Business

Brazilian competition watchdog approves Nubank's Easynvest acquire

As a result, Nubank will hold 100% of the capital share of the broker

Latin American Unicorns wall street Nubank
Latin America‘s most prominent fintech Nubank is eyeing an IPO in the United States by the beginning of 2022. Photo: Shutterstock
  • For Easynvest, the business will further enhance growth;
  • For Nubank, it represents the fintech’s debut in the investment market.

Brazilian competition watchdog (Cade, in Portuguese) approved Nubank‘s Advent-backed broker Easynvest acquisition. As a result, Nubank will hold 100% of the capital share of the broker, said Época Negócios.

For Easynvest, the business will further enhance growth. This year, the broker took advantage of the low-interest environment to accelerate its expansion, hiring the American bank JPMorgan in June to look for a partner who could help it with that goal, says Exame.

READ ALSO: Brazilian fintech Neon acquires the country’s oldest broker to create its own investment platform

For Nubank, it represents the fintech’s debut in the investment market. Nubank has a working group to plan the next steps for integrating services, to be initiated after approval by regulators: besides Cade, the Brazilian Central Bank has to approve it as well.

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