WealthTech Avenue buys myProfit for more convenience and control for Brazilians who invest abroad

November 15, 2022
Journalist | Business Reporter at Pipeline/Valor Econômico
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Acquisition of myProfit was done 70% in equity and can add 40,000 clients from other brokers

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Avenue has just closed the acquisition of the myProfit platform, which helps investors understand and automate income tax in financial transactions - one of the main items that scare off those interested in buying stocks abroad because they are unaware of the taxes.

The two companies had already been working in partnership since their first months of foundation in 2020, with myProfit offering the service directly to Avenue clients in a white label product. This relationship directly influenced the closing of the deal, which was done 70% in equity and 30% in cash, for an undisclosed amount.

The platform will continue to operate independently, serving more than 50 other brokerage firms and with founder Rodrigo Poveron as CEO - and now also an Avenue partner. The myProfit platform has a transaction history of about 300,000 individual tax returns.

"The great value of the transaction for us is the technology part and also the clients they bring, which are between 30 and 40 thousand clients from other brokers. While they won't automatically become Avenue customers, it's an important addition to the group," Emmanuil Inglesis, Avenue's CFO, told Pipeline.

The expectation is that the deal will be evaluated by the Central Bank until the first semester of next year, after the regulator evaluates Itaú's purchase of its stake in Avenue, announced four months ago. In July, the bank closed the purchase of 35% of the brokerage house and may become the controller in two years.

Avenue has about 500 thousand investors, with a little more than R$ 6 billion under custody. To reinforce its structure last year, the company bought foreign exchange brokerage Bexs and securities distributor Coin and, before the transaction with Itaú, was considering buying a small American bank.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

Avenue has just closed the acquisition of the myProfit platform, which helps investors understand and automate income tax in financial transactions - one of the main items that scare off those interested in buying stocks abroad because they are unaware of the taxes.

The two companies had already been working in partnership since their first months of foundation in 2020, with myProfit offering the service directly to Avenue clients in a white label product. This relationship directly influenced the closing of the deal, which was done 70% in equity and 30% in cash, for an undisclosed amount.

The platform will continue to operate independently, serving more than 50 other brokerage firms and with founder Rodrigo Poveron as CEO - and now also an Avenue partner. The myProfit platform has a transaction history of about 300,000 individual tax returns.

"The great value of the transaction for us is the technology part and also the clients they bring, which are between 30 and 40 thousand clients from other brokers. While they won't automatically become Avenue customers, it's an important addition to the group," Emmanuil Inglesis, Avenue's CFO, told Pipeline.

The expectation is that the deal will be evaluated by the Central Bank until the first semester of next year, after the regulator evaluates Itaú's purchase of its stake in Avenue, announced four months ago. In July, the bank closed the purchase of 35% of the brokerage house and may become the controller in two years.

Avenue has about 500 thousand investors, with a little more than R$ 6 billion under custody. To reinforce its structure last year, the company bought foreign exchange brokerage Bexs and securities distributor Coin and, before the transaction with Itaú, was considering buying a small American bank.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.
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