Cocos Capital Acquires Warren Investimentos to Enter Brazil

In a major cross-border consolidation within South America’s financial technology sector, Argentinian digital investment platform Cocos Capital has reached an agreement to acquire the core assets of Brazil's Warren Investimentos. The acquisition marks Cocos Capital’s official entry into the Brazilian market, creating a regional digital wealth management powerhouse that will manage approximately $5 billion in assets.

Under the terms of the transaction, Cocos Capital is acquiring Warren’s primary business units, including its asset management division, capital markets operations, and the institutional brokerage Warren Rena (formerly Corretora Renascença). The deal is structured as a share swap alongside a cash component financed by Cocos' own capital. As a result, Warren’s prominent venture capital backers—including Kaszek Ventures, Citi Ventures, and GIC—will transition their holdings to become direct equity shareholders in Cocos Capital.

The combined entity projects annual revenue to surpass $100 million by the end of 2026, fueled by the integration of Warren's operations and Cocos’ recent purchase of Banco Voii in Argentina. This represents a significant jump from Cocos' standalone annualized revenue, which previously trended at over $70 million. Warren Investimentos, founded in 2017 by former XP partners, generated over R$200 million in revenue last year while operating at breakeven. Its institutional arm, Warren Rena, remains a major transaction engine, processing roughly R$10 billion daily for tier-one clients.

This strategic expansion comes amid steady performance in the Brazilian equities market. On the B3 exchange today, the Ibovespa index (IBOV) edged up 0.64% to 172,787.62. Among major market movers, Petróleo Brasileiro SA (PETR4) rose 0.34% to 37.96, Vale SA (VALE3) gained 0.35% to 78.24, and Itaú Unibanco Holding SA (ITUB4) ticked up 0.07% to 42.47. The acquisition remains subject to customary regulatory approvals from Brazilian financial authorities before official integration begins.