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Méliuz acquires the cryptocurrency digital bank AlterBank

AlterBank is a digital bank specializing in cryptocurrency trading that handled BRL 184 million in bitcoin trades in the first half of 2021

Méliuz acquires the cryptocurrency digital bank AlterBank
Image: AlterBank/Screenshot
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Méliuz, a cashback and discount coupon platform, reported its fifth acquisition of the year, 100% of the cryptocurrency digital bank AlterBank, for BRL 25.9 million.

As the company informed the market, the purchase is in line with Méliuz’s strategy to expand its financial services ecosystem and brings AlterBank’s team of entrepreneurs and developers with expertise in a high-growth segment such as the crypto market. Méliuz believes that digital banking will be able to engage users of its platform and attract new customers.

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AlterBank is a digital bank specializing in cryptocurrency trading with operations since 2018. The fintech brings together in one app a cryptocurrency wallet integrated with a digital account and a prepaid card.

In the first half of this year, the fintech handled BRL 184 million in bitcoin trading, 14 times more than in the same period last year.

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Méliuz has adopted an aggressive expansion strategy through acquisitions and expanding its financial product portfolio.

Méliuz’s next steps are now the launch of an app next month that will integrate the platform’s shopping services with financial services in a single interface; and a complete digital account solution in January 2022. The idea is for Méliuz users to bring their entire financial life into the ecosystem, with debit and credit cards, paycheck, PIX, and other features.

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Since the IPO, Méliuz has made four other acquisitions – the international e-commerce platform Picodi (for BRL 120 million), the social-commerce startup Promobit (for BRL 13 million), the price comparison site Melhor Plano (for BRL 10 million) and the fintech Acesso (for BRL 324.5 million).

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