SAO PAULO U.S. buyout firm Advent International Corp has acquired a minority stake in Brazilian online broker Easynvest for an undisclosed sum, the companies said in a statement on Wednesday.
Advent acquired part of a stake held by the broker's controlling shareholders, led by executives Marcio Cardoso and Amerson Magalhães. Easynvest has 153,000 active clients and around 10 billion reais ($3.2 billion) in client money under custody, with plans to double its client base within a year.
Advent is betting on an expected increase in the use of online trading platforms in Brazil, with younger professionals more willing to invest part of their savings outside traditional financial institutions.
Over the past two years, financial technology companies, commonly known as fintechs, have soared in Brazil to 250 registered startups from around 40 two years ago, according to consultancy FintechLab.
"Brazilian investors are migrating fast to digital channels", said Advent partner Mário Malta in an interview.
Advent has a successful track record of investing in Brazilian financial companies such as Cetip SA Mercados Organizados CTIP3.SA, in which it held a majority stake until its initial public offering in 2009. The buyout firm also invested in insurance company J. Malucelli Seguradora SA.
(Reporting by Tatiana Bautzer; Editing by Leslie Adler and David Gregorio)