Nubank buys Spin Pay

Brazilian bank Nubank has acquired payments fintech Spin Pay, which uses Pix, the new means of payment created by its central bank, to support ecommerce transactions.

The digital bank said that the deal will allow it to offer “even more payment solutions for electronic retail”, as Spin Pay works in partnership with more than 220 retailers, including department stores and airlines.

In a blog post, Nubank wrote: “The arrival of Spin Pay is a way to provide an even better and simplified experience for retailers and Nu customers faster.”

Pix payments launched in Brazil in November 2020, and all banks and fintechs with more than 500,000 active accounts are expected to offer the service.

According to the country’s central bank, Pix moved more than R$1 trillion in just over six months of operation, while the number of transfers via Pix already exceeds that of other alternatives, such as TED and DOC.

Nubank confirmed that following the acquisition, Spin Pay will remain independent, operating as a separate business unit but aligned with Nubank’s “purpose”.

Earlier this year, Nubank acquired technology company Juntos, and in June received a $500 million investment from Warren Buffett’s Berkshire Hathaway in an extension of its Series G funding round.