Valid, the Brazilian multinational working in secure identification, completed the process for the acquisition of 51% of BluPay, a fintech specializing in financial transactions based on blockchain technology.
The acquisition reinforces Valid’s strategy of growth in their line of digital solutions, which today account for approximately 10% of the company’s revenue, which reached R$ 1.5 billion in the first nine months of the year.
Today, Valid is Brazil’s largest issuer of documents, the fifth-largest producer of SIM Cards in the world, and it is among the world’s ten largest manufacturers of bank cards. It is an important player in technology for the issuance of driver’s licenses, identification cards, digital certifications, plus banking and virtual cards in all different sectors of the economy, including government, banks, telecom, education, health care, entertainment, and retail.
The operation will expand and complement Valid’s portfolio, which includes digital identification, digital certificates, mobile banking, dematerialization and management of smart cities.
“As a business, we have managed to position Valid in the ecosystem of financial transactions, now offering the most advanced, secure, and efficient technology, which is completely in line with our business of the identification of people, objects, and transactions,” points out Carlos Affonso D’Albuquerque, Valid’s CEO.
BluPay already has a functional product for the core structure of payment transactions and will work on the processing of transactions for the architectural model of instant payment.
The acquisition of BluPay is valued at R$ 3.9 million, and it may reach a total value of $R 25.8 million, as long as the conditions set out in the contract and the preset metrics are met.