Deals
Fintech Powerhouse Nubank Buys U.S. Software Firm Cognitect
- Tencent-backed digital bank has grown to 26 million clients
- North Carolina-based Cognitect is firm’s first purchase abroad
David Velez, founder and chief executive officer of Nubank.
Photographer: Rodrigo Capote/BloombergThis article is for subscribers only.
Nu Pagamentos SA, a seven-year-old company that’s grown into the world’s biggest standalone digital bank, purchased a U.S. software consulting firm in its first acquisition outside of Brazil.
Chief Executive Officer David Velez said his company, known as Nubank and backed by Tencent Holdings Ltd., bought Durham, North Carolina-based Cognitect Inc. He didn’t disclose terms. Velez said in an interview that Nubank already uses Cognitect services.