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Photographer: Fotoarena/Sipa USA via AP
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future finance

Goldman's Longshot Pick to Challenge Brazil's Banks Takes Off

  • Credit-card venture Nubank has won a $3.6 billion valuation
  • Bank hopes to fuel the startup's expansion in Latin America

Brazil’s president was facing impeachment, corruption scandals and protests were spreading and the economy was sliding into one of its biggest slumps ever. For banks, it meant writing off loans. International lenders were retreating.

It was 2016 and Goldman Sachs Group Inc. decided the time was right to pump money into a Sao Paulo startup looking to reinvent the country’s financial industry, starting with zero-fee credit cards.