The integration of the Brazilian digital bank with the Israeli fintech aims to offer a complete banking structure, cutting-edge technology, and credit expertise to SMEs
SÃO PAULO, June 7, 2021 /PRNewswire/ -- Aiming to become the first B2B neobank in Brazil, BS2 Bank announced today the acquisition of the Israeli fintech WEEL, a B2B online lender focused on financing Brazilian companies. The transaction consolidates the bank's strategy of creating an integrated offering for SMEs, unifying the suite of banking and credit services that SMEs need.
The merger is the bank's first strategic move since the arrival of the new CEO, Marcos Magalhães, who officially took the position in early May, when he also joined BS2 Board of Directors.
"We have ambitious growth plans. WEEL has the best products and the best digital credit expertise. It perfectly complements our offering and positions us as the leading digital financial services provider for small and medium-sized companies. The SME segment has often been ignored. Banking product development generally focuses only on individuals and large corporations. We're going to change this logic", points out Magalhães.
BS2 and WEEL integration
WEEL is a data and credit fintech that specializes in solutions for small and medium-sized companies. The company uses machine-learning technology to create optimized credit solutions for SMEs. In 2020, the company reached the milestone of R$ 1 billion in deployed credit operations and has more than 15 thousand customers in its database.
The fintech's cutting-edge technology will be incorporated into BS2, including its origination platform, data and machine learning systems , which will allow the delivery of a unique digital experience for companies, faster user journeys, and more innovative products and services.
WEEL's staff will be fully integrated to BS2. Simcha Neumark, founder and CEO of WEEL, will become an executive and a member of BS2's Board of Directors. WEEL's current shareholders, such as Monashees Capital and Franklin Templeton, will become BS2 shareholders after the approval of regulatory competent agencies.
For Neumark, the integration is a perfect match that brings together BS2's broad portfolio of financial services with WEEL's data intelligence and digital credit expertise. "We are creating a unique experience in which the customer will have access to best-in-class digital products that provide simple solutions to their day-to-day challenges. Small and medium-sized companies will find in BS2 a one-stop shop for all of their banking and credit needs", he explains.
About Banco BS2
BS2 is a complete Brazilian digital bank with financial and technology solutions for companies and individuals. The bank is a pioneer in the country in offering a digital account integrated to an investment account, and an international account with balances in dollars, all in the same application. BS2 has tailor-made offerings, and creates customized solutions for its costumers' businesses through APIs that allow the connection of multiple financial solutions, such as account opening, payments, or investments.
WEEL is a data and credit fintech, headquartered in Israel and Brazil, and a pioneer in the use of machine learning and artificial intelligence in the Brazilian credit market. WEEL offers the fastest onboarding and decisioning process on the market through the application of various proprietary technologies. In 2021, it was elected by the British magazine Daily Finance as one of the best fintechs in Brazil and has deployed over $1 billion in capital for Brazilian SMEs.
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SOURCE Banco BS2