- As part of the transaction, Easynvest shareholders will receive shares in Nubank, starting with Advent;
- The transaction is still depending on the approval of the Brazilian competition watchdog.
Nubank announced on Friday the acquisition of the Brazilian broker Easynvest, reports Exame. With this, the fintech enters the investment market. Easynvest is the largest independent digital broker in the Brazilian market, with 1.5 million customers. The value of the transaction was not disclosed. The operation was carried out partly in cash and partly in shares.
READ ALSO: Brazilian fintech Neon acquires the country’s oldest broker to create its own investment platform
As part of the transaction, Easynvest shareholders will receive shares in Nubank, starting with Advent, an American private equity firm that holds the broker’s largest stake: 60%.
READ ALSO: Credit Suisse agrees to buy up to 35% of the Brazilian digital broker modalmais
According to Exame, the acquisition of Easynvest will allow the unicorn to generate more revenue by offering new products and services.
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.
In a statement sent to LABS, Fernando Miranda, CEO of Easynvest, said: “Our main objective has always been to promote people’s access to investments, so that they can have the greatest return on their money. Now with Nubank, we will be able to enhance this purpose and bring services to even more people in Brazil and Latin America”.
Easynvest also said that nothing changes at the moment. “The companies remain operating normally and independently. A working group will be formed to plan the next steps for integrating services, to be initiated after approval by regulators”.