Brazilian private sector lender Banco Bradesco is looking to acquire a minority stake in technology companies to expand US operations, reported Bloomberg

“We are going to be investing in digital firms that can help us foster our growth in every single area that we participate, such as investments, financing, credit cards, payments, cyber security,” Bradesco head of private equity and venture capital Leandro Miranda told the publication in an interview.

Bradesco, which has already invested $700m in the US and Brazil-based technology companies, is looking to form partnerships with businesses that “would be extremely expensive to develop on our own, or would take too long for us to develop,” Miranda said.

According to Miranda, the target entities will also benefit as “they burn cash fast in order to grow, and we pay decent money” at a time when capital has become scarce and expensive.

Last December, Bradesco formed a partnership with Miami-based BCP Global and since then the Osasco-based bank has used the platform to cater to affluent clients. 

A few months later, in March 2022, the lender participated in a $44m funding round of ChargeAfter.

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With operations in the US and Brazil, ChargeAfter connects banks and retailers to facilitate financing to consumers. 

“We just want to make sure that we have operational agreements with those firms, so we can seize the benefits when they grow,” Miranda said, adding that Bradesco plans to leverage the fintech partnerships as “white label” operations. 

“We put our logo there, and preserve the way they work, so they can update themselves very quickly, and we can have updated infrastructure in the cloud the whole time.” 

In August this year, Bradesco, through its subsidiary Bradescard, reached an agreement to buy Mexican financial services provider Ictineo Plataforma.

Through the acquisition, Bradesco hopes to foray into the Mexican retail banking business by offering digital accounts, payroll loans and investment accounts.