Mercado Pago, the financial services arm of MercadoLibre, has agreed to acquire Nikos DTVM, a securities distributor based in Brazil, reported Bloomberg.
Financial specifics of the deal remain undisclosed.
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Nikos DTVM is a securities distribution firm that specialises in the investment-as-a-service model and authorised by the Central Bank.
It is a subsidiary of the Nikos Group, which has a broader scope of financial activities that includes managing funds via its division, Nikos Gestão.
The acquisition aims to enhance Mercado Pago’s capacity to offer investment products to its clientele in Brazil, the news publication noted.
The transaction will enable Mercado Pago to independently structure and offer its own investment funds, fixed-income securities, and products from third parties, further developing its investment services which commenced in Brazil in 2022.
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By GlobalDataMercado Pago Brazil digital banking vice president Ignacio Estivariz said, the deal aims to speed up the development of scalable products with an existing partner.
He added: “Not because we did it in Brazil we will necessarily do it in other countries, it’s on a case by case basis.” The deal “represents a natural evolution of a solid commercial partnership that has already allowed us to expand and strengthen our investment portfolio.”
The completion of the purchase is contingent upon the approval of Brazil’s central bank.
This represents the Mercado Pago’s inaugural acquisition in Brazil, following a three-year period of collaboration with Nikos DTVM, the report said.
The acquisition will see the integration of approximately 35 Nikos employees, including CEO Breno Casiuch, into Mercado Pago’s team.
It is important to note that Nikos Gestao, the asset management branch of Nikos, is not included in this acquisition, it added.
In May, Mercado Pago disclosed plans to seek a banking license from the Central Bank of Argentina.
This move is in line with the company’s strategy to enhance its digital offerings, similar to its approach in Brazil and Mexico.
