Nubank Strikes Bank Deal to Secure Brazilian License

Nubank plans to secure a Brazilian banking license through its acquisition of Banco Porto Real de Investimentos, a bank that extends credit to wholesale clients, the company said in a Monday (July 20) press release . The acquisition is subject to approval by Brazil’s central bank, according to the release. Once the acquisition is complete, Nubank will add Banco Porto Real’s banking license to the other licenses under which it already operates.