Plug and Play Brazil Announces Elo As First Founding Partner

São Paulo, September 03, 2019– Elo, Brazil’s first credit card brand, join global innovation platform, Plug and Play, as a founding partner to their new location in Brazil. They partnered with Plug and Play’s Fintech program in October 2018 and has since worked with both their Silicon Valley and Frankfurt locations.

“The payment market is rapidly changing as society’s consumption habits change. So, partnering with Plug and Play is a unique opportunity for Elo to get closer to the entrepreneur and startup ecosystem. It is in this ecosystem that we believe the answers to the challenges of our business and the real problems of our customers lie. This is how Elo innovates: looking for partners to help us build the future of payments,” explains Elo’s Innovation Superintendent Daniel Passarelli.

Plug and Play is launching a new location in Brazil later this September. They will run both a Fintech and Food & Beverage program from this office. Elo will join as founding members of this program.

Partnering with Plug and Play is an opportunity for companies like Elo to position themselves as innovation leaders in their markets. In Brazil, the two companies will work together to accelerate fintechs and startups, as well as participate in and organize events and projects that bring together global references in this industry.

The program in Brazil provides for direct contacts between Elo and Brazilian fintechs and other markets, such as Frankfurt and the Silicon Valley. The idea is for startups to be mentored by market professionals and Elo executives, so they can work on growth points and opportunities, as well as obtain proof of concept for new products and services in partnership with Elo.

The program also provides for organizing an Innovation Day, an event that will bring together the main startups chosen by Elo, together with Plug and Play, for discussing innovation and technology matters.

“We are delighted to open Plug and Play’s new office in São Paulo hand in hand with Elo, a company that has proven leadership in innovation and hunger to disrupt the payments market. Together we will be able to build a powerful ecosystem, and shape the future of financial services in Brazil,” assured Saeed Amidi, Founder and CEO of Plug and Play.

For more information about Plug and Play Brazil, visit https://www.plugandplaytechcenter.com/

ABOUT ELO

Elo was launched in 2011 by three of Brazil’s largest banks (Banco do Brasil, Bradesco and CAIXA), and is the first 100% Brazilian credit card brand. In order to be a robust and comprehensive brand, Elo offers a wide range of products and services geared to all audiences. It is accepted in 7.5 million establishments across the country, and is also the first domestic credit card brand with international acceptance. Through a partnership with the Discover network, Elo cards can be used for purchases in 190 countries and territories. Elo has approximately 132 million cards issued. Visit www.elo.com.br for more information.

ABOUT PLUG AND PLAY

Plug and Play is a global innovation platform. Headquartered in Silicon Valley, we have built accelerator programs, corporate innovation services and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, our programs have expanded worldwide to include a presence in over 20 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 10,000 startups and 280 official corporate partners, we have created the ultimate startup ecosystem in many industries. We provide active investments with 200 leading Silicon Valley VCs, and host more than 700 networking events per year. Companies in our community have raised over $7 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club and PayPal. For more information, visit www.plugandplaytechcenter.com.

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