strategic positioning in a fragmented and high-potential market, enhancing its ability to consolidate market share and offer more robust financial solutions to SMEs.
For XP, the investment represents an opportunity to strengthen its presence in the structured credit segment alongside a player with a solid track record and scalable proprietary technology. For One7, the partnership with XP validates its management, increases resilience, and provides support for sustainable growth across different market scenarios.
Context
DM is a leader in the white label card processing and issuance segment, offering credit to low-income consumers (classes C, D, and E) through private label cards, co-branded cards, digital accounts, and personal loans. The company serves this audience in partnership with retailers seeking to provide attractive financial products, playing a key role in their loyalty programs. In 2023, the company’s credit portfolio grew 60%, reaching R$ 810 million, while total payment volume (TPV) hit R$ 4 billion, representing a 37% increase.
The Vinci Impacto e Retorno IV fund, managed by Vinci Partners, acquired a minority stake in the company.
Strategic Rationale
The investment will enable DM to invest in technology to enhance its clients’ digital experience, as well as to support potential strategic acquisitions. The partnership with Vinci strengthens the company’s ability to accelerate expansion, broaden its portfolio of financial products, and consolidate its leadership in the credit segment focused on lower-income consumers in Brazil.
Context
Founded in 2013, Absolute Investimentos is one of Brazil’s largest independent multimarket fund managers, with more than R$ 21 billion in assets under management. The firm is recognized for its true partnership culture and for its cohesive team of professionals with complementary backgrounds, which has enabled the delivery of consistent, above-market-average returns in strategies such as macro, arbitrage, and equities.
BTG Pactual, the largest investment bank in Latin America, acquired a minority stake in Absolute, in what represented the largest deal in the asset management segment in Brazil to date.
Strategic Rationale
The partnership with BTG Pactual will allow Absolute to expand its operations by entering new business areas and strengthening the distribution power of its products. For BTG, the investment reinforces its strategy of diversification and consolidation in the asset management market, partnering with one of the most respected and well-regarded firms in the country.
The transaction also highlights IGC Partners’ role as a reference in the sector, having advised on five transactions in the asset management segment over the last 12 months.
Context
Founded in 2016, Suno is a reference in financial market content production and data analysis, serving more than 150,000 clients and employing over 280 professionals. The group operates across several areas, including Suno Research, content portals, as well as its recently launched asset management, wealth management, and securities advisory services.
In this transaction, XP Inc., the largest investment platform in Brazil, acquired a minority stake in the group.
Strategic Rationale
With XP becoming a shareholder, Suno will continue to operate independently but will have the opportunity to accelerate its growth and expand access to its services. For XP, the transaction reinforces its strategy of partnering with high-performing and innovative companies in the financial market, consolidating its ecosystem of solutions for investors.
Context
Founded in 2014 by executives with experience at firms such as Angra Partners, BTG Pactual, Paineiras Investimentos, and Vinci Partners, Vista Capital is an asset manager currently overseeing approximately R$ 4.5 billion in assets under management. Known for its performance in multimarket and equity products, the firm stands out with funds such as Vista Multiestratégia and Vista FIA, which have gained significant recognition in the asset management industry.
In this transaction, XP Investimentos, Brazil’s largest investment platform, acquired a minority stake in Vista Capital.
Strategic Rationale
With XP as a minority shareholder, Vista Capital will expand the distribution of its products, boost its current investment strategies, and accelerate the development of new initiatives. The firm will continue to operate independently while benefiting from XP’s strong distribution capabilities, which will strengthen its competitive position in the Brazilian asset management market.
Context
Vitra Capital is one of the largest multi-family offices in Brazil, with more than R$ 12 billion in assets under management, offering wealth management and estate planning services for families with consolidated assets.
Warren is a fast-growing digital investment platform with an innovative model that integrates technology and financial advisory, delivering modern and accessible solutions to investors.
As part of the merger, Vitra’s partners become shareholders of Warren, and together the companies now manage more than R$ 20 billion in assets under management.
Strategic Rationale
The merger between Vitra and Warren creates a stronger platform that combines the experience and tradition of a multi-family office with the innovation and scalability of a fintech. The joint goal is to double assets under management within a year, reaching R$ 40 billion, while offering increasingly technological and personalized solutions to clients.
The combination strengthens the positioning of both companies as leaders in their respective segments and accelerates the consolidation of the wealth management market in Brazil.
Context
Founded in 2014, Trademaster is a fintech specialized in B2B financial and credit solutions, serving more than 600,000 retailers that regularly purchase from large industries and distributors. Its fully cloud-based platform integrates in real time via APIs with partner companies’ management systems, enabling extended terms and credit limits at the time of purchase in a transparent and frictionless way.
BV, one of the largest private banks in Brazil, acquired a minority stake in the company as part of its strategy to expand its presence in fintechs and the digital credit market.
Strategic Rationale
The partnership with BV will allow Trademaster to broaden its offering of financial products and accelerate the development of new solutions, particularly aimed at small and medium-sized enterprises. For BV, the investment represents an opportunity to strengthen its innovation portfolio and expand its presence in the B2B segment, by integrating with a platform already consolidated in the retail credit market.
Context
Founded in 2012, Giant Steps Capital is an investment manager specialized in quantitative funds, and a market leader in this segment in Brazil. Recognized for its pioneering approach, innovation, intensive use of technology, and consistent results, the firm currently manages around R$ 7 billion in assets under management.
In this transaction, XP Investimentos, Brazil’s largest investment platform, acquired a minority stake in Giant Steps Capital.
Strategic Rationale
The partnership with XP will allow Giant Steps to accelerate its national and international expansion plans, as well as broaden its product portfolio with new strategies and solutions for the market. The deal reinforces the firm’s positioning as a benchmark in quantitative investing in Brazil, while XP strengthens its network of strategic partnerships with high-performance independent asset managers.
Context
Founded in 2007, Kawa is an alternative investment manager focused on multimarket, private credit, real estate, and opportunistic investments. The firm currently manages approximately US$ 1.8 billion in assets under management, offering investors opportunities for diversification and consistent absolute returns, with transparency in risk management and execution.
BTG Pactual, the largest investment bank in Latin America, acquired a minority stake in Kawa as part of its strategy to expand exposure and partnerships in the asset management segment.
Strategic Rationale
The partnership with BTG Pactual will allow Kawa to accelerate its growth, strengthen its market presence, and broaden opportunities for Brazilian investors seeking exposure to U.S. assets. For BTG, the deal reinforces its network of strategic partnerships with independent asset managers and expands its presence in the alternative investments segment.
Context
Founded in 1993, Muxi specializes in solutions for the payments industry, developing platforms that serve the entire value chain of the sector. Its technology is embedded in more than 3 million devices — including POS terminals, mPOS, tablets, and smartphones — ensuring integration with multiple transactional systems. The company is headquartered in Rio de Janeiro, with offices in São Paulo, Lima, Mexico City, and Miami, and has a client portfolio that includes Cielo, Visanet Peru, First Data, Nexxpago, PagaTodo, Redeban, Banrisul, Sicredi, Ipiranga, and BR Distribuidora.
Confrapar, one of Brazil’s leading investment managers focused on technology, made an investment of up to R$ 16 million in Muxi.
Strategic Rationale
The investment from Confrapar will allow Muxi to accelerate the development of new products, strengthen its presence with key players in the payments sector, and expand its international operations, particularly in the United States.
With the capital injection, the company is betting on innovation, including the launch of muxiWAY, a solution patented in the U.S. that turns any mobile device into a POS terminal, while also strengthening its operations in Latin American markets where it is already present, such as Mexico, Peru, Venezuela, and Colombia. The partnership with Confrapar also supports Muxi’s strategy to consolidate itself as a global reference in payment technology.
Context
Localcred is a Brazilian company with over 30 years of experience in credit recovery, offering services such as tele-assistance, back-office support, negotiation, and specialized advisory, focused on financial reintegration and preserving consumer dignity.
Brascobra (or Brascobra Cobrança) is one of Brazil’s largest administrative debt collection firms, founded in 1988 in Brasília-DF. The firm operates nationwide and serves a diverse client base, leveraging technology and efficient processes to reduce delinquency and recover credit.
We work with a broad network of strategic buyers and financial investors globally, including private equity funds, family offices, and multinational companies across various industries.
We work with a broad network of strategic buyers and financial investors globally, including private equity, growth, venture capital funds, and multinational companies across various industries.
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We closely monitor the development of key sector theses and transaction profiles. Over the past years, we have been responsible for several significant transactions, connecting global buyers to the sector.
We closely monitor the development of key sector theses and transaction profiles. In recent years, we have been responsible for several significant transactions, connecting global buyers to the sector.
Context
Renova Câmbio is a Brazilian foreign exchange brokerage firm specializing in buying and selling foreign currencies, international remittances, travel cards, and FX-related financial solutions for individuals and businesses. The company focuses on providing secure, fast, and competitively priced services, operating within Brazil’s independent network of foreign exchange houses that serve both tourism and corporate clients.
UAE Exchange is a multinational financial services company founded in 1980 in Abu Dhabi, United Arab Emirates. It is globally recognized for its international remittance operations, currency exchange, and payment services. The company built a worldwide network of more than 800 branches across about 30 countries, primarily serving expatriate workers sending remittances to their families. Today, it is part of the Finablr group, which also owned other payment and remittance brands.
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Bexs Banco, specialized in foreign exchange and payments, was acquired by the London-based fintech Ebury.
Founded in 1989, Bexs has processed over 30 million transactions in 2021 — integrating FX with Pix — and handled over R$20 billion in foreign exchange in that year alone.
Ebury, established in London in 2009 with operations in more than 25 countries, is one of the world’s largest fintechs serving SMEs in international payments and foreign exchange.
Strategic Rationale
This acquisition broadens Ebury’s offering of international money transfer and foreign exchange solutions in Brazil, particularly for SMEs, marketplaces, SaaS companies, and e commerce platforms.
Leveraging Bexs’s scalable technology and FX banking license, Ebury can now enable large-scale payments from abroad directly to Brazil, support account opening in other currencies, and replicate this model in other markets.
With this deal, Ebury aims to onboard 3,000 clients in Brazil by 2025, accelerating its strategic entry into Latin America and reinforcing Brazil as its gateway to the region’s cross-border trade ecosystem.
Context
Passfolio Securities LLC is a U.S.-based fintech and brokerage firm founded in 2018 and headquartered in San Francisco, California. Focused on democratizing access to the U.S. financial markets, Passfolio allowed international investors — especially from emerging markets like Brazil — to easily buy and sell U.S. stocks, ETFs, and cryptocurrencies through a mobile app. The company operated under regulatory oversight from the SEC and FINRA, offering commission-free trading and seamless integration with local currency transfers, positioning itself as a gateway to global investing.
Banco Santander S.A., headquartered in Madrid, Spain, is one of the largest banks in the world by market capitalization and a global leader in retail and commercial banking. Founded in 1857, the Santander Group serves more than 160 million customers through approximately 9,800 branches and over 200,000 employees in Europe, the Americas and other regions.
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Moip Pagamentos S.A., founded in 2008 and based in São Paulo, is a Brazilian digital payment processor offering end-to-end solutions for e-commerce platforms, marketplaces, and small and medium-sized businesses. The company provides services including automated onboarding, buyer protection, and payment guarantees, serving nearly 100,000 clients and processing over BRL 1 billion in annual payments at the time of the transaction.
Wirecard AG, headquartered in Germany, was a global payment services and technology company offering electronic payment processing, risk management, and issuing services, operating across Europe, Asia, and the Americas.
Strategic Rationale
The acquisition of Moip allowed Wirecard to establish a strong presence in Latin America, leveraging Moip’s scalable technology, local expertise, and customer base to expand Wirecard’s global payment and issuing solutions into the Brazilian and regional markets.
We work with a broad network of strategic buyers and financial investors globally, including private equity funds, family offices, and multinational companies across various industries.
We work with a broad network of strategic buyers and financial investors globally, including private equity, growth, venture capital funds, and multinational companies across various industries.
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We closely monitor the development of key sector theses and transaction profiles. Over the past years, we have been responsible for several significant transactions, connecting global buyers to the sector.
We closely monitor the development of key sector theses and transaction profiles. In recent years, we have been responsible for several significant transactions, connecting global buyers to the sector.
igc is the leading advisor in Financial Services transactions across multiple sectors. We understand the dynamics of each market and, leveraging our team's sector-specific expertise, adapt to the unique characteristics of each industry.
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A igc esteve presente na trajetória de alguns dos maiores empresários do Brasil, conduzindo transações em diversos setores, sempre ao lado do empreendedor.
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"We wanted to know if it was the right time for One7 to make this move. We have a very strong case, and igc was honest in advising us on the best timing.”
"M&A is very stressful for those involved. The closeness and experience of IGC's partners made all the difference in my transaction."
Our positioning is clear and unique: we act exclusively on the sell-side, avoiding any conflict of interest. Always by the business owner’s side, we are committed to achieving the best possible transaction for our client.
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