Brazilian fintech Nubank’s user base soars to 15 million
Brazilian fintech Nubank claims to have 15 million customers, representing a 25% increase since August, Jane Connolly writes.
Reuters reports that Nubank – which provides a free-of-charge credit card along with bank accounts, small business services and individual credit – aims to offer interest rates at 30% to 40% below the normal market rate for Brazilian banks.
Founder and CEO, David Vélez, says that 10 million of Nubank’s clients are holders of its credit card.
“We have opened many new business fronts in the last 12 months [and] we are growing quickly,” he says.
The announcement comes just three months after the company raised $400 million in a funding round led by TCV.
Founded in 2013 and now valued at $10 billion, Nubank also operates in Argentina and Mexico. Vélez says that operations in the latter country will be accelerated in the coming weeks.
This summer there were also speculations about potential expansion into Colombia, but this has not been confirmed by Nubank.
As well as word of expansion, other rumours surrounding the company at the beginning of this summer suggested that it was planning a $1 billion investment with SoftBank, as reported on the financial blog, Vox, in June.