Intuit’s® new acquisition is the Brazilian startup ZeroPaper, creator of a fast-growing, top-rated money management solution for small businesses in Brazil. Established in 2012, ZeroPaper’s product and strong customer acquisition channel created a top-rated money management solution for entrepreneurs and micro businesses. The acquisition also marks, for the first time, Intuit’s presence in Brazil and plans to open an office in February 2015.
“With its experienced team already focused on serving micro small businesses in a country with a growing tech community and thriving entrepreneurial culture, ZeroPaper will help accelerate Intuit’s entry into the market,” said Dan Wernikoff, senior vice president and general manager of Intuit’s Small Business Group. “The addition of ZeroPaper into Intuit’s world-class platform supports Intuit’s vision of making QuickBooks Online the operating system behind small business success around the world.”
ZeroPaper recently created an Infographic illustrating the impact of small business in Brazil. Click on the image to make it larger or click here to download the Infographic.
André Macedo, ZeroPaper founder discussed the transaction in his blog. “Joining Intuit brings us one step closer to our mission and it accelerates our ability to deliver our financial management tool to millions of individual entrepreneurs and micro businesses. We are also excited to help introduce QuickBooks to the micro and small businesses in Brazil.”
“21212 was always very confident about ZeroPaper’s potential of disrupting the finance management market and impacting thousands of small businesses in Brazil, and this transaction proves how far these entrepreneurs could get after only 2 years of operation,” said Frederico Lacerda of 21212, from the digital accelerator where ZeroPaper was created. “This was the first proved exit of a business accelerator in Brazil.” Lacerda said.
“The acquisition of ZeroPaper by Intuit will increase the technology adoption in Brazil and help entrepreneurs to run their business more effectively,” said Marcelo Eduardo of TOTVS Ventures, the corporate venture capital arm from TOTVS that provided investment funding and business development support for ZeroPaper. “We believe that the success of this exit represents an important stride for Brazilian innovation and entrepreneurial ecosystem where each player brings its value,” Marcelo added.