Fintech Powerhouse Nubank Buys U.S. Software Firm Cognitect

Nu Pagamentos SA, a seven-year-old company that’s grown into the world’s biggest standalone digital bank, purchased a U.S. software consulting firm in its first acquisition outside of Brazil.

Chief Executive Officer David Velez said his company, known as Nubank and backed by Tencent Holdings Ltd., bought Durham, North Carolina-based Cognitect Inc. He didn’t disclose terms. Velez said in an interview that Nubank already uses Cognitect services.

“At our current scale, there’s so much at stake that we thought we needed a different level of access to one of our most important technology partners,“ said Edward Wible, Nubank’s chief ...