Itaú Unibanco and TOTVS agree to offer financial services

Itaú Unibanco and Brazilian technology company TOTVS have formed a joint venture, according to bnamericas.com.

Both companies will focus on the distribution of financial services integrated with TOTVS management systems, based on data intelligence and aimed at corporate clients and their entire chain of suppliers, customers and employees. The new company, resulting from the Techfin operation of TOTVS, has as its main objective to broaden and simplify access to personalized financial services fully integrated into management systems (ERP). Completion of the transaction is subject to regulatory approvals.

The agreement establishes that Itaú Unibanco becomes a partner in the Techfin operation of TOTVS with a 50% stake in the share capital of the company, which will hold the assets of Techfin and the supplier, thanks to the following contributions: commitment of financing for current and future operations; credit expertise and development of new financial products; and financial contributions.

The partnership creates a business that will combine technology and financial solutions, adding the complementary expertise of the partners to offer enterprise customers, in an agile and integrated way, the best product outsourcing experiences directly on the platforms already offered by TOTVS. Throughout the development of the joint venture, TOTVS customers will be able to contract a full range of financial products, such as credit, cash management, anticipation, and others, combining the intelligent use of data for better conditions and an improved procurement and usage experience. . Over time, other products and services will be added that will allow TOTVS customers to have at their disposal a complete financial ecosystem for day-to-day operations.

Stephen V. Lee