Nubank
Type | Public |
---|---|
NYSE: NU | |
Industry | Financial services |
Founded | 6 May 2013 |
Founders | David Velez, Edward Wible, Cristina Junqueira |
Headquarters | , Brazil |
Area served | World |
Products |
|
Production output | +34 million customers[1] |
Number of employees | 3700+ (2021) |
Website | nubank.com.br |
Nubank is a Brazilian neobank and the largest financial technology bank in Latin America. Its headquarters are located in São Paulo, Brazil. The company also has engineering offices in Berlin, Germany,[2] Buenos Aires, Argentina, and an office in Mexico City, Mexico.
Among the company's products are NuConta (a digital account), an international credit card, both without fees,[3][4] personal loans, life insurance and investments. The company's differentiating factor is to offer a credit card which is controlled completely through the means of a mobile app. The app allows its users to track transactions in real time, block their respective credit card, apply for a limit raise and contact customer support.
In 2018, after launching its new credit card design, Nubank was featured in the Guinness Book of Records for making the world's largest unboxing.[5]
Today, Nubank has over 35 million customers[6] in Brazil and 38 million customers all over the world.
In May 2021 Nubank presented the changes in its brand, with a slightly different purple, a bolder logo, but with softer shapes and a brand that reflects its new moment.
In December 09, 2021, Nubank officially launched its public IPO offering on the NYSE, valuing the company at US$45 billion, making it the most valuable digital neobank.[7][8]
History[]
Nubank was founded in 2013 by Colombian David Vélez, Brazilian Cristina Junqueira and American Edward Wible. In April 2021, Edward Wible, who was CTO of the company for 8 years, left his position "to contribute more directly to the construction of the systems and infrastructure of the company" as the Director of Technological Platforms.[9]
The first transaction with a Nubank card was made on April 1, 2014. Four years later, Nubank became a unicorn startup with its valuation of US$1 billion.[10]
Some of Nubank's investors are Sequoia Capital, Founders Fund,[11] Kaszek Ventures, Tiger Global Management, Goldman Sachs, Berkshire Hathaway, QED Investors and DST Global. In the company's first two years of existence, it raised 600 million Brazilian reais.[12]
In 2014, Nubank launched its first financial product, an international Mastercard credit card that has no annuity fees and can be completely managed through a mobile app.
In 2017, Nubank also launched its loyalty program,[13] Nubank Rewards. The program's points (which never expire) can be redeemed for a product catalogue or discounts on services, travel and entertainment. Customers can try the program for free for 30 days, after which they will be charged a fee in order to further use it.
In the same year, it also launched its digital account, NuConta. In late 2018, it began offering payments through debit[14] and, in early 2019, the fintech started testing personal loans[15] with a few of its digital account users.
In May 2019, the company announced it would begin operations in Mexico[16] through a subsidiary called Nu. This was the first time Nubank offered its services and products outside of Brazil.[17]
In January 2020, Nubank made its first acquisition with the purchase of Plataformatec, a company that specialized in software engineering and agile methodologies, thus continuing its growth by including the team of 50 developers of Platformatec.[18] In July of the same year, the company also acquired Cognitect, responsible for Datomic and the Clojure programming language.[19]
In September 2020, Nubank acquired , an investment broker also from Brazil for an undisclosed amount.
In September 2020, Nubank announced that the company would begin operations in Colombia.
The bank completed an IPO in December 2021.[7][20]
References[]
- ^ "Nubank reached 34 million clients". Business Insider. 29 January 2021. Retrieved 1 February 2021.
- ^ "Olá, Berlim: Nubank abre seu primeiro escritório internacional". Fala, Nubank (in Brazilian Portuguese). 2017-12-13. Retrieved 2019-05-30.
- ^ "Nubank finalmente vira um bank - Tecnoblog". 24 October 2017.
- ^ "Nubank aprimora plataforma digital e cria a NuConta - EXAME". exame.abril.com.br.
- ^ "Nubank quebra recorde mundial e entra para o Guinness World Records". EXAME (in Brazilian Portuguese). Retrieved 2019-05-30.
- ^ "Nubank ultrapassa os 35 milhões de clientes no Brasil". Fala, Nubank (in Brazilian Portuguese). 2021-03-14. Retrieved 2021-05-28.
- ^ a b Kauflin, Jeff. "Shares Of Digital Bank Nubank Rise 15% In IPO, Valuing The Company At $45 Billion And Minting A New Female Billionaire Cofounder". Forbes. Archived from the original on 2021-12-09. Retrieved 2021-12-09.
- ^ Caparroso, José. "Nubank sale a bolsa como el banco más valioso de América Latina" [Nubank goes public as the most valuable bank in Latin America]. Forbes (in Spanish). Archived from the original on 2021-12-10. Retrieved 2021-12-09.
- ^ "Nubank Hires Former Amazon Executive as New Chief Technology Officer". Olhar digital.
- ^ "Nubank é o terceiro unicórnio brasileiro - Link". Estadão (in Brazilian Portuguese). Retrieved 2019-05-30.
- ^ "Nubank passa a valer US$ 500 milhões com nova rodada de investimentos". gizmodo.uol.com.br.
- ^ Zogbi, Paula. "Nubank levanta R$ 271 milhões em nova rodada de investimentos". www.infomoney.com.br (in Brazilian Portuguese). Retrieved 2019-05-30.
- ^ "Nubank prepara programa de milhagem - Economia". Estadão (in Brazilian Portuguese). Retrieved 2019-05-30.
- ^ "Nubank lança funções débito e saque para clientes da NuConta". Valor Econômico (in Brazilian Portuguese). 2018-12-11. Retrieved 2019-05-30.
- ^ "Nubank começa a oferecer empréstimo pessoal – Negócios". Tecnoblog (in Brazilian Portuguese). 2019-02-08. Retrieved 2019-05-30.
- ^ "Nubank está chegando ao México". Fala, Nubank (in Brazilian Portuguese). 2019-05-07. Retrieved 2019-05-30.
- ^ "Com escritório no México, Nubank inicia ofensiva internacional". G1 (in Brazilian Portuguese). Retrieved 2019-05-30.
- ^ "En busca de ingenieros, Nubank realiza su primera adquisición". Retrieved 2020-01-07.
- ^ "Nubank adquire empresa norte-americana de tecnologia Cognitect". Valor Investe (in Brazilian Portuguese). Retrieved 2020-11-19.
- ^ Pooler, Michael; Megaw, Nicholas (2021-12-09). "Nubank hits $41.5bn valuation as it plans growth in Mexico and Colombia". Financial Times. Retrieved 2021-12-09.
- Financial services companies of Brazil
- Brazilian brands
- Companies based in São Paulo
- Online banks
- Neobanks
- 2021 initial public offerings