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Brazil’s Nubank Set To Purchase Payment Platform Spin Pay

The Brazil-based neobank, Nubank, has announced its acquisition of FinTech company Spin Pay, The Block reported on Tuesday (Aug. 31).

According to the press release, the deal will help Nubank boost its payment offerings and expand its portfolio to offer Pix, a popular instant payments platform, to more consumers and eCommerce platforms.

Created and owned by the Central Bank, Pix is operated by local banks, digital accounts and wallets, and facilitates money transfers between people and merchants in 10 seconds, 24/7.

Spin Pay, which supports retailers accepting payments through the Pix platform, will remain a separate entity after the purchase.

The FinTech works in partnership with more than 220 retailers from different sectors, including department stores, airlines and eCommerce platforms, and it has plans to soon add the Shopify Plus integration to its lists of service offerings.

Read more: FinTech Company Nubank Eyes $2B IPO

Bloomberg recently reported that Nubank is eyeing an initial public offering of $2 billion-plus, adding to a series of major acquisitions in the last year alone, which proves that the company is not taking expansion plans lightly.

See also: Brazil’s Nubank Looks for Underwriters, Report Says

Earlier this month, the neobank added Juntos Global, a provider of automated communications tools to banks, to its portfolio, having previously acquired Brazilian investment platform Easynvest, U.S.-based software consultancy Cognitect, and Brazil’s PlataformaTec last year.

You might also like: Berkshire Hathaway’s $500M Boosts Nubank’s 2021 Take To $1.15B

And with investors flocking to the FinTech, the $2.2 billion the neobank is targeting in the IPO might soon become a reality. In June of this year, the online-only financial institution announced both a $500 million investment from Warren Buffet’s Berkshire Hathaway and another $250 million from a group of investors including Sands Capital and Brazil-based firms Absoluto Partners and Verde Asset Management.

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