Brazil Retailer Magazine Luiza to pay US$56 Million for Digital Payments Fintech Hub

Magazine Luiza, one of Brazil’s biggest online retailers, said the acquisition will give its clients access to digital accounts for payments, deposits and withdrawals. The deal will require regulatory approval from the central bank and antitrust agency CADE.

RIO DE JANEIRO, BRAZIL - Brazilian retailer Magazine Luiza SA has agreed to buy financial technology firm Hub Prepaid Participações SA for R$290 million (US$56 million), a securities filing showed on Monday, December 21st.

Magazine Luiza, one of Brazil’s biggest online retailers, said the acquisition will give its clients access to digital accounts for payments, deposits and withdrawals. The deal will require regulatory approval from the central bank and antitrust agency CADE.

Hub Fintech, founded in 2012, belongs to the Curitiba businessman Carlos Wizard Martins.

According to a statement from the retail giant, Hub Prepaid, known as . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed?