Banco BS2 acquires WEEL to form the first B2B neobank in Brazil
By Pavithra R
BS2 Bank, aiming to become the first B2B neobank in Brazil, has announced the acquisition of the fintech WEEL, a B2B online lender focused on financing Brazilian companies.
Founded in 2015, WEEL is a data and credit fintech that specializes in solutions for small and medium-sized companies. Its mission is to transform the financial reality of companies through technology so that they use time in their favor. The company uses machine-learning (ML) technology to create optimized credit solutions for SMEs. In 2020, the firm reached the milestone of R$ 1 bn in deployed credit operations and has more than 15 thousand customers in its database.
The move consolidates the bank’s strategy of creating an integrated offering for SMEs, unifying the suite of banking and credit services that SMEs need. The merger is the bank’s first strategic move since the arrival of the new CEO, Marcos Magalhães, also a member of BS2 Board of Directors.
“We have ambitious growth plans. WEEL has the best products and the best digital credit expertise. It perfectly complements our offering and positions us as the leading digital financial services provider for small and medium-sized companies. The SME segment has often been ignored. Banking product development generally focuses only on individuals and large corporations. We’re going to change this logic” said CEO, Marcos Magalhães.
Through the acquisition, Weel’s cutting-edge technology will be incorporated into BS2, including its origination platform, data and machine learning systems, which will allow the delivery of a unique digital experience for companies, faster user journeys, and more innovative products and services.
WEEL’s staff will be fully integrated to BS2. Simcha Neumark, founder and CEO of WEEL, will become an executive and a member of BS2’s Board of Directors. WEEL’s current shareholders, such as Monashees Capital and Franklin Templeton, will become BS2 shareholders after the approval of regulatory competent agencies.
“We are creating a unique experience in which the customer will have access to best-in-class digital products that provide simple solutions to their day-to-day challenges. Small and medium-sized companies will find in BS2 a one-stop shop for all of their banking and credit needs,” said Simcha Neumark.
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