The seven-year-old fintech that has grown into the biggest standalone digital bank of the world, Nu Pagamentos SA, has bought a software consulting firm of the U.S., Cognitect, which is the first acquisition by the fintech outside of Brazil.
Fintech Nubank buys Software Firm Cognitect
David Velez, the Chief Executive Officer stated that Nubank which is backed by Tencent Holdings Ltd., purchased Cognitect Inc., the software firm based out of Durham, North Carolina. David did not disclose any details of the terms. In an interview, he had mentioned Nubank already makes use of services offered by Cognitect.
Edward Wible, the chief technology officer and co-founder of Nubank stated that there is so much at stake at the present scale of the company that the banking service provider realized the need for access to one of its most significant technology partners, at a different level.
In a 2019 fundraising, Nubank was valued at $10.4 billion and has around 26 million clients which are roughly the same number of active customers that Banco Santander SA had in March in Brazil which since then has grown even during the crisis situation of the pandemic. Nubank has managed to bring in as much in deposits as it had done in the last year, over the period of the last three months, claims Velez. Among top contenders are Tinkoff Bank of Russia that has 10 million clients, and Revolut Ltd of the U.K. that has around 12 million clients, as per their websites.
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