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Today (11), the unicorn announced its acquisition of São Paulo-based Easynvest, a brokerage platform with 1.5 million customers and a reported R$20 billion (~US$ 3.8 billion) in assets under management.
The deal consisted in a part cash, part shares exchange. But the companies did not go into specifics on transaction amounts. All that’s left is for the corresponding authorities in Brazil to give their stamp of approval.
Although until these good blessings are granted, nothing will change for the fintechs’ users.
Show me the investments
Recent months have shown corporations and fintechs alike scrambling to sway more users into their investment-related products.
For example, in June, asset manager XP Investimentos bought a majority stake in Fliper, a startup specializing in compiling investment info onto one place. Meanwhile, platforms Warren and Magnetis respectively closed US$22.5 million and US$11 million last July to improve their brokerage services.
Then there’s Neon who acquired Magliano Invest to add investment products onto its app.
Now with Nubank’s acquisition, the country’s biggest neobank is jumping into this increasingly contested battle.
Though if anything, this all reflects Brazilians’ increasing interest in financial products that go beyond a simple savings account.
Nubank joins the investment game with Easynvest
“Our main objective has always been to promote people’s access to investments, so that they can make the most of 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 ”, says Fernando Miranda, CEO at Easynvest.
Rightly so, with Nubank’s ~30 million users, Easynvest will connect with a far, far larger market. Plus, under Nubank’s trusted name, it’s not surprising that many will dive into investment products.
The Brazilian unicorn was drawn to the fintech’s approach in making investing more simplified and accessible to users. In other words, for Nubank, Easynvest it falls under the “democratizing access to financial services” narrative.
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