The Financial Espresso: NU acquires Banco Porto Real; XP & Icatu; Picpay "Tap on phone"; Getnet & Mastercard; Electronic trade bills update; Credit for workers; Meliuz buyback program

Research evidence excerpt

The Financial Espresso: NU acquires Banco Porto Real; XP & Icatu; Picpay "Tap on phone"; Getnet & Mastercard; Electronic trade bills update; Credit for workers; Meliuz buyback program

Global Research

21 July 2026ab

The Financial Espresso Equities

Latin AmericaNU acquires Banco Porto Real; XP & Icatu;

Picpay "Tap on phone"; Getnet & Mastercard; Financial

Electronic trade bills update; Credit for KaioAnalystPrato

workers; Meliuz buyback program kaio.prato@ubs.com+55-11-3513 6573

Thiago Batista, CFA

Analyst

Nubank acquires Banco Porto Real to obtain a banking license in Brazil thiago.batista@ubs.com

+55-11-3513 6518

According to Nubank, the company agreed to acquire Banco Porto Real de

Investimentos, a transaction that will allow it to add a banking license to its existing Camila Azevedo

regulatory structure in Brazil. The deal remains subject to approval by the Central Associate Analyst

camila.azevedo@ubs.com

Bank. According to the company, the acquisition complies with regulatory

+55-11-2767 6881

requirements related to the use of the term “bank” and the license will be added to

Nubank’s existing licenses as a Payment Institution, Finance Company (SCFI) and Bruno Kenji

Associate AnalystSecurities Brokerage (CTVM). Nubank also stated that the transaction does not

bruno.kenji@ubs.com

require additional capital or liquidity and will not affect its products, services or

+55-11-2767 6056

customer experience. Our take: Through the acquisition, Nu is adding a banking

license in Bz - the deal is still subject to regulatory approvals. The value of the Beatriz Shinye

Associate Analysttransaction was not disclosed but should be not relevant, as the bank ended 1Q26

beatriz.shinye@ubs.com

with total assets of ~US$6m. +55-11-2767 6569