Nubank enters investments market through Easynvest acquisition

By Pavithra R

Nubank, a leading FinTech company in Latin America, has announced the acquisition of Easynvest, the largest self-direct digital broker in the country, with 1.5 million customers and more than R $ 20 billion under custody. 

According to the terms of the agreement, the two companies will continue to operate normally and independently with service channels, services and apps available as usual. The purchase is to be approved by Organs regulatory bodies, the Central Bank and CADE. 

Brazil-based Easynvest was one of the first companies to offer online access to the stock exchange in 1999 and the first to offer mobile access to the fixed-income market in 2016. The firm is among the largest broker to give people autonomy to make their investments, hence the term, self-direct. It has a strong focus on helping to democratize access to financial services in the country which aligns with Nubank’s mission. 

According to the Brazilian stock exchange, from December 2019 to August 2020, the number of individual investors on the stock exchange increased by 76%. However, the market is still complex with expensive products and few options, especially for those who do not have large amounts available. Through the acquisition, Nubank is creating a revolution of creating products that are easy to use and that have incredible service in the investment market.

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Nubank is a well-funded challenger bank in Latin America developing simple, secure, and 100% digital solutions for customer’s financial life. The FinTech launched its first product in 2014, a credit card with no annual fee managed entirely by a mobile application. In 2017, Nubank launched its proprietary loyalty rewards program (Nubank Rewards), as well as a digital account (NuConta) that is already used by more than 17 million people. The FinTech is backed by TCV, Sequoia Capital, Kaszek Ventures, Tiger Global Management, QED, Founders Fund, DST Global, Redpoint Ventures, Ribbit Capital, Dragoneer Investment Group, Thrive Capital and Tencent.