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Lojas Americanas and B2W announce acquisition of fintech blockchain Bit Capital

Digital account service AME, which belongs to Americanas and B2W, has acquired fintech of open banking Bit Capital.

Lojas Americanas and B2W announce acquisition of fintech blockchain Bit CapitalNOTÍCIAS
The Ame digital account service, which belongs to Lojas Americanas and B2W, announced the acquisition of the blockchain company Bit Capital, according to a statement last Monday, December 7.

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Bit Capital is an Open Banking blockchain platform, with white label API integration solutions for the financial ecosystem. The company uses blockchain to decrease the number of counterparties. The official website explains:

„Our open banking platform is a digital ecosystem: any company can create its own modern, scalable banking products – enabling customers to experience the future of financial services today.

fintech also offers integration solutions with Pix, the Central Bank’s payment system launched on November 16. In the announcement, the companies declare:

„The acquisition is in line with Ame’s business plan, enabling the acceleration of its development and maximizing its business fronts. It is still premature to estimate its effects on the results of Americanas and B2W“.

In the text, Ame also says that its app has 14.5 million downloads and that the group operates in over 1,700 physical Americanas shops and online through Americanas.com and sites such as Submarino, Shoptime, Sou Barato and another 2.8 million tenants.

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The acquisition, whose values were not disclosed, may be part of Ame’s plans to prepare to compete with financial institutions, taking advantage of the increased competition from the new initiatives of the Brazilian Central Bank, Pix, launched in November, and Open Banking, which should begin to be implemented in February 2021.

The Ame digital account was launched in 2018 and will be expanded in later years. The account offers cashback on purchases from partner shops and also offers credit cards and loans, all in a digital way, getting closer and closer to digital banks like Nubank and Inter.

Open Banking should allow financial institutions to launch new platforms, with the possibility of gathering all customer financial data in a single API: investments, digital account, credit, among others.

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After discussion between banks and fintechs, the Central Bank decided that the launch of the first phase of Open Banking was for February 2021.