Global payment platform OKTO acquired a majority stake in Brazilian fintech U4C for an undisclosed amount, following approval from Brazil’s Central Bank.
U4C provides payment technology solutions as an authorized Pix participant, using its integration with Brazil’s financial systems to enable instant payments directly on an app or website, without the need to open a third-party bank app or enter the recipient’s data.
OKTO offers digital payment solutions for online and retail businesses globally, providing unified payment processing for physical and digital environments.
“Looking at our market, this is highly strategic and necessary for our clients. Now, as an authorized institution, we have a direct connection with the Central Bank, which provides us with great efficiency and flexibility in delivering services to our clients,” said Rafael Edelmann, Director of Governance, Risk, and Compliance Brazil at OKTO.
OKTO plans to integrate U4C’s capabilities to broaden its financial solutions and support its transition to operating as Okto Bank.
Founded in 2003, Okto is present in 20+ countries across the Americas, Europe and Asia.
Read more on LatamFintech Hub.
