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Contxto – Fintech Stone is making its debut into healthcare (sort of). Expanding its scope, the Brazilian company bought Vitta, a Brazilian healthtech for an unspecified amount. The objective of this fine purchase is to expand its portfolio of services for its customers.
The pair had previously worked together. Vitta provided remote telemedicine services for Stone’s employees. Then in mid-April, they expanded their collaboration to offer Vitta’s platform to the fintech’s customers.
Stone disclosed the acquisition as part of its quarterly results announcement this week. It also stated it made investments in three different startups: mLabs, Delivery Much, and MVarandas.
What’s interesting is that this shows the unicorn is expanding into other industries. Though these ventures are aimed at offering more perks to the small and medium-sized enterprises (SMEs) that rely on its financial solutions.
Stone’s rocky ride
Thus far, the fintech has had a roller coaster of a year.
Its profits fell for the first quarter. Moreover, on May 12, it announced a 20 percent cut of its 6,500 person-team. Covid-19 was to blame, said management. SMEs’ sales dropped and consequently, so did Stone’s income flow.
But then, its stock value increased 20 percent last Wednesday (27) when it released preliminary data showing payment volumes had risen in April and May.
Now with its recent acquisition of healthtech Vitta and its investments in other startups, the fintech has made it apparent that it wants to go the extra mile for its customers.
Considering that mLabs, Delivery Much, and MVarandas all tender to SMEs, Stone wants to offer their services to its own users. mLabs handles social media, Delivery Much completes food deliveries within small and medium-sized cities, while MVarandas is a management platform for the food service industry.
“We believe that the combination of technology, great services and financial solutions in a single provider like Stone has the power to transform the Brazilian small and medium businesses environment,” stated the company in a press release. “We define ourselves by the clients we serve, not by the products we offer.”
In short, for Stone, it’s not enough to offer a financial solution. The extra perks that come with it like healthcare and management systems for SMEs make the deal juicier.
Wanna hear more? We recommend you listen to the following podcast episode: Brasil se va de Compras Ft. Benjamín Labra de Houm. You can find the time stamp available in the description.
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