Brazilian financial-technology company Nu Holdings Ltd. is considering plans to shift its legal base to the UK, in a move that would mark a major win in Britain’s push to encourage more tech companies to move to the country, according to Bloomberg.
The digital challenger bank has been working with the British government on the plans, which were discussed as part of a broader set of agreements between Brazil and the UK on Tuesday on the sidelines of the Group of 20 leaders’ summit in Rio de Janeiro, according to people familiar with the talks.
“Nubank continuously reviews its corporate legal structure to align with the footprint of its operations,” a spokesperson for the company said in a statement. “At this time, no decision has been made regarding the redomiciliation of Nu Holdings Ltd. or any other legal entities within our group. As a publicly traded company, we are committed to transparency and will follow standard communication protocols if and when any such decisions are made.”
Nubank — whose holding company is currently based in the Cayman Islands and is listed on the New York Stock Exchange — recently became the most valuable bank in all of Latin America. While its corporate headquarters would remain in Sao Paulo, Brazil, the change in legal domicile to the UK would be seen as a big achievement in efforts by British Prime Minister Keir Starmer’s government to attract more technology firms and investment to the country.
Founded in 2013, Nubank has rapidly grown into one of the world’s most well-known fintech companies, with its app on the phones of around 60% of all Brazilian adults. It also has operations in Mexico and Colombia.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
