Machado Meyer advises Magazine Luiza on the acquisition of Bit55 platform
Machado Meyer Advogados advised Magazine Luiza S.A. on the acquisition of Bit55, a technology platform for card processing
Magazine Luiza S.A., through its subsidiary Magalu Pagamentos Ltda., bought Bit55, a technology platform for processing credit and debit cards in the cloud, built by BS2 Bank for processing its own cards.
Bit55 has a processing capacity of more than 2,000 transactions per second, ensuring a fast response time for each transaction. This enables cards to be issued and available for use within minutes. The Bit55 platform also offers all the functions needed to manage a credit card portfolio.
Bit55’s credit and debit card operations complement the Fintech Hub’s prepaid card and digital accounts business, giving Magalu a comprehensive portfolio of fintech solutions and is another important step in Magalu’s strategy to digitize Brazil.
The Machado Meyer team was led by partner Ivandro Sanchez (pictured) together with lawyers Andrea Melo Fialho, Gabriel Leao Vazami, Gustavo Giordano Tudisco, Yuri Camelo Ribeiro.
