Born in 2010 on february the 28th on the Italian imageboard "Diochan", he's a 'fascist' version of Nickelodeon's charachter Spongebob Squarepants. As such he's depicted wearing the paraphernalia of the Italian Fascist youth organization ("Balilla") and often shown haranguing or making fun of the typical "foes" of Fascist Italy in the 20s/40s (Bolsheviks, Bowler-wearing brits, Abyssinian negroes, Jews).

His name comes from the shortened form of the italian "Ro-BERTO" (instead of BOB for "Robert")
mated with the more whimsical "Braga-quadra" ("Squarepants" but using the more "old fashioned" substantive "braga/braghe" instead of the modern terms "pantaloni" o "calzoni"). His nature as a sponge is not mentioned by its italian name (sounding more close to the English "Bert Squarepants") even if a few users suggested "Bertospvgna Bragaqvadra" (akin to 'spongebert squarepants') at the moment of the meme's birth (but it didn't catch on).

The substitution of "U"s with "V"s is part of a long-running inside joke of Diochan (imitating the penchant of Fascists to actually use Vs in their monuments and slogans to look more 'roman' – in the roman alphabet V doubled as a U).

He's acknowledged as a meme by Italian chan's wiki "Itachan"
(related link)
http://itachan.hostoi.com/index.php/Roberto_Bragaquadra

Some people have modified the popular NES game Super Mario Bros to feature Berto Bragaqvadra in a 'fascist' version of it (turned into b/w and with all captions and notes translated in an appropriate "old fashioned" italian like "Givocatore" instead of "Player", "Impero" instead of "World"), the goombas and other foes of the game have been switched with suitable Bragaqvadra foes (brits, bolsheviks, negroes…) and Bowser has been substituted with Winston Churchill.
The background music has been suitably modified as well with 8-bit renditions of Fascist hymns and marches.

A sample from the game on Youtube:

https://www.youtube.com/watch?v=vIoAqttTvJE