São Paulo, December 24, 2024 – Agibank, a Brazilian fintech that combines a fully digital platform with a network of more than 1,000 Smart Hubs, announces an investment of BRL 400 million made by the newly established private equity fund of Daniel Goldberg, from Lumina Capital Management, valuing the company at BRL 9.3 billion. As part of the transaction, Goldberg will also join Agibank’s Board of Directors, reinforcing the fintech’s expansion strategy and its high-quality investor base.
The company has stood out for its strong cash generation, high profitability, and ability to finance its own growth, unlike other industry players that primarily rely on external capital.
In the third quarter of this year, its ROAE (Return on Average Equity) reached 46.4%, with net income totaling BRL 646.6 million year-to-date, allowing the company to finance its strong growth with its own resources.
This performance—together with a broad adoption of advanced technologies and significant growth potential—was key to attracting Goldberg’s investment.
Strategic expansion and “Smart Money” selection
Recently, Agibank conducted a private placement to strengthen its base of strategic investors, which has included Vinci Compass since 2020. The process resulted in demand exceeding BRL 1.6 billion from foreign and local investment funds, sovereign funds, and pension funds. However, just like when Vinci joined, the focus has always been on active-profile investors rather than the size of the check.
Goldberg, through his newly created Private Equity vertical at Lumina Capital Management—which raised USD 1.1 billion for this strategy—was considered the ideal partner to propel the next phase of growth and market access, given his extensive knowledge of credit and technology. With this move, he steps down from the Nubank board of directors, where he had served since the IPO, to become a member of Agibank’s Board of Directors and a strategic shareholder.
Marciano Testa, founder and executive chairman of Agibank’s board, notes:
“Agibank has a unique hybrid business model in Brazil, providing high value to our customer base through transactional and credit primacy. To achieve this, we leverage the best available technologies, such as artificial intelligence and big data, combined with a proprietary hybrid platform. This primacy enables us to self-finance our growth in a sustainable manner. It was precisely this model that attracted top-tier investors. We selected Daniel Goldberg as a partner due to his high caliber, strategic alignment, and deep understanding of high-growth, technology-intensive companies like ours. Now, we will deploy this capital toward consolidation opportunities and continue to advance our unique hybrid business model in Brazil.”
A resilient and unique business model
Even under challenging macroeconomic conditions, Agibank’s business model remains resilient and highly profitable, showing no direct correlation with economic cycles, and thus can adapt in both expansionary and contractionary environments.
The fintech combines rapid growth with a sophisticated approach to credit risk management, leading to remarkable performance over the last four years—five times above the average of the market in which it operates.
This balance between sustainable growth and profitability positions Agibank as a rare and successful case in the Brazilian fintech ecosystem.
Goldman Sachs and Pinheiro Neto Advogados advised Agibank, while Morgan Stanley and Barbosa, Müssnich, Aragão advised Lumina Capital Management.