Nubank’s battle against coronavirus

By Evelyn Howat
We take a closer look at how fintech unicorn, Nubank has been focusing on its customers and employees during the COVID-19 pandemic...

São Paulo based Nubank is the largest fintech in Latin America and is considered one of the most innovative companies in the world. The neobank’s Chief Financial Officer, Marcelo Kopel, recently commented on the company’s financial balance for Q1 and Q2, where he discussed its strategy on staying resilient throughout the coronavirus pandemic.

On March 12th, the bank made the decision to send all of its teams - around 2,700 employees - to work remotely. Nubank was one of the first companies to do this and provided over a 1000 its workforce with resources to work in good conditions like monitors, keyboards, computers, equipment and furniture. 

undefined

 

Nubank launched its People First movement on March 24th, the purpose of this was to redirect its R$20mn marketing budget to lend a hand to clients worst affected by the pandemic, offering them food, medical care, basic necessities and psychological support. Customers also benefitted from special refinancing options including lower interest rates and extensions on loans and credit card bills.

“We chose to invest in the company, people and the development of new technologies to continue delivering the best experience to our customers.”

What do the statistics say?

Despite the wrath COVID-19 has had on economies and businesses across the globe, Nubank like many other digital banks has seen healthy growth in its users and product. The company hit 26 million customers, which is more than double its base a year ago. Moreover, it saw a 54% increase in transaction volume in comparison to the previous year.

[Image credits: https://blog.nubank.com.br/] 

Share

Featured Articles

WE’RE LIVE! FinTech LIVE Singapore

Kickstarting the year of events for FinTech LIVE, FinTech LIVE Singapore returns featuring speakers from Amberdata, Standard Chartered, ING, WeLab and more

FinTech LIVE Singapore: Just One More Day to Go!

Just one more day to go until FinTech LIVE returns in 2024 with FinTech LIVE Singapore

Top 100 Women 2024: Allison Paine Landers, UBS - No. 10

FinTech Magazine’s Top 100 Women in FinTech honours UBS’ Allison Paine Landers at Number 10 for 2024

Top 100 Women 2024: Akila Raman-Vaseghi, Goldman Sachs No. 9

Financial Services (FinServ)

FinTech LIVE Dubai: 1 Week to Go!

Digital Payments

FinTech LIVE Singapore: 1 Week to Go!

Financial Services (FinServ)