International Finance

Brazilian fintech Nubank acquires Spin Pay to boost payment offerings

The deal will also help Nubank expand the portfolio to offer its popular instant payments platform Pix

Brazil-based neobank Nubank has announced the acquisition of fintech firm Spin Pay to boost its payment offerings, media reports said. The deal to acquire Spin Pay will help Nubank expand its portfolio to offer its popular instant payments platform Pix.

In a press release, Nubank said, “The acquisition will allow us to offer even more payment solutions for electronic retail. Today, Spin Pay works in partnership with more than 220 retailers from different sectors, such as department stores, electronics and airlines, enabling the replacement of bureaucratic payment methods with simple, fast and secure experiences.

“The solution is available on the e-commerce platforms VTEX, Loja Integrada and soon on Shopify Plus, in addition to a solution (APIs) capable of integrating with any type of retail system.”

Recently, it was also reported that Nubank added support for Apple Pay to its debit and credit cards, with Purple, Ultraviolet, and PJ accounts all supported. This means Nubank’s customers can now make payments using Apple devices for the first time.

Last month, it was reported that Nubank was seeking a valuation of over $55.4 billion ahead of its planned US initial public offering. In its previous funding round, Nubank was valued at around $30 billion. Given it achieves the targeted valuation, it will become the most valued fintech in the whole world. It is also speculated that Nubank might seek a valuation near the $100 billion mark.

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