Santander has shuffled the deck a bit when it comes to a Fintech acquired back in 2016. According to a public document Banco Santandar Brasil has sold Superdigital (formerly ContaSuper) to Banco Santander Spain.
The Fintech was sold for R $ 270 million or about USD $ 60 million.
The document states:
“Superdigital is a digital payment account solution, acquired by Santander in Brazil in 2016, and offers a value proposal focused on financial inclusion for society and the customer experience. Superdigital allowed Santander to start an innovative way of expanding the banking system of the Brazilian population, which will now be leveraged by the Santander Group’s global digital platform and expanded to other countries in which Santander Group operates, allowing it to conquer new customers. This is yet another initiative that strengthens the Santander Brasil´s ecosystem, bringing even more synergy between the businesses, providing expansion of the portfolio of products and services with a focus on the continuous improvement of service to our customers. The operation will result in a positive reassessment of Superdigital’s growth in Brazil and other countries for the coming years, with greater business generation and gains of scale.”
While launched in Brazil, one of the hottest Fintech markets in South America, Superdigital expanded into Chile at the end of 2018. The note above intimates that Santander intends to move it into other countries.
Today, Superdigital is a digital wallet and a stealth bank. The App-based service allows users to move money in and out without annual fees. Santander is, of course, a big traditional bank interested in Fintech innovation. Superdigital currently has 1.9 million accounts.