Advent International has agreed to sell its stake in Brazil-based digital investment platform Easynvest to Brazilian fintech Nubank. As part of the agreement, Advent and other shareholders of Easynvest have also agreed to become investors in Nubank.

(Press Release) Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has agreed to sell its stake in Easynvest (the “Company”), the largest independent digital investment platform in Brazil with more than 1.5 million customers, to Nubank, the largest independent digital bank in the world.

“We have been pleased with Easynvest’s achievements since agreeing to invest in the business in March 2017,” said Mario Malta, a Managing Director at Advent International in São Paulo. “The Company has more than quadrupled its number of clients during this period. It has been a gratifying experience to work alongside Easnyvest’s management team and partners to build a unique retail investment platform that is helping to educate Brazilians on how to invest.”

“We challenged the status quo in creating a new generation of simple, human-centric financial services products in Latin America,” said Nubank’s founder and CEO David Vélez. “The current investment market in Brazil is filled with products that are complex, expensive and surrounded by conflicts of interest. Joining forces with Easynvest will enable us to replicate Nubank’s approach of bringing simplicity and efficiency to a complex market and using technology and customer focus to truly democratize access to great financial services products for everyone. In Easynvest, we have found a partner that not only shares our cultural values and purpose, but also has a strong leadership position.”

In conjunction with the sale, Advent and other shareholders of Easynvest have also agreed to become investors in Nubank.

“We are pleased to become an investor in Nubank as we are impressed by the management team and the company’s exponential growth since its inception seven years ago,” said Brenno Raiko, a Managing Director at Advent International in São Paulo. “Together, Nubank and Easynvest have an incredible opportunity to continue to reshape a traditional market in Latin America with their pure digital business model.”

The sale of Easynvest and Advent’s investment in Nubank are subject to approval by the Brazilian Central Bank and the country’s antitrust agency, CADE. Terms of the transactions were not disclosed.

Advent is one of the leading and longest-established private equity investors in Latin America. Over the past 24 years, the firm has invested or committed $6.8 billion in 64 businesses across the region. Advent opened its São Paulo office in 1997 and to date has deployed $3.7 billion in 27 companies throughout Brazil in sectors such as business and financial services; healthcare; industrial; retail, consumer and leisure; and technology. Recent investments include CI&T, a global provider of digital transformation services; Grupo BIG (formerly Walmart Brazil), the third-largest food retailer in Brazil; YDUQS (B3: YDUQ3), the second-largest post-secondary education company in Brazil; Fortbras, one of the leading distributors and retailers of aftermarket auto parts in Brazil; and Grupo Fleury (B3: FLRY3), Brazil’s largest provider of premium medical diagnostic services.