DM, the private label credit company, has acquired 49.9% of the Brazilian fintech FortBrasil, with the possibility of reaching 100% pending authorities’ approval.
Both companies offer private-label credit cards and credit solutions and are aiming to become the biggest player in the Brazilian market.
Last year DM raised 18.8M in funding from Vinci Partners and is currently expanding its product offerings, including an app-based account, microcredits, and hybrid cards..
“We are going to unite FortBrasil’s expertise in its operations in the brazilian northeast, retailing clothing, and housewares, and flagged cards management, with our leadership in supermarkets, funding infrastructure, technology, and of financial products,” said DM’s CEO, Dennis Correira.
In 2022, the two companies combined over 9 million cards issued, a lending portfolio worth $390M and sales for over $1.58B.
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