Nubank (NYSE: NU), which claims to be one of the world’s largest digital financial services platforms, has just reached the milestone of four million customers in Nubank PJ, which offers solutions for entrepreneurs.
This number represents an increase of “around 50% compared to the previous year, making Nubank the financial institution with the most open corporate accounts in the country.”
Since the launch of this service in 2019, Nu has been a key player focused on “the experience of corporate accounts, offering a fully digital and fee-free service.”
As part of its ongoing expansion effort and focusing on providing an increasingly comprehensive experience, Nubank is now “expanding its range of benefits and solutions for Nubank PJ users with the launch of its first loan solution: Working Capital.”
This new feature offers entrepreneurs access “to a line of credit designed to meet their daily cash needs or other business demands. It follows the transparent, flexible, and fee-free policy that characterizes Nubank’s credit lines.”
Livia Chanes, Nubank CEO in Brazil, said:
“One of the main challenges for entrepreneurs is related to accessing credit to finance their businesses or even dealing with unexpected situations and emergencies, leading many to resort to personal loans. Based on this, and after the success of our first credit product for this audience, the PJ Card, we are expanding the offering with the launch of Working Capital, a way to meet this demand with the well-known Nubank experience: simple, transparent, 100% digital, and free of bureaucracy. Our goal is to support these entrepreneurs in the responsible and sustainable use of loans, acting as facilitators to help realize their dreams and ventures.”
In addition to Working Capital, Nubank PJ is also “launching three new tools: a desktop solution, Invoice Issuance, and Shared Access.”
Access to Desktop: Now, in addition to the mobile app, the desktop solution “will allow customers to access Nubank PJ through their computers, making tasks such as checking balances and issuing statements easier.”
Invoice Issuance: Currently in the testing phase with “a selected customer base, this feature will allow users to issue, store, and manage invoices directly through Browser Access, quickly and conveniently from their computers. Invoices can be sent to accountants and clients with just a few clicks.”
Shared Access: This new tool allows “sharing the PJ account with other people working in the business and assigns these employees or partners to a profile related to their individual responsibilities.”
The main goal is “to distribute account access, avoiding the concentration of functions on a single user.”
User profiles are segmented “according to their functions or main activities, and the account grants specific access to each profile based on their assignments,” including:
- Administrator: helps share day-to-day responsibilities with partners;
- Consultation: designed to share visibility of key actions with individuals further removed from the business, such as accountants and consultants;
- Operations: developed to share financial actions with employees involved in key business financial activities.
Nubank PJ offers solutions in addition “to the account, such as a credit card with the ability to transfer limits between individuals and corporates, Tap to Pay, payment links, payment slips, Tax Center, NuPay, investments, and other products.”
Individual entrepreneurs or companies “with multiple partners can open an account directly through the Nubank app or the Nubank PJ website, following a simple and streamlined process.”