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Business deals

China's Tencent invests $180m in Brazil fintech Nubank

Move marks Tencent's debut in Latin America's largest economy

The logo of Nubank, a Brazilian FinTech startup, is pictured at the bank's headquarters in Sao Paulo   © Reuters

SAO PAULO (Reuters) -- Chinese gaming and social media firm Tencent Holdings Ltd paid $180 million for an undisclosed minority stake in Brazilian financial technology company Nu Pagamentos SA, both companies said on Monday.

The move marks Tencent's debut in Latin America's largest economy at a time when Nubank, as the company is known, is preparing to make consumer loans by year end, going beyond its current mainstays of fee-free credit cards and digital payment accounts.

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