Brazil based Digital Banking Fintech Nubank Expands Digital Commerce Services

Brazil-based virtual banking Fintech Nubank has partnered with several different retailers in order to add a digital commerce section to its app.

At the time of launch, Nubank‘s clients in Brazil can start shopping at retailers like AliExpress, Dafiti and Magalu via the app, with more partners to be announced shortly.

Established in 2013 with a core credit card product, Nubank has been successful at expanding its business into other segments like personal lending, life insurance, products for micro entrepreneurs, instant payment services, and investment products.

Since July of this year, the Fintech firm has included offers of products from strategic partnerships via its app, with global transfers made from Remessa Online and recently auto loan equity from Creditas.

David Vélez, CEO at Nubank, stated:

“At Nubank, we’re constantly looking for ways to improve our customers’ lives by making experiences simpler and unlocking greater value for their money. We have worked closely with our customers to understand their needs and pains, and how to build products to address them, creating a ‘Nubank standard quality’ of services that customers have been asking to go beyond financial solutions for years.

David added:

“With this new offering, we are able to further provide these services in many other areas of their lives and make the overall experience more enriching and fulfilling.”

This recent diversification strategy has been announced as the Fintech firm gets ready for a listing in the US markets at a valuation of around $55 billion.

As noted by its management, Nubank claims to be the leading financial technology company in Latin America and the “largest independent neobank in the world, with more than 20 million clients.”

Its first product, introduced in 2014, is a no-fee credit card that is “fully managed by a mobile app and used by more than 12 million customers.” Nearly 36 million Brazilians have requested its products.

In 2017, Nubank introduced its loyalty rewards program (“Nubank Rewards”), as well as a digital account (“NuConta”) that is reportedly used by over 17 million people. In 2019, the firm started testing its personal loan product and took its first steps in global expansion, opening offices in Mexico and Argentina.

To date, Nubank has secured about $820 million in seven equity investment rounds from TCV, Sequoia Capital, Kaszek Ventures, Tiger Global Management, QED, Founders Fund, DST Global, Redpoint Ventures, Ribbit Capital, Dragoneer Investment Group, Thrive Capital and Tencent.

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