Brazil’s retail giant Magalu receives CADE, Central Bank approvals to acquire ‘Hub Fintech’

RIO DE JANEIRO, BRAZIL – Magazine Luiza, one of the largest Brazilian retail companies, said it has received approvals from the Brazilian antitrust agency (CADE) and the Central Bank (BC) to complete the acquisition of Hub Fintech through its subsidiary Magalu Pagamentos.

With Hub Fintech, Magalu integrates a payment institution regulated by the Central Bank and integrated with the Brazilian Payment System (SPB) and the Instant Payment System (Pix).

According to the statement, Hub is not only one of the largest Banking as a Service (BaaS) platforms and a leader in prepaid card processing, but also offers services such as benefit cards (meals and meals), acquiring services, and enterprise solutions for business management.

“In addition, with the recent acquisition of credit card processor Bit55, Hub now has a complete portfolio of financial solutions with its own scalable technology,” he adds.

BaaS is the solution for any business that wants to offer digital financial services to its customers without becoming a bank and subjecting itself to BC regulatory oversight

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