Warburg Pincus acquires a controlling stake in VOLL with a +$120 million investmentNov 13, 2025

This is the largest investment in Brazil's travel sector since the pandemic, highlighting VOLL's position as the frontrunner in corporate travel solutions

São Paulo, November 13, 2025 - Warburg Pincus has acquired a controlling stake in VOLL, Latin America's leading next-generation corporate travel management platform from Localiza. The investment of +$120m also includes a primary portion to accelerate VOLL's efforts to transform corporate travel and expense management with AI-powered solutions. The company will continue to be led by its founders - Luciano Brandão, Eduardo Vasconcellos, Luiz Moura, Jordana Souza, and Lucas Machado.

"This recognition celebrates our pioneering spirit. We've embraced the challenge of leading the digital transformation of our industry with a deep sense of responsibility. We're grateful to our clients, who have allowed us to learn and build the industry's most advanced AI solutions, and to Localiza, whose partnership has fueled VOLL's growth over the past three years. We're ready and excited to shape the future of the corporate travel and expense market always guided by transparency, ethics, and an unwavering commitment to creating value for our clients," said VOLL CEO, Luciano Brandão.

Serving more than 850,000 users, at all times, in multiple languages, VOLL's platform brings the entire corporate travel and expense journey together in a single app.

The investment, expected to close in the first quarter of 2026, reinforces VOLL's commitment to transforming corporate travel and expense management through AI-driven solutions developed in collaboration with its portfolio of blue-chip clients, including Itaú, Cogna, XP, Nubank, iFood, CPFL Energia, and Andrade Gutierrez.

"VOLL reflects Warburg Pincus' strategy of investing in leading technology companies with scalable business models. The company drives measurable value and efficiency for enterprises through a differentiated AI-powered platform and strong fundamentals. We see significant growth potential in a highly fragmented market and are excited to partner with the founding team to accelerate VOLL's next phase of growth," said Bruno Maimone, Managing Director and Head of Warburg Pincus' Brazil office.

Ash Somani, Managing Director at Warburg Pincus, added "Brazil is still in the early stages of digital transformation, creating outsized opportunities for growth across multiple sectors and a highly favorable competitive environment for well-capitalized category leaders. Voll fits squarely with Warburg Pincus's global strategy of backing scalable, high-growth businesses with strong unit economics and exceptional founding teams".

About VOLL - VOLL combines technology and premium services to simplify corporate travel and expense management for national and global companies, while consistently generating significant savings for its clients. A true innovator in its segment, VOLL offers an advanced expense management module that enables users to manage every step of a business trip, from booking flights to handling meals, fuel, parking, and other expenses - all in one app. Key clients include Banco Itaú, Cogna, XP, Nubank, CPFL Energia, iFood, and Andrade Gutierrez.

Learn more at https://www.govoll.com.

About Warburg Pincus - Warburg Pincus is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $85 billion in assets under management, and more than 215 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.The firm is headquartered in New York with more than 15 offices globally. For more information, please visit https://www.warburgpincus.com or follow us on LinkedIn.

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