Strategic agreement with VR Benefícios and FLEETCOR will originate CAIXA Cartões Pré-pagos S.A.
BRASÍLIA, Brazil, May 11, 2021 /PRNewswire/ -- CAIXA Cartões Holding S.A., a wholly owned subsidiary of Caixa Econômica Federal ("CAIXA" or "Bank") for the electronic payment business, today announced that it has entered into an agreement to create a new company: CAIXA Cartões Pré-Pagos S.A. ("CAIXA Cartões Pré-Pagos"). The companies VR Benefícios and FLEETCOR ("VR-FLEETCOR") were selected in a competitive process to operate prepaid businesses solutions.
The new company will exclusively offer prepaid cards at CAIXA's distribution network with the use of the Bank's brand for the next 20 years. Therefore, at the transaction closing, VR-FLEETCOR will subscribe a capital increase in CAIXA Cartões Pré-Pagos of R$420 million of which R$400 million will be transferred to CAIXA, under the terms of the grant (upfront).
"In less than three weeks, CAIXA celebrates three new businesses that further strengthen the Bank and have a positive impact on the Brazilian society as a whole", says CAIXA's CEO, Pedro Guimarães, also referring to the commercial agreement with Fiserv for the acquiring segment and the IPO of Caixa Seguridade. "Our customers win, once they will have more service options with better conditions; as the society and investors also win, considering they will count on a more profitable and innovative company".
"This partnership is an important milestone for CAIXA Cartões to enter in a highly growing segment, combining the Bank brand and the strengths of its distribution network, with the expertise and technology of partners that are reference in prepaid card businesses", said Julio Volpp, Caixa Cartões CEO.
This transaction aims strengthening CAIXA's position in the electronic payment market. This also expand its portfolio of prepaid solutions, including meal and food vouchers; food aid; fuel card; shipping; expense management; single charge; transportation voucher management and tags for automatic payment.
VR Benefícios is a pioneer in the benefits segment for employees and a leader in the meal and food vouchers in Brazil. FLEETCOR is a leader in corporate payment solutions, with operations in four continents. In Brazil, FLEETCOR is recognized by its well-known subsidiaries Sem Parar, CTF Technologies and VB Serviços.
The conclusion of this transaction depends on the prior approval of the regulators. Further information can be accessed on https://www.caixa.gov.br/Downloads/caixa-cartoes/fr-cch-selecao-pre-pago-11-mai2021-eng.pdf.
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SOURCE CAIXA Cartoes Holding S.A.