Brazilian challenger Nubank snaps up digital broker Easynvest
The acquisition of Easynvest marks the third for the Brazilian digital bank in 2020 so far.
Digital banking juggernaut Nubank has acquired Brazilian digital investment platform Easynvest for an undisclosed sum.
Nubank is the largest independent digital bank in the world having amassed 30m customers in just seven years of operations.
The digital bank has added 5m more users to its platform since June when it hit a milestone of 25m customers.
Easynvest has 1.5m customers, roughly half the number of investors in Brazil, and its acquisition could mark a significant shift into the world of investing for Nubank.
According to research from B3 (the São Paulo Stock Exchange), the number of active Brazilian investors grew by 76 per cent between December 2019 and August 2020 to over 3m, an increase, no doubt, accelerated by the coronavirus pandemic.
David Vélez, CEO and founder of Nubank, said: “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."
Nubank’s acquisition of Easynvest marks its third of 2020 alone.
The digital bank acquired hired technology consultancy firm Plataformatec at the beginning of the year and, at the end of July, US-software company Cognitect.
Nubank has experienced exponential growth since last year, having started 2019 with 5m customers, now it is closer to 30m, adding roughly 42,000 customers every day across Brazil and Mexico.