Nubank enters e-commerce with the acquisition of the Spin Pay – Money Times instant payment platform

e-commerce
According to Nubank, the acquisition comes at a highly strategic time, as Spin Pay offers the option to pay by Pix at checkout (Image: Unsplash/@markkoenig)

O Nubank announced this Monday (30) its entry in the segment of e-commerce via the acquisition of Spin Pay, a platform for payments snapshots aimed at electronic retail.

According to Nubank, the acquisition comes at a highly strategic time, as Spin Pay offers the option of payment by Pix at checkout time. Less than a year after being implemented, the system developed by central bank already handled R$ 1 trillion. Nubank highlighted that it has about a fifth of Pix keys registered and concentrates more than 30% of transactions made using the payment method in Brazil since the tool’s launch.

“The success of Pix has proven what we already knew – customers want a simple, efficient solution that doesn’t charge abusive fees for real-time transactions,” said David Vélez, CEO and founder of Nubank. “Pix was practically the ‘nubankarization’ of the financial sector, because we already offered free and immediate transfers. Now, with this acquisition, we also want to disseminate Nubank’s way of making life easier for customers in electronic retail”.

Founded by Alan Chusid, Felipe Park and Marcelo Mingatos, Spin Pay offers solutions that allow customers to make purchases quickly with just one click or by scanning the QR Code on the screen.

Spin Pay will continue operating independently after the transaction. The closing of the transaction is subject to conditions precedent that must be finalized in the coming weeks.

The purchase of Spin Pay is in line with Nubank’s acquisition portfolio expansion strategy. The company purchased in 2020 the Easyinvest, which underwent a change of brand and became Nu Invest. After this acquisition, Nubank purchased the Cognitect and Plataformatec platforms. The bank also acquired the Juntos service platform.

Partnership with Zee.Dog

Last week, Nubank launched its newest product. In partnership with Zee.Dog, recently acquired by petz (PETZ3), the bank released Nudog to the market, first “credit card” made especially to be destroyed by dogs.

The launch is a rubberized version of the Nubank credit card made exclusively for canine clientele. Made of non-toxic natural rubber, the product is suitable for medium and large dogs of any age. It also has a cavity to fill with snacks.

Petz announced the purchase of Zee.Dog earlier this month. The company acquired 100% of the platform’s shares for R$700 million.

At the time, Petz said that the transaction represents a unique movement of transformation and consolidation of the pet market. Zee.Dog is a key player for the company, which seeks to become known worldwide as the “best ecosystem in the pet segment by 2025”.

IPO

The market had updates on the long-awaited IPO (IPO, its acronym in English) of Nubank in the United States.

According to a source familiar with the subject to Reuters, the bank hired Morgan Stanley (MS), Goldman Sachs (GS) and Citi to help lead the bid.

Nubank intends to reach the Nasdaq worth from $75 billion to $100 billion and raise more than $3 billion with your IPO, reported the website Pipeline, of Valor Econômico.

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