Brazil’s B3, Totvs join forces in fintech venture

People watch an electronic board inside Brazil's B3 Stock Exchange in Sao Paulo
FILE PHOTO: People watch an electronic board inside Brazil's B3 Stock Exchange in Sao Paulo, Brazil February 26, 2020. REUTERS/Rahel Patrasso

July 12, 2021

RIO DE JANEIRO (Reuters) – Brazilian financial exchange operator B3 SA has entered into an agreement with software firm Totvs SA to inject 600 million reais ($116 million) into Totvs subsidiary TFS Solucoes em Software SA, according to separate securities filing released by both firms on Monday.

TFS aims “to be the main option in B2B technology for the financial sector,” Totvs said. Totvs will maintain control of the subsidiary with B3 holding a minority stake.

($1 = 5.17 reais)

(Reporting by Gram Slattery; Editing by Chris Reese)