Nubank, which is the most valuable fintech in Latin America, yesterday announced its fourth acquisition in history. The company bought Spin Pay, a company specializing in instant payments for e-commerce. The transaction amount was not disclosed, but it marks Nubank’s debut in the e-commerce universe.
“With this acquisition, we also want to disseminate in electronic retail the Nubank way of making life easier for customers,” said David Vélez, president and founder of Nubank, in a statement.
Currently, Spin Pay has been gaining traction with the popularity of Pix, the Central Bank’s (BC) instant payment system. But previously, the company founded by Alan Chusid, Felipe Park and Marcelo Mingatos was already working on solutions to replace TED and DOC for online transactions – it connected bank accounts with customers’ digital wallets, which allowed for instant payments.
Now the company uses BC’s system to provide tools that allow payment with one click or through QR codes. Among its main retail clients, Spin Pay includes Lojas Renner (clothing) and Cobasi (pet products), in addition to the airline Gol and the investment analysis house Empiricus.
Fintech had already attracted previous investments from people such as Cássio Casseb, former president of Banco do Brasil, and Daniel Goldberg, a partner at the Farallon fund, and at the Quartz fund, which has the chairman of the board of directors of Renner, José Galló, as one of those responsible.
Expansion to retail
Nubank wants to take advantage of the popularization of Pix to also surf in e-commerce. According to BC data, since its launch (in November 2020) until the end of the first half of the year, the payment method has already moved around R$ 1.6 trillion in more than 2.4 billion transactions.
E-commerce is also on the rise. According to data from the MCC-ENET index, by Neotrust in partnership with the Metrics Committee of the Brazilian Chamber of Digital Economy, sales in the first half of the year grew 24% in revenue.
According to the company, Spin Pay’s operation will remain independent, and the closing of the deal should be finalized in the coming weeks.
“For us, having this talented team on our side is fundamental to advancing on this journey, maintaining the standard of excellence in the provision of services and products,” said Vélez. “We always look for partnerships that are aligned with our purpose and that allow us to continue evolving.”
This is the fourth acquisition of the company, which, despite having been founded in 2013, started to go shopping only in 2020. Last year, Nubank bought the digital brokerage Easynvest, with BRL 26 billion of assets under custody, in addition from technology company Cognitect. In 2021, it was the turn of the Juntos service platform.
In August, Nubank announced the largest contribution in the history of Latin America: US$ 1.15 billion, which placed names like American mega-investor Warren Buffett among its shareholders. The company is also close to going public in the United States, hoping to reach a market cap of over $55 billion in its debut.