Brazil’s Nubank buys Advent-backed broker Easynvest

Reuters reports that Brazilian financial startup Nubank decided to acquire broker Easynvest as part of a plan to become a full-service financial provider.

The move illustrates growing competition among the country’s five biggest lenders – which account for more than 80% of Brazil’s deposits – with newer platforms such as those from XP Inc, BTG Pactual and Guide already luring billions of reais in savings.

Read more: Reuters