Last year, Ontario tech firm Volaris Group launched Vencora, a global division dedicated to acquiring and growing technology-enabled businesses powering the financial services industry.
Vencora’s vision is “to create a financial services ecosystem that provides a platform to collaborate, grow and create value for a more connected world,” according to Mike Dufton, who will serve as CEO.
Volaris was founded in 2011 and made its first acquisition in financial services in 2012—a legacy of fintech-oriented growth it aims to continue through Vencora.
At the outset, 14 Volaris portfolio brands were housed under the Vencora umbrella— a combined 1,200 team members operating from 24 offices worldwide with 1,300 clients in 69 geographies.
“Collectively, our global strength and strong expertise within the financial services industry position us well within the market to enable our businesses to achieve new growth goals, while discovering new software businesses to welcome into the Vencora family,” stated Dufton in November.
The first new software business welcomed into the Vencora family is Quarzo Tecnología, which provides software solutions for employee associations, savings funds, mutual funds, and cooperatives in Central America.
The recent acquisition of Quazro “compliments and strengthens Vencora’s banking presence in the Central America region,” according to Ateet Patel, as well as Vencora’s position in the banking technology industry.
“We look forward to providing opportunities for Quarzo to build on its incredible success and help propel its growth,” said Patel, who serves as Vencora’s banking portfolio manager.
“Quarzo’s robust and integrated solutions are well positioned for success under Vencora’s banking portfolio,” believes Mirela Verrelli, CEO of Quarzo.
Quarzo was founded in 1995 in San Jose, Costa Rica, where it remains headquartered.
Under Vencora, Quarzo will receive support from Vencora leaders, gain new best practices, and have ongoing opportunities to network and learn from leaders of its new sister companies, while the company continues to operate independently, according to a statement from the company.
“Each business operates independently with communal access to sales networks, product growth, and specialized professional support,” Vencora states online. “Our collaborative, complementing environment promotes long-term strategic decision-making.”
“We remain focused on serving our customers’ needs, while looking forward to learning from Vencora leaders,” added Quarzo’s Verrelli, “as well as collaborating and becoming stronger together with other banking companies within the portfolio.”
Vencora believes the transaction advances its goal toward “changing the face of the financial services industry.”
The company’s presence in Latin America also includes Ecuador-based fintech Fisa Group.