Brazil’s largest private bank, Itaú Unibanco, has taken a bold step into the mobility sector by backing Turbi, a fast-growing car-rental startup that plans to go public. This partnership highlights a strong shift in how Brazil’s financial and technology ecosystems collaborate to scale innovative companies. Itaú’s investment not only strengthens Turbi’s financial position but also signals growing confidence in Brazil’s emerging tech economy.
Itaú Steps into the Mobility Space
Itaú Unibanco, a leader in Latin American banking, continues to expand its influence beyond traditional finance. In 2025, the bank intensified its venture capital initiatives through its corporate investment arm, Itaú Ventures. By investing directly in startups like Turbi, Itaú aims to position itself at the intersection of finance, technology, and mobility.
Itaú anchored a funding round worth around R$156 million for Turbi, giving the startup both credibility and growth capital. The decision reflects Itaú’s strategy to support scalable tech-driven models that can shape Brazil’s economic future. The bank sees mobility as a crucial sector that integrates financial services, digital innovation, and sustainability — three pillars that align with its long-term vision.
Turbi’s Journey from Startup to Market Leader
Turbi began its operations in 2017 with a simple mission: make urban transportation more flexible and accessible. The company developed an app-based car-sharing platform that allows users to rent vehicles by the hour, day, or week. Unlike traditional rental companies, Turbi built a fully digital system. Customers can choose, unlock, and return cars through the app without any paperwork or physical interaction.
The company started with a small fleet in São Paulo but grew rapidly by focusing on convenience, affordability, and user experience. By 2025, Turbi manages over 2,000 vehicles across multiple cities in Brazil. Its service caters mainly to urban professionals who prefer short-term car use without the costs and commitments of ownership.
Turbi’s app tracks availability in real time, handles payments digitally, and integrates with navigation and parking systems. This level of automation allows the company to operate with fewer staff and lower overhead than traditional car-rental businesses.
How Itaú’s Investment Changes the Game
Itaú’s investment gives Turbi both capital and credibility. The financial injection helps the company expand its fleet, enter new cities, and strengthen its technology platform. More importantly, Itaú’s backing opens doors to new partnerships, financing options, and institutional support that young startups usually lack.
The partnership also provides strategic alignment. Itaú can use Turbi’s mobility network to offer new financial products, such as insurance packages, fleet financing, or digital payments integrated into the app. Turbi, in turn, gains access to Itaú’s deep expertise in credit risk management and consumer finance. Together, the two companies can create a broader ecosystem that blends mobility and financial services.
This collaboration also signals a broader trend in Brazil’s startup scene. As banks like Itaú, Bradesco, and BTG Pactual move deeper into venture capital, more startups gain access to local institutional capital instead of relying solely on international investors. This shift strengthens Brazil’s financial independence and supports the growth of homegrown innovation.
Preparing for an IPO
Turbi’s plan to go public represents the next logical step in its growth strategy. Over the past two years, the company raised several funding rounds, including a Series D equity investment and significant debt financing to expand its vehicle fleet. With Itaú now anchoring the latest round, Turbi can stabilize its balance sheet, accelerate growth, and meet the transparency standards that a public company requires.
The company’s leadership sees the IPO not just as a way to raise capital but also as a chance to cement Turbi’s position as a pioneer in digital mobility. A public listing would give the company visibility, attract new investors, and help it compete with global car-sharing and rental platforms. It would also mark one of the few tech IPOs in Brazil after a prolonged period of market stagnation.
Brazil’s capital markets have remained cautious in recent years due to high interest rates and economic uncertainty. However, Itaú’s involvement could restore investor confidence. The bank’s participation provides a form of institutional validation that might encourage others to invest in similar tech-driven ventures. If Turbi succeeds in going public, it could reignite Brazil’s IPO market, particularly for companies in mobility, fintech, and sustainability sectors.
Challenges on the Road Ahead
Despite its momentum, Turbi faces several challenges. Car-rental and car-sharing businesses demand heavy capital investment. Each vehicle in the fleet represents a significant cost in purchase, maintenance, and insurance. Managing depreciation, logistics, and customer satisfaction at scale requires tight operational control.
Competition also poses a real threat. Turbi competes not only with traditional car-rental companies but also with ride-hailing giants and other mobility startups. In major cities like São Paulo and Rio de Janeiro, consumers have a wide range of transport options, from Uber and 99 to e-scooters and subscription-based car services. To stay ahead, Turbi must keep innovating its technology and pricing models while maintaining high-quality service.
Regulation presents another hurdle. Urban mobility policies in Brazil vary across municipalities, and new environmental standards could increase costs. Turbi must adapt quickly to changes in local laws concerning emissions, parking, and fleet management. Any misstep could slow expansion or affect profitability.
Finally, the public market itself poses risks. Investors may remain skeptical about capital-intensive business models. Turbi must demonstrate a clear path to profitability and long-term value creation. The company’s ability to balance growth with financial discipline will determine whether its IPO gains traction.
A Broader Shift in Brazil’s Startup Landscape
Turbi’s rise and Itaú’s backing reflect a larger transformation in Brazil’s innovation ecosystem. Over the past decade, the country has produced successful startups across fintech, logistics, and retail. However, mobility remains a relatively underexplored sector. As urban congestion worsens and younger generations avoid car ownership, demand for flexible mobility solutions continues to grow.
By investing in Turbi, Itaú positions itself as a driver of this change. The bank recognizes that mobility affects not only transportation but also payments, sustainability, and urban planning. Digital mobility platforms create data that can inform infrastructure development, credit models, and consumer behavior analysis. Itaú’s presence in this space ensures it stays relevant as financial services become increasingly intertwined with digital lifestyles.
This partnership also underscores the growing maturity of Brazil’s venture ecosystem. A few years ago, startups often depended on foreign capital from the United States or Europe. Now, local investors like Itaú Ventures, BNDES, and Monashees are taking the lead. This shift keeps more value within Brazil and builds a stronger foundation for domestic innovation.
The Future of Mobility and Finance
The convergence between mobility and finance will define the next phase of urban life in Latin America. As electric vehicles, autonomous driving, and digital payments evolve, companies like Turbi can act as testbeds for new technologies. Banks such as Itaú can integrate financial tools — from leasing models to usage-based insurance — directly into mobility platforms.
Turbi’s IPO journey represents more than a business milestone. It symbolizes the fusion of traditional finance with digital entrepreneurship. Itaú’s support gives the company a strategic edge, while Turbi’s agility and innovation offer Itaú new opportunities to serve emerging customer needs.
If Turbi successfully lists on the stock market, it will set a precedent for Brazilian startups seeking to bridge technology and infrastructure sectors. More importantly, it will prove that Brazil’s innovation economy can stand on its own, supported by domestic capital and driven by visionary collaboration between banks and entrepreneurs.
Conclusion
Itaú’s backing of Turbi marks a turning point in Brazil’s startup landscape. It demonstrates how institutional investors can accelerate innovation while creating value beyond finance. Turbi now stands on the verge of transforming from a promising mobility startup into a publicly traded pioneer in Brazil’s digital economy.
The company’s path to an IPO will not be easy, but with Itaú’s capital, credibility, and strategic partnership, Turbi has the tools to navigate the challenges ahead. Its success could open the road for a new generation of Brazilian startups ready to redefine the intersection of mobility, technology, and finance.
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