Nu Holdings (NYSE: NU) has announced an agreement to acquire Banco Porto Real de Investimentos S/A, a bank founded in 1992 in Porto Real, Rio de Janeiro, that operates in wholesale credit lending. The deal is subject to approval by Brazil's Central Bank.

According to a press release, the acquisition is intended to help Nubank meet the requirements of Joint Resolution No. 17, issued by Brazil's Central Bank and the National Monetary Council, which regulates the naming of financial institutions.

Once completed, Banco Porto Real's banking license will be added to the existing licenses under which Nubank operates, including a Payment Institution license, a Credit, Financing, and Investment Company license, and a Securities Brokerage Company license. All existing obligations of Banco Porto Real will be fulfilled under the terms of the acquisition agreement.

Nubank stated that adding the new license to the prudential conglomerate of Nu Pagamentos S.A. will not impose additional capital or liquidity requirements. The company also said that for its 115 million customers in Brazil, no changes to the app, products, services, or brand are planned.

"Brazil is where Nubank was born, grew, and proved that fairer, simpler financial services are possible at scale," said David Vélez, founder and global CEO of Nubank. "Thirteen years later, it remains our main focus, a market where we can still significantly expand our share."

Nubank also announced R$45 billion in investments in the Brazilian market for the current year, which it described as nearly double the amount invested over the prior two years.