Advent International agreed to sell its stake in Easynvest, a Brazilian digital investment platform, to Nubank. Advent and other Easynvest shareholders also agreed to become investors in Nubank.
Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has agreed to sell its stake in Easynvest (the “Company”), the largest independent digital investment platform in Brazil with more than 1.5 million customers, to Nubank, the largest independent digital bank in the world.
“We have been pleased with Easynvest’s achievements since agreeing to invest in the business in March 2017,” said Mario Malta, a Managing Director at Advent International in São Paulo. “The Company has more than quadrupled its number of clients during this period. It has been a gratifying experience to work alongside Easnyvest’s management team and partners to build a unique retail investment platform that is helping to educate Brazilians on how to invest.”
“We challenged the status quo in creating a new generation of simple, human-centric financial services products in Latin America,” said Nubank’s founder and CEO David Vélez. “The current investment market in Brazil is filled with products that are complex, expensive and surrounded by conflicts of interest. Joining forces with Easynvest will enable us to replicate Nubank’s approach of bringing simplicity and efficiency to a complex market and using technology and customer focus to truly democratize access to great financial services products for everyone. In Easynvest, we have found a partner that not only shares our cultural values and purpose, but also has a strong leadership position.”
In conjunction with the sale, Advent and other shareholders of Easynvest have also agreed to become investors in Nubank.
“We are pleased to become an investor in Nubank as we are impressed by the management team and the company’s exponential growth since its inception seven years ago,” said Brenno Raiko, a Managing Director at Advent International in São Paulo. “Together, Nubank and Easynvest have an incredible opportunity to continue to reshape a traditional market in Latin America with their pure digital business model.”
The sale of Easynvest and Advent’s investment in Nubank are subject to approval by the Brazilian Central Bank and the country’s antitrust agency, CADE. Terms of the transactions were not disclosed.
Advent is one of the leading and longest-established private equity investors in Latin America. Over the past 24 years, the firm has invested or committed $6.8 billion in 64 businesses across the region. Advent opened its São Paulo office in 1997 and to date has deployed $3.7 billion in 27 companies throughout Brazil in sectors such as business and financial services; healthcare; industrial; retail, consumer and leisure; and technology. Recent investments include CI&T, a global provider of digital transformation services; Grupo BIG (formerly Walmart Brazil), the third-largest food retailer in Brazil; YDUQS (B3: YDUQ3), the second-largest post-secondary education company in Brazil; Fortbras, one of the leading distributors and retailers of aftermarket auto parts in Brazil; and Grupo Fleury (B3: FLRY3), Brazil’s largest provider of premium medical diagnostic services.
Easynvest is the largest independent digital investment platform in Brazil, with more than R$23 billion in assets under custody and more than 1.5 million clients. The company is a leader in developing technology and innovations in financial services. It was one of the first to offer online access to the stock exchange in Brazil, in 1999, and the first to offer access by mobile app to the fixed-income market, in 2016. On Easynvest’s 100% digital platform, individual investors can access and analyze a wide range of investments, including government bonds, private securities and investment funds, in addition to buying and selling stocks, options and futures. The company also provides financial education content on several digital channels. For more information, visit www.easynvest.com.br.
Nubank is the largest independent digital bank in the world, with around 30 million customers. The company launched its first product in 2014, a credit card with no annual fee managed entirely by a mobile app. Today, the card is used by 15 million cardholders. In 2017, Nubank also launched its benefits program, Nubank Rewards, and its digital account, currently used by 26 million Brazilians. A year ago, the company started testing its personal loan service and took the first steps in its international expansion. Nubank has offices in São Paulo (Brazil), Mexico City (Mexico), Buenos Aires (Argentina) and Berlin (Germany). Since its founding, the company has raised over US$1 billion through a number of investment rounds led by some of the best-known growth and technology investors in the world, such as TCV, Sequoia Capital, Kaszek Ventures, Tiger Global Management, QED, Founders Fund, DST Global, Redpoint Ventures, Ribbit Capital, Dragoneer Investment Group, Thrive Capital and Tencent. Fast Company magazine named Nubank the most innovative company in Latin America in 2019 and the 36th in the world in the ranking of the 50 Most Innovative Companies. For more information, visit www.nubank.com.br.
ABOUT ADVENT INTERNATIONAL
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in more than 360 private equity transactions in 41 countries, and as of March 31, 2020, had $49 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 200 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After more than 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit www.adventinternational.com or www.linkedin.com/company/advent-international.