- With the acquisitions, Toro Investimentos wants to be a brokerage that advises the client from spending to investments;
- Acquisitions add 10 million users to the brokerage base, intensify the integration plan with open banking and allow customers to automate the allocation of their resources.
Brazil’s fintech Toro Investimentos announced on Thursday the acquisitions of Mobills and Monetus, which add 10 million users to the company’s ecosystem of investment services. The value of the deals was not disclosed.
According to Toro, the transactions will accelerate the platform’s connection to open banking, allowing customers to have an aggregated view of their accounts at other institutions and automate investment strategies tailored to their goals.
In 2021, Santander Brazil acquired 60% of Toro, merging it with Pi, the bank’s investment platform. They now add Mobills, a financial planning app, and Monetus, a goal-based automated investment app.
“Mobills and Monetus strengthen Toro’s open ecosystem with millions of people looking to improve their finances, scalable financial planning and investment tools based on customers’ goals, and an entrepreneurial, decentralized network of experts. All this while relying on Toro’s technology infrastructure and Grupo Santander Brasil’s capabilities to create an increasingly complete, fluid, and integrated journey. We will be the first brokerage house with an integral vision of the client, from expenses to investments, and independent of the financial institution it uses”, says Gabriel Kallas, co-founder, and CEO of Toro Investimentos, in a press release.
The executive adds that, like Toro, Mobills and Monetus are companies that grow exponentially, at rates above 100% per year, use capital generated by their own activity, and have already reached profitability. Also according to Kallas, both companies were born with a mobile first vision and share the same agile and scalable development culture as Toro.
The acquisition of 100% of Monetus and Mobills involves cash and stock swaps, turning shareholders of both companies into partners of Toro. The operation still depends on regulatory approval.