SAO PAULO (Reuters) – Brazilian fintech Nubank will sponsor the World Cup 2022 regionally in South America, it said in a statement on Thursday, without disclosing the contract value.
The move marks Nubank’s first big sponsorship contract as it prepares for an initial public offering that it hopes will value the company at about $50 billion. This figure would rank Nubank as the most valuable financial institution in Latin America.
“Our company’s growth has led us to seek new platforms and communication channels that allow us to deliver our message to the entire region. That is why we chose to be part of this event,” said Nubank Chief Marketing Officer Arturo Núñez in a statement.
Founded in Brazil in 2013, Nubank has expanded to Mexico and Colombia. The fast-growing fintech, which was started offering a purple free-of-charge credit card, has 48 million clients.
(Reporting by Carolina Mandl; Editing by Cynthia Osterman)
