FinTech profile: Nubank, the Latin-American unicorn

By Amber Donovan-Stevens
Nubank featured in our top 10 digital banks earlier this year. FinTech Magazine takes a closer look at the Latin-American digital bank. Background Nu...

Nubank featured in our top 10 digital banks earlier this year. FinTech Magazine takes a closer look at the Latin-American digital bank.

Background 

Nubank was founded in 2013 by David Velez, Edward Wible and Cristina Junqueira, the bank first became active in 2014. Nubank is the third bank in Brazil to achieve unicorn status after achieving a valuation of US$1bn in 2018.

The bank is headquartered in São Paulo, Brazil, and serves Brazil, Mexico and Argentina with digital accounts, credit cards and personal loans. Vélez revealed at the start of October 2019 that the bank now has over 15mn users. 25% up from August 2019. “We have opened many new business fronts in the last 12 months. We are growing quickly,” he said.

[Image, from left to right: David Velez, Cristina Junqueira, Edward Wible]

SEE MORE: 

Five facts about Nubank

  1. The bank of Latin-America Nubank has become iconic across Brazil, Argentina and Mexico for its digital accounts and ease of access. 

  2. Fee-free Brazillians pay some of the highest fees and interest rates for what is often considered poor banking services. For this reason, Nubank offers its customers a free account, with no maintenance fees.

  3. Centralised services via the app Much like its peers Monzo, Sterling and N26, Nubanks services are all located on the app, allowing users a greater autonomy over their money. Users can track their money or send prompts to friends who might owe money. 

  4. Contact Integration The app can integrate with the users contact list, a feature that is now present in most digital banks.

  5. FGC-protected RDB investment users can make deposits in RDB (Financial Deposit Receipts) securities. According to Nubank, these offer 100% yeild on CDI and daily liquidity. This can be redeemed at any time.

Did you know?

Last month, Nubank began the pilot for prepaid phone recharges. As users in the region prefer the prepaid phone plans, the bank will be trialling this service. Currently, users can only top-up by depositing money into their Nuconta digital accounts.

For more information on all topics for FinTech, please take a look at the latest edition of FinTech magazine.

Follow us on LinkedIn and Twitter.


 

Share

Featured Articles

The challenges of address data in cross-border payments

A truly global solution is critical to meeting cross-border needs at scale, writes Loqate, a leading developer of global address verification solutions

Top 10 fintech disruptions to watch out for in 2023

From new technologies to tough regulations for crypto, 2023 is already looking like a year of change for fintech.

PBF CEO, Morgan McKenney on blockchain, DeFi & tokenization

Morgan McKenney is the CEO of the Provenance Blockchain Foundation (PBF). We caught up with her to talk advances in blockchain technology and 2023 trends

UAE-based BNPL fintech Tabby secures $58mn in Series C round

Digital Payments

Why seamless cross-border payments transform transactions

Digital Payments

Top 10 mobile banking apps of 2022 by number of downloads

Banking