Nubank plans scooping up acquisitions

Tuesday 21 June 2022 12:46 CET | News

Latin America-based digital lender Nubank has planned to scoop up acquisitions at bargain prices, as per Financial Times.

The group is eyeing opportunities despite its own stock price plummeting during a sell-off in the tech sector. Its shares have slumped by two-thirds in 2022, taking its market capitalisation to about USD 15 billion.

But as rising interest rates and tighter credit restrict flows of venture capital globally, there are warnings that some of the region’s startups may struggle, creating attractive targets.

Founded in 2013, Nubank is an app-based provider of credit cards, current accounts, and loans that has nearly 60 million customers today.

Unlike some of its digital peers, Nubank started out in credit rather than payments. It has since built a pool of retail deposits in Brazil, where the market is highly profitable and heavily concentrated among behemoths such as Itaú Unibanco, Bradesco, and Santander.

Nubank has already bought some startups over the past couple of years, and has expanded into offering insurance, investments, and cryptocurrency trading.

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Keywords: banks, fintech, acquisition, digital banking, credit card
Categories: Banking & Fintech
Companies: Nubank
Countries: Latin America
This article is part of category

Banking & Fintech


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