March 14, 2016 / 6:55 PM / 4 years ago

Santander Brasil completes purchase of prepaid card company ContaSuper

SAO PAULO, March 14 (Reuters) - Banco Santander Brasil on Monday completed its 150 million reais ($41.4 million) acquisition of prepaid payment card company ContaSuper, which the bank plans to turn into its digital arm.

ContaSuper, a startup founded by Brazilians Marcio Salomao and Alfredo Moraes, has 360,000 clients and could reach up to 1 million this year, Chief Executive Ezequiel Archipretre said in a conference call.

Prepaid cards have long offered an alternative for Brazilians who do not have access to traditional bank accounts, such as temporary workers in rural areas.

ContaSuper’s business is also aimed at college students who prefer to manage their payments through cell phone apps instead of banking at traditional branches, Archipretre said. (Reporting by Tatiana Bautzer; Editing by Leslie Adler)

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