China’s Tencent to acquire stake in Brazil fintech Nubank: source By Reuters

© Reuters. FILE PHOTO: A Tencent sign is seen during the fourth World Internet Conference in Wuzhen

© Reuters. FILE PHOTO: A Tencent sign is seen during the fourth World Internet Conference in Wuzhen

SAO PAULO (Reuters) – Chinese internet company Tencent Holdings Ltd (HK:) has reached an agreement to acquire a minority stake in Brazilian financial technology company Nu Pagamentos SA, a source familiar with the matter told Reuters, without specifying the amount.

The move marks Tencent’s debut in Brazil and is the latest in fintech investments by China’s largest social media and gaming company. It is a major shareholder of online-only bank WeBank, and of online-only insurer ZhongAn Online P&C Insurance Co Ltd HK.

Last week Tencent and private equity firm KKR & Co Inc (N:) said they were acquiring a minority stake in the financial technology arm of Philippines’ PLDT Inc (PS:).

Nubank, as the Brazilian fintech is known, has issued 5 million credit cards and has signed up 2.5 million customers to digital payment accounts – which allow users to make transfers, pay bills and earn interest on deposits – since its foundation in 2013.

Tencent’s investment in Nubank was first reported by The Information website, which also said the Chinese company paid $200 million for a 5 percent stake.

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