Nu Holdings (NU) Faces New Brazil Rival as TikTok Seeks Payments, Credit Licenses
TikTok has applied for licenses to offer payments and credit in Brazil, challenging Nubank’s dominance, sources said. ByteDance payments head Liao Baohua met with Brazil’s central bank chief Tuesday. TikTok’s user base in Brazil matches Nubank’s 113 million local customers. Nu’s U.S.-listed shares rose 6.4% to $14.37 Tuesday.