Nubank acquires Brazil’s Spin Pay

Nubank acquires for an undisclosed amount Brazil’s Spin Pay, a Fintech specialized in facilitating the new Brazilian open bank payment system for the e-commerce market.

Spin Pay works with more than 220 retailers from various sectors, including department stores, electronics, and airlines, helping them accept PIX payments. The move adds another feature to Nubank’s portfolio, which began with a core credit card product and now includes personal lending, life insurance, products for micro entrepreneurs, instant payment services, and investment products.

Short to come, Nubank’s #ipo is expected to take the digital bank to a $55 billion to $100 Billion valuation when it lists in the US.

Pinheiro Neto Advogados acted as legal counsel on this transaction with senior attorney Alessandra Carolina Rossi Martins.

Internally, Nubank’s team had Pedro Frade and Beatriz Outeiro.