Nubank buys Spin Pay, a payment fintech, and debuts in e-commerce
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 Nubank’s way of making life easier for customers in electronic retail,” 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 instant payments.
Nubank expects to reach a market cap of over $55 billion in its US IPO. Now, the company uses BC’s system to provide tools that allow payment with a click or through QR Codes. Spin Pay has among its main retail clients such as Lojas Renner and Cobasi, in addition to the airline Gol, and investment analysis house Empiricus.
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Fintech had already attracted previous investments from people like Cássio Casseb, ex-president of Banco do Brasil, Daniel Goldberg, partner of the Farallon fund, and the Quartz fund, which has the chairman of the board of directors of Renner, José Galló, as one of those responsible.
Expansion to retail
Nubank wants to take advantage of the popularization of Pix to also surf in e-commerce. According to BC data, since its launch in November 2020 until the end of the first semester, the payment method has already handled more than R$ 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 continue independently 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,” says Vélez. “We always look for partnerships that are aligned with our purpose and that allow us to continue evolving.”
This is the company’s fourth acquisition since 2020. Last year, Nubank bought the digital brokerage Easynvest, with R$26 billion in assets under custody, in addition to technology companies Cognitect and Plataformatec. This year, fintech purchased the Juntos service platform.
See more: Neobanks like Nubank, Neon, and Uala are now key players in South and Latin America fintech sector
In August of this year, Nubank announced the largest contribution in the history of Latin America: US$ 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 and hopes to reach a market cap of over $55 billion in its debut.
