Nubank is set to finally acquire a full banking licence in its home country of Brazil following an agreement to acquire Banco Porto Real de Investimentos.

The acquisition, which will be submitted for approval by Brazil’s Central Bank, means the neobank would be able to legally transition from a financial services institution to a bank.

For Nubank, which has operated in Brazil since 2013 and is currently one of the largest financial institutions in the country, buying the wholesale credit specialist brings a host of advantages. Not only will it change its legal status, but also allow it to meet the requirements of the Central Bank and National Monetary Council’s Joint Resolution 17, 2025 legislation which limits the use of the term bank to regulated institutions.

Nubank said the new licence will not impose any new capital or liquidity requirements, and the 115 million users in country will not see any changes to service.

The FinTech already holds, either independently or through subsidiaries, licences allowing it to operate as a payment institution, a credit, financing, and investment company, and a securities brokerage company.

According to research conducted by NPS Prism by Bain & Company, Nubank is the most popular primary financial institution in Brazil, with a market share totalling around 30 per cent.

In comparison, Banco Porto Real de Investimentos is a small operation, totalling only $6.2 million in assets, a loan portfolio of $1.8 million and total net worth of $6 million, according to Brazilian news outlet Neofeed. The bank is not part of any conglomerate and has only two branches.

“Brazil is where Nubank was born, grew, and proved that fairer, simpler financial services are possible at scale. Thirteen years later, it remains our main focus, a market where we can still significantly expand our share and continue driving the transformation of the sector,” said David Vélez, founder and global chief executive of Nubank.

The news follows Nubank’s acquisition of a Mexican banking licence on 10 July, seven years after entering the market, and its provisional acquisition of a de novo banking licence in the US in January.

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