Porto Seguro to acquire a 50% stake in ConectCar

Sao Paulo-based Porto Seguro has acquired a 50% stake in ConectCar from Grupo Ultra, controller of Ipiranga for around $32 million.

Founded in 2012, ConectCar is an automatic toll payment company that’s present on 100% of toll roads and in more than a thousand parking lots throughout Brazil.

According to the insurance company, the transaction reinforces its growth strategy as it enhances the connection between mobility and the various financial services, allowing for the expansion and modernization of existing benefits, in addition to strengthening the strategy of attracting customers. “It is also an opportunity for Porto Seguro to introduce the ConectCar tag to its more than 5 million Auto policyholders, who now find it easier to use their vehicles on a daily basis. And also to have simplified management through the Porto application, raising the level of customer relationship with the brand .”

All customers will benefit from the service, regardless of whether they are insured with Porto Seguro or not.

“The acquisition is part of the strategy of also accelerating the growth of the customer base of financial products, strengthening the relationship between the company’s products, in line with the company’s mission of increasingly being a safe haven for all people, making customers’ lives easier and more practical.” – Marcos Loução, Vice President of Financial Products and Services at Porto Seguro.

To ConectCar, this will likely increase its base of one million customers as the insurer reaches over 8 million customers.