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Tencent invests in Brazil’s financial technology firm Nubank

Oct 9, 2018 by The Passage Team
Tencent invests in Brazil’s financial technology firm Nubank

Chinese gaming and social media giant Tencent Holdings Ltd paid USD 180 million for an undisclosed minority stake in Brazilian financial technology company Nu Pagamentos SA, popularly known as Nubank, both companies said on Monday.

The move marks Tencent’s debut in Latin America’s largest economy at a time when Nubank is preparing to enter the consumer loans market by the year-end.

Tencent is investing in Nubank through a USD 90 million capital fund, Nubank chief executive David Velez told Reuters. The Chinese giant is also paying USD 90 million to acquire partial stakes from current Nubank shareholders.

Source: Reuters

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