2h ago
Brazil orders Nubank to remove "bank" from local branding under new November rule
In November, Brazil's central bank began enforcing a rule that bars Nubank from using the "bank" label in its domestic branding because the country's largest fintech does not hold a banking license. Nubank, which serves 110 million customers and is valued at more than $80 billion, is now considering buying a smaller licensed institution such as Banco Digimais SA to avoid the lengthy licensing process. Regulators have tightened rules as they move to close loopholes and address rising fraud risks in Brazil's fast-growing fintech sector.