Latin America: Nubank Ranked Among Most Valuable Businesses in Brazil

Nubank (NYSE: NU), which claims to be one of the world’s largest digital financial services platforms, reportedly ranks among the most valuable brands in Brazil.

The Kantar BrandZ 2024 ranking places Nubank in fifth position, “a 28% increase compared to the previous ranking in 2022.”

Juliana Roschel, Marketing Director at Nubank, said:

This recognition is an important validation from consumers, as they are at the center of every decision we make.”

Roschel also emphasizes that this recognition highlights Nubank’s mission and everything the company has “presented to its customers in Brazil.”

As noted in the update:

“Nubank was born with the mission of making the financial journey and services simpler, and empowering over 88 million Brazilian customers to take control of their finances. … We remain data-driven and passionate about people, building interesting stories and experiences such as our partnership with Leslie David Baker in one of our recent campaigns, as well as our new positioning for the high-income audience.”

In other updates from the past month, Nubank announced a reduction in its fees for cryptocurrency trading by up to 0.8%, with the advantage of “a complete, secure ecosystem integrated directly with the client’s main account.”

Clients will be allocated among four different brackets “that are tied to the volume traded by them in the last 30 days.”

The higher the traded volume, “the lower the fee.”

Thomaz Fortes, Executive Director of Nubank Crypto, comments:

“Our commitment is to offer our clients a secure and reliable experience in cryptocurrency transactions. Our focus in recent months has been to study ways to increase our operational efficiency and, by optimizing our processes, to reduce transaction costs more and more. With this, we have been able to reduce costs per transaction volume and decided to pass on this gain to the end consumer, rewarding our most engaged clients, who usually operate larger volumes on the platform.”

As reported last month, in November 2023, Nubank started offering the option to purchase Gift Cards within Nu Shopping, “giving more than 87 million customers in Brazil the opportunity to choose from over 50 partner stores that offer the product.”

Since then, the offering has stood out as “a practical and hassle-free option for gifting friends and family or for personal use, reaching the milestone of 250,000 users who have already purchased the product.”

Information released in the Global Gift Card Market Report – Global Gift Card Survey at the end of 2022 states that, “by 2024, it is projected that over $221 billion (in total) will be spent on Gift Cards worldwide.”

According to a survey by Nubank, since the launch of the Gift Cards in the app, “there has been a 62% increase in the number of users and a 52% growth in gross merchandise volume (GMV). The main brands chosen by customers, in order of preference, include names such as PlayStation, Google Play, iFood, Uber, and Xbox, which offer exclusive discounts.”

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