Brazilian Startup ‘Nubank’ A Digital Bank That Offers Digital Credit Cards, Transfers, And Payments
| < 1 minute read
Industry: Financial services
Founded: 6th May 2013
Founders: David Velez, Edward Wible, Cristina Junqueira
Headquarters: São Paulo, Brazil
Banking in Brazil is hard. Here’s how Nubank is changing- the fast-growing digital bank now offers ATM withdrawal, direct deposit, and more.
Brazilians have traditionally been able to bank only with a handful of large institutions that globally charge some of the highest lending rates. Four-year-old Nubank, now the largest digital bank outside of Asia, with 5 million users, offers a compelling alternative with its low-fee credit cards and payment accounts. Last year, it began offering direct deposit for users’ paychecks and debuted debit and ATM withdrawal features—enhancements that further what CEO David Vélez describes as Nubank’s mission: “Helping people find a way out of Brazil’s current banking system.”
Nubank issues, administration, processes, and transfers payments related to post-paid credit cards and equity investment in other entities. It serves clients in Brazil. The company launched its proprietary loyalty rewards program (“Nubank Rewards”), as well as a digital account (“NuConta”) that more than 17 million people already use.
It’s good to see many banks coming from a country that struggles in the banking department, and apart from the expansion, it’s a pleasure to see they are focused on digital payments and offering credit cards. In the coming days, we hope many startups step into the financial sector.