MoFo News Item

MoFo Advises SoftBank on Investment in Acesso Digital, Largest Series B Investment Received by a LatAm SaaS Company

02 Oct 2020

Morrison & Foerster represented SoftBank Group Corp. in connection with the recently announced Series B US$108 million financing round in Brazilian IDTech pioneer in ID protection solutions, Acesso Digital. General Atlantic, a leading global growth equity firm, also invested in the round.

With more than 400 clients – including several of the largest banks, retailers, and fintech companies in Brazil – Acesso Digital offers digital identity authentication solutions including facial recognition, remote hiring, and electronic signatures, and has recently expanded its offerings to other related areas, including healthcare.

The funding round, which was announced on September 21, 2020, represents the largest Series B investment received to date by a Latin American Software-as-a-service (SaaS) company. Pursuant to the terms of the investment, SoftBank’s Latin America Fund and General Atlantic will each gain a seat on Acesso Digital’s board.

MoFo’s Latin America corporate team previously represented SoftBank in its earlier investments in Brazil, including real estate leasing company QuintoAndar, bus charter online booking service Buser, and data science company Cortex.

The MoFo deal team is led by Miami-based Latin America Desk co-chair Randy Bullard and corporate partner Juan Delgado, together with corporate associates Julia Danforth and Axel Miranda.

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