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← Embedded Finance Index 2026

TOTVS

“Can Brazil's dominant ERP provider transform its installed base of 70,000+ clients into a captive distribution channel for embedded financial services — making TOTVS the financial OS for Brazilian businesses?”

Founded1983
HQSão Paulo, São Paulo, Brazil
Latest roundIPO (2006, B3: TOTS3)
ValuationBRL 17.3B market cap
IndustryVertical SaaS / ERP & Enterprise Software
The story

Founded in 1983 as Microsiga Software, TOTVS grew into Brazil's dominant ERP provider for SMBs and mid-market, with over 50% market share. The company went public in 2006 and expanded through acquisitions across verticals. Beginning around 2020, TOTVS pivoted from pure-play ERP toward an 'ERP Banking' model, launching Techfin (jointly with Itaú Unibanco) to embed credit and payment services directly into its ERP client base—transforming the ERP from a system of record into a financial distribution channel. The 2022 acquisition of RD Station added marketing and CRM tools, creating three distinct business units: Gestão (ERP), Techfin (embedded finance), and RD Station (growth software).

Last 12 months
2026-08
2025-08
2024-01
Product timeline
1983
Founded as Microsiga Software, developing ERP software for Brazilian SMBs.· pivot
2006
TOTVS IPO on B3 (then Bovespa), becoming a publicly listed company.· ipo
2020
Launched Techfin business unit (initially as a joint venture with Itaú Unibanco) to offer embedded credit and payment solutions to TOTVS ERP clients.· banking
2021
Acquired Dimensa (core banking software for financial institutions) and launched Dimensa Core Banking product line.· acquisition
2022
Acquired RD Station (marketing/CRM SaaS), expanding beyond pure ERP into a multi-business-unit structure.· acquisition
2024
Launched LYNN, Brazil's first B2B-focused AI foundation model, embedded across TOTVS product portfolio.· banking
2026
Launched R$1.5 billion debenture issue to refinance debt and extend maturities.· banking
Acquisitions
RD Station2022
Brazilian marketing automation and CRM SaaS platform; became the third TOTVS business unit.
Dimensa2021
Core banking software provider for Brazilian financial institutions; added Dimensa Core Banking to TOTVS Techfin portfolio.
Ahgora
HR and workforce management software, now operating as Ahgora by TOTVS.
Feedz
People management and employee engagement platform, operating as Feedz by TOTVS.
Tail
Data and digital media company, operating as Tail by TOTVS.
Eleve
Financial management SaaS, operating as Eleve by TOTVS.
Exact Sales
Sales intelligence platform, acquired as part of TOTVS group.
Supplier
Supply chain and procurement management platform.
Gesplan
Financial planning software for public sector.
Regulated entities
1
regulatory licence held by TOTVS
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in TOTVS’s embedded-finance stack
Payments / PSP
CieloAdyenGetNetCyberSourceeRedeSiTef
Money movement
in the full report
Lending
in the full report
Accounting
in the full report
Accounting gap: minor
11 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.

TOTVS — frequently asked

Who is TOTVS's payment processor?

TOTVS processes payments through Cielo, Adyen, GetNet, CyberSource, eRede and SiTef. Disclosed money-movement rails: Pix.

Who provides TOTVS's lending?

TOTVS's lending and capital products are provided by TOTVS Techfin (in-house) and SP Securitizadora (in-house).

Which accounting software does TOTVS integrate with?

TOTVS integrates with TOTVS ERP (Protheus), TOTVS ERP (Datasul), TOTVS ERP (RM) and TOTVS ERP (Logix).

What is TOTVS's embedded finance stack?

The Embedded Finance Index 2026 maps 4 layers in TOTVS's stack: Payments / PSP (Cielo, Adyen, GetNet, CyberSource and 2 others); Money movement (Pix); Lending (TOTVS Techfin (in-house), SP Securitizadora (in-house), Crédito B2B (B2B credit for ERP clients), Antecipação de Recebíveis (receivables anticipation / invoice financing) and 2 others); Accounting (TOTVS ERP (Protheus), TOTVS ERP (Datasul), TOTVS ERP (RM) and TOTVS ERP (Logix)).

Where is TOTVS headquartered?

TOTVS is founded in 1983 and headquartered in São Paulo, São Paulo, Brazil.

What companies has TOTVS acquired?

TOTVS's acquisitions include RD Station (2022), Dimensa (2021), Ahgora, Feedz, Tail, Eleve, Exact Sales, Supplier and 1 other.

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