Brazil’s Antitrust Watchdog Probing Banks over Competition Hurdles to Fintech

Nubank is a Brazilian FinTech company that acts as a digital bank and credit card operator, located in São Paulo. In 2018, with its valuation exceeding US$1 billion, the company reached unicorn status, being the third Brazilian company to date to achieve this.

By  Reuters

RIO DE JANEIRO, BRAZIL - Brazil’s antitrust watchdog Cade is investigating four banks in the country for allegedly creating competition hurdles to digital banking newcomer Nubank, the watchdog said in a statement on Monday.

Cade said Banco do Brasil SA, Caixa Economica Federal, Banco Santander Brasil SA and Banco Bradesco SA were denying requests to schedule automatic payments from Nubank clients that also were account holders at those banks.

It said the banks would be given a chance to defend themselves and then the case would be sent to the Cade’s Administrative Court, which would give a . . .

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