Kanastra buys Limine DTVM – Finsiders Brasil

Kanastra buys Limine DTVM – Finsiders Brasil
Kanastra buys Limine DTVM – Finsiders Brasil

Founded in January 2022, Kanastra emerged with the aim of simplifying and automating the back office for structured funds such as FIDCs and FIPs, in addition to securitization vehicles, such as CRIs and CRAs. With proprietary technology, the startup offers management, administration, securitization It is banking. To become one-stop-shop in this market, however, it was necessary to provide custody It is bookkeepingfor example.

The solution, then, was to look for those in the financial industry who already held the necessary regulatory licenses to operate with these services. In the meantime, the Kanastra had already entered into a commercial partnership with Limit Trust, a securities and securities distributor (DTVM) that focuses on administration and custody of FIDCs and commercial note bookkeeping. From then on, “dating” evolved and is now becoming a “serious relationship”.

This Tuesday (2), the Kanastra announces the purchase of 100% of Limine. The value and terms of the transaction were not revealed. With the deal — which still depends on BC approval — the founders of DTVM, Elton Porpino and Nivea Yoshida, remain with the company. The brands continue to operate independently, even as a matter of ‘Chinese wall’.

Founded in 2016, the Limine was born with the objective of being a boutique of fiduciary administration and qualified services for structured credit. Currently, there are 70 funds, the majority (62) of which are FIDCs. According to the financial statements published on its website, DTVM had, in 2023, a net profit of R$295 thousand, reversing a loss of R$39 thousand from the previous year.

Complementary businesses

In an interview with Finsiders Brazilthe co-founder and CEO of KanastraGustavo Mapeli, says that the business combination results in a group with more than R$7 billion in resources under its umbrella, in a total of approximately 120 vehicles, 100 originators and 300 institutional investors.

In addition to speeding up obtaining a DTVM license — something that, in fact, Kanastra been doing with the processes with the regulators —, the purchase of Limine unites customer bases and teams that are complementary. “In terms of employees, there are 35 people on Limine’s side and 95 on Kanastra’s side.”

According to the CEO, the deal makes the company’s portfolio Kanastra more complete, at the same time that it brings more technology to the back of the Limine. “Now it’s really ‘one-stop-shop’. We are talking about growth at least 2x faster than if we had not completed the transaction”, says the CEO of Kanastra. Without revealing the absolute number, he mentions that the company had 11x higher revenue in 2023 compared to the previous year.

More acquisitions on the radar?

With money in the till, the Kanastra he does not envisage new acquisitions in the next 12 to 24 months, guarantees Gustavo. “We are well capitalized and continue to watch the market, but with an opportunistic eye. To acquire a company, we need to see that 1 + 1 will be greater than 2”, he defines.

In the first half of 2023, the Kanastra raised a seed round of US$13 million, led by funds Valor Capital and Quona. The fundraising had the participation of investors such as QED Investors, Actyus, Collaborative, Crestone, Grão, Endeavor, Clocktower, Latitud and Norte Ventures. The contribution also included founders of other fintechs, such as Creditas, Cerc, Pomelo and Hashdex.

And the competition?

The appetite for bringing technology to the back office of structured products is not exclusive to Kanastra. A Vortexwhich also provides infrastructure services for corporate debt, investment funds and banking services, received its Direct Credit Society (SCD) license last December to complete the so-called “credit cycle”.

Already the QI Techwhich started in the opposite direction, being the first SCD to operate, purchased, in November 2023, the traditional brokerage Singularspecialized in FIDCs, reinforcing the ‘DTVM as a service’ business unit.

Also gaining strength is the group VERTwhich recently obtained the DTVM license.

The article is in Portuguese

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