FLEETCOR® Signs Joint Venture Agreement With CAIXA, Brazil’s Largest Bank, to Distribute Its Electronic Payment Solutions
FLEETCOR Technologies (NYSE: FLT) announced a joint venture in Brazil with CAIXA, the largest bank in the country. This 20-year agreement, in partnership with VR Benefícios, will provide CAIXA's customers with a wide range of electronic payment solutions, including fuel cards and food vouchers. CAIXA's extensive network encompasses 99% of Brazilian municipalities, with 146 million clients. The joint venture aims to enhance payment flexibility and security for millions of Brazilians. Regulatory approval is required from multiple bodies before the agreement can proceed.
- Joint venture with CAIXA expands FLEETCOR's market reach in Brazil.
- Access to CAIXA's extensive customer base of 146 million enhances potential sales channels.
- Agreement contingent on regulatory approvals which may delay implementation.
FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today announced the signing of a joint venture in Brazil between its local subsidiaries and CAIXA, the country’s largest bank. FLEETCOR® partnered with VR Benefícios, a Brazilian leader in meal and food vouchers, on the joint venture to meet the product requirements in the agreement.
The 20-year joint venture agreement exclusively provides CAIXA's customers the most comprehensive portfolio of electronic payment solutions including automatic toll tags, fuel cards, transportation vouchers and food vouchers. CAIXA has locations in 99 percent of Brazilian municipalities, representing the largest network of branches in the country, with more than 26 thousand service points. It also has the largest client base with 146 million individuals and companies including about 107 million clients in its digital banking operation.
“This agreement creates a potentially meaningful new sales channel for our payment products in Brazil. Combining our portfolio of payment products with VR Benefícios’ proven meal and food programs will allow CAIXA to better serve its clients, especially those seeking the payment flexibility, mobility and security delivered by our digital solutions,” said Ron Clarke, FLEETCOR Chairman and CEO.
“We believe that this alliance will bring benefits to millions of Brazilians, in addition to strengthening FLEETCOR's recognition in Brazil, reinforcing our mission to create better payment solutions,” highlighted Armando Netto, CEO Brazil of FLEETCOR.
The agreement is contingent on approval by a variety of regulatory bodies including the Administrative Council for Economic Defense (CADE), the Central Bank of Brazil (BACEN) and the Secretariat for Coordination and Governance of State-owned Companies (SEST).
About FLEETCOR®
FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that simplifies the way businesses manage and pay their expenses. The FLEETCOR portfolio of brands help companies automate, secure, digitize, and control payments on behalf of their employees and suppliers. FLEETCOR serves businesses, partners and merchants in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com.
About CAIXA
CAIXA is the bank for all Brazilians. It has locations in more than 99 percent of the municipalities in the country, through its more than 26 thousand physical service points, including 4,169 bank branches and similar service points, 13,056 lottery stores, 8,810 exclusive outsourced stores, 8 truck branches and 2 boat branches. CAIXA made a difference when Brazilians needed the most, especially during the pandemic crisis, by providing safety to employees and customers. It was responsible for operating the largest payment of social and income transfer programs in the history of Brazil, totaling R
About VR Benefícios
Pioneer in the benefits segment, VR Benefícios has become synonymous with the meal voucher and food voucher category in the country. Its innovative solutions are dedicated to entrepreneurs, companies, merchants and employees, and have the objective to simplify people’s lives in a practical, fast, safe and digital way. The products VR Meal, VR Food, VR Auto, VR Culture, VR Transportation, VR Purchase, VR Digital Account, VR Pay and VR Loyalty add up to more than 3.5 million card accounts managed by VR, which serves 50 thousand client companies, both public and private, and more than 500 thousand commercial establishments from its acceptance network throughout Brazil. VR has a history of pioneering innovative solutions to the sector, such as the payment link (VR Pay), the digital account (VR Digital Account) and its platform of loyalty points to companies (VR Loyalty).
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