Banrisul, the largest bank in Southern Brazil, is ready to invest in disruptive innovation. At the Banrisul International IT Forum, the bank announced that it would dedicate R$25M (US$6.5M) to a corporate venture fund dedicated to investing in fintech startups. The fund was created in partnership with Gama Investimentos and several other private investors who are providing the other half of the investment.
Banrisul’s Head of IT said in a press release:
“We want to be more efficient and offer better, more agile and friendlier solutions to our customers, without giving up the strength of our tradition. We have no doubt that Banrisul and its partners and customers have much to gain from our exposure and use of fintechs through the Fund.”
There are already over 400 fintechs operating in Brazil and Banrisul considers these companies to be fully integrated into the local financial ecosystem. This investment will operate in an open banking format, where entrepreneurs will share technology with Banrisul to create “synergistic” mutual growth. The fund is part of an effort by the bank to join an increasingly digital economy in Brazil.