Torq, Evertec’s Venture Capital Arm, to Establish First Regional Office in Chile
Admin3It's impressive to see that Insurama has secured over €13 million in equity and almost €7 million in debt through four funding rounds since its establishment in late 2018. The company's financial backing demonstrates the confidence that investors have in its potential for growth and success.
With a portfolio of 210,000 policies and support from top insurers like Helvetia, Axa Partners, and GNP, Insurama has solidified its position as a player in both the European and Latin American insurance markets. However, I'm curious about the discrepancy in funding information. According to Crunchbase, Insurama has completed only one funding round (a seed round in June 2021), which raised €5 million. This decision follows Evertec’s acquisition of Sinqia, a Brazilian software solutions provider for the financial sector.In a strategic move, Evertec has completed its acquisition of Sinqia, a Brazilian software solutions provider for the financial sector. This acquisition follows Evertec's announcement in July 2023 of a definitive agreement to acquire Sinqia and its subsequent approval by Sinqia stockholders in September 2023.
The acquisition aims to strengthen Evertec's position in the financial technology market by combining its expertise with Sinqia's robust software solutions. This move will enable both companies to provide a broader range of innovative services to their clients, ultimately benefiting the financial sector as a whole. Since its transition from an innovation center to a venture capital firm, Torq has established itself as a key player in financing tech startups in Brazil. The firm primarily focuses on fintech, AI, and cybersecurity, and has been advising banking and financial institutions on leveraging new technologies and developing innovative products. Over the past six years, Torq has demonstrated its expertise in the field, including its involvement in the development of a digital currency in Brazil. The firm's investment strategy targets early-stage financial market companies, with plans to support more mature startups through investments starting at $5 million.
As a subsidiary of Evertec, following the latter's acquisition of Sinqia, a Brazilian software solutions provider for the financial sector, Torq is well-positioned to capitalize on the growing opportunities within the region. The firm seeks to invest in disruptive innovation and technology, with a primary focus on Brazil, but also extending its reach to other Latin American countries like Colombia and Argentina, and even as far as the US and the UK. Evertec, Inc. has announced plans for Torq's regional expansion following the strategic acquisition of Sinqia, a Brazilian software solutions provider.
The first destination for Torq's expansion is Chile, chosen due to its mature innovation ecosystem and significant market opportunities in the fintech sector, especially after the recent Fintech Law. Torq, originally a part of Sinqia, was acquired by Evertec in late 2023 as part of its strategy to strengthen its position in the financial technology market. With this expansion, Torq aims to bring its expertise in financing tech startups, particularly in fintech, AI, and cybersecurity, to Chile and other Latin American countries. The move by Evertec and Torq is indicative of the growing opportunities in Latin America's tech industry and the increasing focus on supporting innovation and startups in the region.
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