Brazil Retailer Magazine Luiza to pay US$56 Million for Digital Payments Fintech Hub
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 The Fintech Hub, has 4 million active digital accounts and prepaid cards, which have moved about US$6.6 billion in the past 12 months. The revenue generated in the period was R$ 159 million.
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