Brazilian digital bank Nubank has acquired Spin Pay, a local firm that supports e-commerce transactions using the country's PIX instant payments platform.
Spin Pay works with more than 220 retailers from various sectors, including department stores, electronics and airlines, helping them accept PIX payments.
Run by Brazil's central bank, PIX launched in November, enabling citizens, companies and government entities make instant payments 24/7/365 through mobile phones, online banking and ATMs, using QR codes or recipient information such as phone numbers and emails.
The service has proved a hit, moving over R$1 trillion in just over six months of operation.
Post-acquisition, Spin Pay will be run independently as a separate business unit but "aligned with Nubank's purpose".
The move adds another feature to Nubank's portfolio, which began with a core credit card product and now includes personal lending, life insurance, products for micro entrepreneurs, instant payment services, and investment products.
With more than 40 million customers, last week it was reported that the lender is looking for a $55 billion-plus valuation when it lists in the US in the near future.