EXCLUSIVE: Nubank Eyes Bank Acquisition for Full Banking License + Official Response on Lawsuit News
Hey Digital Banking Fanatic,
More big news out of Brazil, Nubank is reportedly considering acquiring a traditional bank to secure a full operating license. Right now, the fintech is formally classified only as a payment institution.
This move comes after Brazil’s Central Bank launched a public consultation to redefine how financial companies are categorized, a change that could restrict Nubank’s current scope of operations.
And if you remember yesterday’s update, I shared how the Public Prosecutor’s Office of Bahia (MP-BA) filed a lawsuit accusing Nubank of abusive practices that allegedly drive consumers into over-indebtedness.
Well… today I can share Nubank’s official response, exclusively:
“Nubank contests the allegations of prosecutor Joseane Suzart and reaffirms strict compliance with Brazil’s legislation, regulations, and the consumer defense code. Nubank operates with broad transparency and educational guidance, offers competitive interest rates and robust programs for debt settlement and renegotiation—and it has the best customer service in the country, according to the Central Bank’s complaint ranking. We trust that all points will be duly clarified for the closure of the filed action.”
To be continued…
👇 More news updates are listed for you below, and I’ll be back in your inbox tomorrow with the latest.
Cheers,
INSIGHTS
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NEWS
🇧🇷 Nubank evaluates an investment by a bank to obtain a license from the Central Bank. The move gained momentum after the Central Bank opened a public consultation to redefine the classification of financial institutions, which could limit Nubank's scope of operations. Additionally, Nubank may be considering a return to Argentina. A report from BTG suggests that this could have happened through acquiring Brubank, which serves around 4 million clients. Nubank itself has not confirmed these plans.
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