Benzinga | May 11, 2021 08:32AM EDT

FLEETCOR Signs Joint Venture Agreement With CAIXA To Distribute Its Electronic Payment Solutions; Terms Not Disclosed

Agreement Makes FLEETCOR Payment Solutions Available to 146 Million CAIXA Customers

FLEETCOR Technologies, Inc. (NYSE:FLT), a leading global business payments company, today announced the signing of a joint venture in Brazil between its local subsidiaries and CAIXA, the country's largest bank. FLEETCOR(r) partnered with VR Benef?cios, a Brazilian leader in meal and food vouchers, on the joint venture to meet the product requirements in the agreement.

The 20-year joint venture agreement exclusively provides CAIXA's customers the most comprehensive portfolio of electronic payment solutions including automatic toll tags, fuel cards, transportation vouchers and food vouchers. CAIXA has locations in 99 percent of Brazilian municipalities, representing the largest network of branches in the country, with more than 26 thousand service points. It also has the largest client base with 146 million individuals and companies including about 107 million clients in its digital banking operation.

"This agreement creates a potentially meaningful new sales channel for our payment products in Brazil. Combining our portfolio of payment products with VR Benef?cios' proven meal and food programs will allow CAIXA to better serve its clients, especially those seeking the payment flexibility, mobility and security delivered by our digital solutions," said Ron Clarke, FLEETCOR Chairman and CEO.

"We believe that this alliance will bring benefits to millions of Brazilians, in addition to strengthening FLEETCOR's recognition in Brazil, reinforcing our mission to create better payment solutions," highlighted Armando Netto, CEO Brazil of FLEETCOR.

The agreement is contingent on approval by a variety of regulatory bodies including the Administrative Council for Economic Defense (CADE), the Central Bank of Brazil (BACEN) and the Secretariat for Coordination and Governance of State-owned Companies (SEST).