• 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.

ALSO READ: Brazilian digital bank Next has now 1.4 million clients

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.