São Paulo, September, 2020 – Nubank, the largest independent digital bank in the world, announces today (11) the acquisition of Easynvest, the leading digital investment platform in Brazil with 1,5 million customers, and takes the leadership position in the digital investments category. Through this acquisition, the digital bank boldly enters the Brazilian investment market, which has seen exponential growth in the last year: the number of investors grew 76% from December 2019 to August 2020 and today around 3 million people are investing in the country, according to B3 (São Paulo Stock Exchange).

“We challenged the status quo to create a new generation of financial services in Latin America. In the past seven years, we have freed around 30 million customers from the complexity of the traditional system through a platform of simple and human-centric financial services products”, says Nubank’s founder and CEO David Vélez. 

“The current investments market in Brazil is filled with complex, expensive products and surrounded by conflicts of interest. The less income and financial education a customer has, the worse her investment options are. This creates an enormous opportunity to replicate Nubank’s approach to bringing simplicity and efficiency to a complex market and using technology and customer focus to democratize access to great financial services products for everyone. In Easynvest, we have found a partner that not only shares our cultural values and purpose but also has a strong leadership position,” declares Vélez.

By teaming up Nubank‘s technology and awarded customer experience with Easynvest’s expertise in the investment sector, both companies aim to shake up the industry by building the future of Latin America’s investment market. Both companies have a shared vision of fostering financial inclusion and education by making financial services more inclusive and universal. “Our goal has always been to allow more people to invest and make the most out of their money. With Nubank, we will be able to expand that to people across Brazil and eventually Latin America”, claims Fernando Miranda, CEO of Easynvest.

According to a survey by McKinsey and Company, on average 93% of Brazilian investors are comfortable using digital channels to invest, and 61% feel comfortable making investment decisions on their own, making this digital offer extremely well-positioned to capture a large share of this market’s accelerated expansion. Assets under custody in Brazil are expected to go from R$ 3 trillion in 2020 to more than R$ 5 trillion in 2025, growth that has been further accelerated by the low interest rate environment seen for the first time in the country’s history.

This is Nubank’s third acquisition in 2020 and is still subject to approval by the Brazilian Central Bank and the antitrust agency (CADE). The company acqui-hired technology consultancy firm Plataformatec at the beginning of the year and, more recently, US-software company Cognitect. Through this M&A strategy, Nubank is accelerating its business’ growth and scalability and diversifying its product portfolio to serve its broad customer base. Nubank began 2019 with 5 million customers and today has around 30 million customers, with operations in Brazil and Mexico. To date, Nubank is the largest independent digital bank globally and the 5th largest financial institution in Brazil in terms of number of customers.

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