Nubank, Latin America’s best digital bank, is still very much in growth mode. Over the past year it has further built out from its credit card origins; current accounts have been added and the bank has acquired online investment platform Easynvest.
The value of the Easynvest acquisition wasn’t disclosed, but it was a significant deal for Nubank. It immediately added a retail investment platform with over 400 funds and 1.5 million clients (now 1.6 million) and R$20 billion of assets under custody.
“We saw that our customer base was increasingly wanting to invest in fixed income and equities and we didn’t have that optionality,” David Vélez, chief executive and co-founder of Nubank told Euromoney earlier this year. “We have also developed a highly differentiated [proposition] in the mass retail segment and we are able to serve customers at a very, very efficient cost. Easynvest was a way to offer these customers over 400 different funds from day one – and own a position in the market with the leading digital investment platform for retail investors in Brazil.”
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