Brazilian fintech's customer base is now the largest of any
digital bank globally outside of Asia
After testing phase, digital account goes to market as the
biggest alternative to traditional banks in Brazil
SAO PAULO, June 13, 2018 /PRNewswire/ -- Nubank,
Latin America's leading fintech,
began in October 2017 the testing
phase of its digital savings account ("NuConta"). Having seen
unprecedented demand for the product since launch with more than
1.5mm customers, today Nubank announces it is making the product
available for any Brazilian resident with a smartphone.
"Nubank's mission is to bring new financial services
alternatives to Brazilian consumers; alternatives that are simple,
efficient, and that are able to cut through all the existing fees
and complexity of the industry. As we did with our credit card
product initially, NuConta is solving significant pains that
millions of banking consumers in Brazil suffer today: large fees, low returns
on investment, complex products and poor customer experience," says
David Vélez, Nubank's founder and CEO. "The significant growth we
have seen to-date proves we have hit a nerve."
Since NuConta's release six months ago, customers have saved up
to R$300 million in maintenance and
transfer fees, while getting returns on their money of up to 30%
more than what they would get in most traditional banks. Nubank has
transacted around R$4 billion in its
digital account so far.
Continuous Improvements
NuConta launched offering consumers a no-fee digital savings
account that offered up to 100% of CDI (Brazilian risk-free rate)
on any monies deposited in the account, with immediate liquidity.
NuConta also offered the option to send unlimited peer-to-peer
transactions, as well as transfers to any bank account in
Brazil with zero fees.
The initial six months of tests were crucial for Nubank to
understand real customers' needs, and the Company has been
announcing new features continuously since launch, such as the
option to deposit via "boleto bancário" and ability to pay any
utility and other bills.
"It's still early days for NuConta, as there are a lot of
additional features and functionalities we want to launch over the
course of the next few months. Our team is listening closely to
customers' feedbacks to guarantee that we are developing the
features that will be essential to them", assures Vélez.
In February, Nubank raised a US$150
million Series E round led by DST Global with participation
of existing investors Founders Fund, Redpoint Ventures, Ribbit
Capital and QED Investors, and new investors Dragoneer Investment
Group and Thrive Capital. Since it was founded, in 2013, Nubank has
raised almost US$330 million in six
investment rounds.
About Nubank
Nubank is the leading financial technology company in
Latin America. Its first product,
launched in 2014, is a no fee credit card that is fully managed by
a mobile app targeting Brazil's
vast millennial population. Over 16 million people have requested
the product since launch and the company passed the 4 million
active customer mark in 2017. In 2017 Nubank also launched its
proprietary loyalty rewards program ("Nubank Rewards"), as well as
a digital savings account ("NuConta") that currently is under beta
testing for existing credit card customers. To date, Nubank has
raised almost US$330 million in six
equity investment rounds from Sequoia Capital, Kaszek Ventures,
Tiger Global Management, QED, Founders Fund, DST Global, Redpoint
Ventures, Ribbit Capital, Dragoneer Investment Group and Thrive
Capital. Recently, Nubank was ranked no. 3 in Latin America on Fast Company' Most Innovative
Companies ranking. More information at www.nubank.com.br
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SOURCE Nubank