Argentina's Cocos Capital Acquires Warren to Enter Brazil

Argentine digital investment platform Cocos Capital has agreed to acquire the primary assets of Brazilian independent broker Warren Investimentos, marking its first international expansion. The transaction, which is subject to regulatory approval, represents a major consolidation in the South American fintech space by bridging a fast-growing Argentine player with Brazil's competitive wealth management market.

The acquisition includes Warren's asset management division, its capital markets operations, and the institutional brokerage infrastructure of Warren Rena (formerly Renascença). Warren Rena alone transacts approximately R$ 10 billion per day and serves major institutional clients such as Itaú BBA and Goldman Sachs. Under the terms of the deal, the transaction is structured as a combination of cash and stock, which will turn Warren's prominent venture capital backers—including Kaszek Ventures, GIC, and Citi Ventures—into shareholders of Cocos Capital. Warren's five original founders will not join Cocos and will instead spin off a separate technology and distribution venture.

The move brings together two highly complementary fintech footprints. Warren has over R$ 20 billion in assets under custody, while Cocos Capital brings a base of over 2 million clients and more than $2 billion in assets under management. Founded in 2021 by Nicolás Mindlin and Ariel Sbdar, Cocos Capital has scaled rapidly from an initial $50,000 investment without raising external venture funding, posting $49.7 million in revenue and $25 million in adjusted EBITDA in 2025. Combined with its recent acquisition of Argentina's Banco Voii, Cocos projects its annual revenue will surpass $100 million in 2026, with total assets under management exceeding $4 billion.

This cross-border consolidation comes amid steady activity in Brazilian capital markets. In local equity trading today, the corporate landscape showed minor gains for heavyweights, with Petrobras (PETR4) trading at 37.83 (+0.08%), Vale (VALE3) at 77.97 (+0.12%), and Itaú Unibanco (ITUB4) up at 42.44 (+0.62%). Meanwhile, Brazil's benchmark equity index, the Ibovespa (IBOV), ticked down slightly to 171688.61 (-0.20%).