• Nubank of Brazil will acquire the instant payment platform Spin Pay

  • Nubank of Brazil will acquire Spin Pay, a fintech company that helps retailers accept payments via the country’s Pix instant payment system.

    According to a press release issued on August 30, the acquisition will assist Nubank in expanding its e-commerce payment solutions. Spin Pay, which will continue to exist as a separate company following the acquisition, works with over 220 retailers ranging from department stores to airlines. Spin Pay currently works with the e-commerce platforms VTEX and Loja Integrada, and will soon integrate with Shopify Plus, according to the announcement.

    The acquisition of Spin Pay also sheds light on Nubank’s efforts to broaden its service offerings.

    The neobank announced earlier this month that it had acquired Juntos Global, a provider of automated communications tools to banks. Last year, Nubank also added digital investment platform Easynvest, as well as software consultancy Cognitect from the United States and PlataformaTec from Brazil.

    Nubank is seeking a valuation of more than $55.4 billion for a planned initial public offering (IPO) in the United States. According to the news outlet, if Nubank succeeds, it will become one of the world’s largest fintechs.

    The Spin Pay transaction also highlights Brazil’s evolving fintech market and the popularity of its instant payment system, Pix. Nubank already provides access to Pix to its clients, but the agreement will expand the company’s reach when working with retailers who use the system to accept payments.

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