Our History

1995 - 2014
2015 - 2017


Our story began in 1995, when former partners of Banco Garantia, who had extensive experience in the market, founded Banco Modal S.A. in Rio de Janeiro(1).

In 1999, we expanded our business and became a multiple bank with commercial and investment portfolios. In that same year, we opened an office in São Paulo.

In the following years we also began to operate as asset managers and to participate in the structuring and coordination of large operations in the domestic market. We entered into strategic partnerships with major international agents, received approval to provide custodian and bookkeeping services, among others.

(1) The bank was founded with the purchase of the controlling stake of Incisa S.A. Distribuidora de Valores Mobiliários, which after changing its name to Modal S.A. Distribuidora de Títulos e Valores Mobiliários received authorization from the Central Bank to become an investment bank.


Our vocation to work with different products and investments created an opportunity that would later transform the entire market.

In October 2015, attuned to the opportunity to serve individual clients, we officially launched, through our broker Modal DTVM, the modalmais homebroker: an online investment channel focused on individuals and available on the modalmais.com.br portal.

With the homebroker, we started offering our own and third-party financial products to retail investors. This move was a relevant strategic step for us.


In 2018, we made another key strategic move by combining our investment platform to the digital bank, integrating both into a single app and creating the modalmais digital bank.

From then on, we started offering our clients banking products such as checking accounts with no maintenance fees, bill payments, transfers and debit cards. This marked a new phase that focused on strengthening and investing in our technological infrastructure and increasing the base of products and services offered.


2019 marked the spinoff of our management and custodian activities of structured funds (focused on illiquid assets) into Modal Administração Fiduciária (MAF) which was sold in the following year to Apex Group, global provider of financial services.

Our digital platform became even more robust with the launch of a new app with new features and functionalities.

Products structured by our capital markets team are now also distributed on our digital platform, expanding the scope of synergies between our operations.


In January 2020, with the maturity of the independent financial advisors (“IFAs”) market in Brazil and with the purpose of managing yet another important distribution channel, we acquired Hub Capital – a company focused on serving IFAs, family offices, and investment advisors.

We also established an exclusive partnership with Visa to launch the first credit card with Motion Code technology in Latin America, offering much safer online purchases for our clients.

In June 2020, we entered into a partnership with Credit Suisse, one of the largest investment banks and asset management institutions in the world. Our agreement will allow us to explore opportunities and synergies, including the offering to our clients of a wide range of products originated and/or distributed by Credit Suisse, while the Swiss bank will be able to customize and offer our technology platform and integrated banking services to its clients.

In December 2020, we received a capital injection of R$258 million from a group of local investors, reinforcing the capital structure needed to strengthen our digital strategy.

Also in December, we announced the acquisition of Investir Juntos – an educational platform that tailors the learning experience to attract clients by offering targeted financial education for each client profile based on their personal investment journey.


In January 2021, in line with our goal to provide personalized financial advice to our clients, we announced the acquisition of Proseek – a school that specializes in training professionals for the financial market. With this acquisition, we internalized a complete and scalable solution for training financial advisors, both internal and external, allowing us to better serve our clients.

In February 2021, we announced the acquisition of Eleven Financial Research – one of the most respected independent research firms in the Brazilian market. This move emphasizes our belief in financial education as a means of investor empowerment, helping them to invest more and better. Eleven also brings important synergies to our products and services offered to institutional clients, due to their ample coverage and research of capital market transactions and issuances.

In April 2021, we acquired Refinaria de Dados – a data analytics startup based on big data processing, artificial intelligence, and machine learning. The startup focuses on developing digital products for the financial market. Founded in 2017, Refinaria de Dados is known for its alternative data assessment reports on relevant financial market profiles, and has generated intelligence for several companies and market segments.

The initiative comes to accelerate the use of artificial intelligence to analyze market data, sharing of which should be further enhanced with the open-finance. The goal is to employ the infrastructure and technology for collecting, pre-processing, analyzing, and visualizing data from Refinaria de Dados to better understand the needs of our clients and partners. Thus, ultimately improving the recommendations for investments, products, and services offered by the bank.

Lastly, in April 2021 we acquired Carteira Global – an open-finance based platform that manages and consolidates financial portfolios, offering services to both our B2C clients and B2B partners. With the purpose of presenting the characteristics and data of investments that do or may make up the portfolios, clients and partners can follow the evolution and performance of assets and investment portfolios in a single place through Carteira Global, allowing for a unified view especially in a scenario where data sharing will be enhanced through open finance.

Carteira Global also stands out in the integrated B2B experience as an important decision support tool for IFAs, family offices, and investments advisors, as it enhances their ability to provide financial advice and investment monitoring to end clients. Partners can even print their own brand on the tool since the platform can be used in a white label format. Another feature is its search engine with complete details of government bonds, debentures, CRIs (Certificate of Real Estate Receivables), CRAs (Certificate of Agribusiness Receivables), investment funds, real estate funds, stocks, ETFs, and BDRs. Investors and advisors can compare historical profitability, asset risk, their characteristics, simulating investments, and more.

In April 2021, we took yet another important step with our IPO in the Brazilian stock exchange, B3 – Bolsa, Brasil, Balcão, joining the Level 2 of Corporate Governance, under the ticker MODL11.


Last update: May 2021.