The bank has created a new fintech and AI venture unit, Itaú Ventures, following the acquisition of an investment firm.

Itaú Unibanco

Itaú Unibanco, a Brazilian bank, has announced a new corporate venture capital unit with a R$500m ($91m) fund, of which R$250m ($45m) is earmarked for new investments.

The CVC unit, Itaú Ventures, is a product of the bank’s acquisition of Kinea Ventures, an investment company. It will work closely with the core business units to target areas of innovation relevant to the bank.

Itaú Ventures will target startups working on technology areas including payments, wealth management, insurance, credit and AI.

Kinea Ventures brought eight portfolio companies with it to Itaú Unibanco, including Liqi, a digital assets fintech, and Kanastra, a provider of services for structured funds and technology solutions.

Stephen Hurford

Stephen Hurford is a junior reporter for Global Corporate Venturing.