Portugal’s Banco Montepio is selling its business banking brand, Banco Empresas Montepio (BEM), valued at €30 million, to Rauva, a financial services app for SMEs, aiming to boost innovation and utilize customer data for new products.
- Banco Montepio is selling Banco Empresas Montepio (BEM) to Rauva, a financial services app for SMEs.
- BEM, launched in 2019, provided commercial and investment banking services to businesses.
- Rauva plans to leverage BEM’s acquisition to accelerate innovation and develop new financial products for SMEs, freelancers, and entrepreneurs.
- The purchase includes BEM’s customer financial data, to be integrated into Rauva’s quantum machine learning technology.
- Rauva, headquartered in Lisbon, was founded in 2022 and offers a “super-app” with various SME-focused services, including payments, digital accounts, invoicing, business management, and card issuance.
- Rauva’s CEO sees the acquisition as a step closer to becoming one of Portugal’s first unicorns, reflecting the company’s ambitions.