Asaas is making its debut in the insurance market through an M&A that inaugurates a new growth cycle for the financial automation and management platform for small and medium-sized enterprises (SMEs).
The company announced on Wednesday, January 28th, the acquisition of Mutuus Seguros, an insurtech company that operates as a digital insurance broker, exclusively serving the corporate market with solutions such as cargo protection and life insurance. The financial terms of the transaction were not disclosed.
The acquisition, Asaas' fourth in the last four years, opens a new avenue for growth and strategy for the company. Aiming to reach R$ 2 billion in revenue by the end of 2028, the company is beginning to explore ways to add new markets and revenue streams, without losing sight of the needs of SMEs.
“The arrival of Mutuus represents a new vertical for Asaas, fulfilling an important role in our next growth cycle, expanding our product portfolio, generating long-term value, and reinforcing our position against multiple players,” says Piero Contezini, president and founder of Asaas, to NeoFeed .
The agreement stipulates that Asaas will retain control of Mutuus, with the insurtech company 's leadership, including its founder, Andress Barão, becoming an executive.
With Mutuus, Asaas will now offer corporate insurance to its base of over 240,000 clients, including cargo protection and life insurance. The plan also includes developing products for banking operations, such as Pix insurance and guaranteed accounts.
The insurtech company will continue operating its own parallel channel, dedicated exclusively to the insurance market, independent of the integrated journey on the platform. Thus, it will continue as an independent brokerage, providing services also to those who are not Asaas clients, remaining a brand within the group.
Asaas' move is taking place in a sector that has been gaining traction in Brazil. Today, there are more than 200 active insurtech companies in the country, with investments exceeding R$ 600 million by 2025.
This growth is driven by regulatory initiatives, such as Susep's sandbox, and by the low penetration of insurance in relation to Brazil's GDP – a space that opens up opportunities for startups that invest in technology and new distribution models.
According to Pedro Rocha, vice president of new business at Asaas, the decision to maintain a stand-alone operation aims to capture maximum value from the insurance market, which recorded revenues of R$ 750 billion in 2024, according to the National Confederation of Insurance Companies (CNseg).
The expectation is that the two channels will generate revenue of R$ 130 million in 2029. Asaas achieved annualized revenue of R$ 500 million in September and expects to close 2026 with more than R$ 1 billion.
“The insurance market has high potential in Brazil. Compared to developed countries, we lag behind in the representation of policies in relation to GDP . There is great room for growth in the coming years,” says Rocha.
Entry into the sector began at the start of last year, as part of a plan to expand and diversify the portfolio, defined at the end of 2024, a year marked by an investment of R$ 820 million led by the American asset manager Bond, owned by Mary Meeker .
The investor base includes SoftBank , 23S Capital (a partnership between Temasek and Votorantim ), Endeavor Catalyst , and, more recently,Vivo Ventures , which invested R$ 35 million in September.
The transaction also represents a new M&A format for Asaas. Until now, the focus was on tools added to the platform – in 2021, for example, it acquired Base ERP to expand financial management functionalities, and Code Money, a digital wallet for individuals.
This new M&A model came along with the creation of the new business area at the end of last year, to manage acquired companies and connect them to the platform. The department reports directly to Contezini.
With this structure, Asaas keeps its M&A engine active, relying on resources received in recent years to strengthen its ecosystem. Rocha states that the company is considering new acquisitions in the same format as Mutuus, but is also looking for assets that can be incorporated into Asaas' journey.
“If we believe it’s a promising area, with clear independent growth, the idea is to give the company the freedom to operate autonomously,” says Rocha. “But it’s also important to have synergies.”
Despite the revenue prospects of the insurance vertical and the group as a whole, Asaas does not intend to bring forward its IPO plans. Like PicPay and Agibank , it wants to go public in the United States , but maintains the idea of carrying out the operation in two or three years, if a favorable window of opportunity arises.
