Nubank (NYSE: NU), which claims to be one of the world’s largest digital financial services platforms, announces its intention to obtain a banking license in Brazil. The inclusion of a banking institution within the conglomerate complies with the provisions of Joint Resolution No. 17, which has been issued by the Central Bank as well as the National Monetary Council (as this standardizes brand name usage for regulated institutions).
With this latest decision, the Nubank brand and visual identity “will remain unchanged.”
As clarified in the update from the digital banking platform, this announcement will have “no impact on clients, and all operations shall proceed normally.”
Nubank is reporting more than 110 million customers in Brazil.
Livia Chanes, CEO of Nubank in Brazil said that the Fintech firm was founded 12 years ago and has been responsible “for the inclusion of 28 million individuals in the financial system.”
Chanes added that their identity and mission “to simplify their customers’ lives will remain the same,”
Currently, Nubank says that it “fully” complies with all applicable regulations, and operates with all necessary licenses “as a Payment Institution, a Credit, Financing, and Investment Company (Sociedade de Crédito, Financiamento e Investimento), and a Securities Brokerage Company (Sociedade Corretora de Títulos e Valores Mobiliários).”
As mentioned in the announcement from Nubank, the inclusion of a banking institution within the conglomerate “does not materially alter additional capital and liquidity requirements—the financial solidity and resilience remain unaltered.”
As covered recently, Nubank has announced the hiring of the Dex Labs team. dex Labs is known for developing an AI-enabled data engineering and cloud infrastructure platform that brings together data collection, transformation, orchestration, and monitoring, enabling analytics and data science teams to “make decisions based on reliable information.”
The integration of the Dex Labs team reinforces Nubank’s investment in data and AI capabilities, with the goal of accelerating “disruption in financial services enabled by advances in AI.”
The Dex Labs team, composed of data engineers and led by founders Gustavo Beltrami, Matheus Beltrami, and Luan Guimarães, will join Nubank starting Dec 2 to contribute to the “development of AI-related initiatives.”