Nu Pagamentos S.A.
TypePublic
NYSE: NU
IndustryFinancial services
Founded6 May 2013 (6 May 2013)
Founders
Headquarters
São Paulo
,
Brazil
Area served
World
Key people
David Vélez (CEO)
Products
RevenueIncrease US$1.69 billion (2021)[1]: 179 
Increase US$−165 million (2021)[1]: 179 
Total assetsIncrease US$19.8 billion (2021)[1]: 180 
Total equityIncrease US$4.4 billion (2021)[1]: 180 
Number of employees
6,068 (December 2021)[1]: 249 
Websitenubank.com.br
Footnotes / references
[1]

Nubank is a Brazilian neobank headquartered in São Paulo, Brazil. It is the largest fintech bank in Latin America, with 80.4 million customers in Brazil and 1.51 million between Mexico and Colombia and a revenue of $1.69B. At its IPO in December 2021, Nubank was valued at $45 billion.[2][3]

History

Nubank was founded in 2013 by Colombian David Vélez, Brazilian Cristina Junqueira and American Edward Wible. 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.[4]

In the company's first two years of existence, it raised 600 million Brazilian reais.[5] In September 2014, Nubank raised $14.3 million from Sequoia Capital, along with Kaszek Ventures and Nicolas Berggruen.[6] 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, and then in June 2015, Nubank led a series B round of investment with Tiger Global Management, along with existing backers Sequoia Capital, Kaszek Ventures and QED Investors.[7]

In 2017, Nubank launched its loyalty program,[8] 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 October 2018, Tencent bought a minority stake of Nubank worth $180 million ($90 million in capital increase, $90 million in shares).[9] In late 2018, it began offering payments through debit.[10] 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.[11] In early 2019, the fintech started testing personal loans[12] with a few of its digital account users. In May 2019, the company announced it would begin operations in Mexico through a subsidiary called Nu.[13] This was the first time Nubank offered its services and products outside of Brazil.[14]

The CEO of Nubank representing the company in 2023

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.[15] In July of the same year, the company also acquired Cognitect, responsible for Datomic and the Clojure programming language.[16] In September 2020, Nubank acquired Easyinvest, an investment broker also from Brazil, for an undisclosed amount.[17]

In November 2020, Nubank announced that the company would begin operations in Colombia.[18] 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.[19]

The bank completed an IPO in December 2021.[2][20] After the IPO, Nubank's cofounder Cristina Junqueira became the second woman in Brazil to reach the self-made billionaire status, since she held 2.9% of the stocks ($1.3 billion).[21] Before and after the IPO, Berkshire Hathaway invested a total of $1 billion in Nubank's stocks.[22][23]

In 2022, Nubank leads among the best banks of Brazil, by Forbes. The ranking, compiled by Forbes USA, evaluates issues such as customer satisfaction, reliability, digitalization, customer service, and financial advice.[24]

Description

Among the company's products are NuConta (a digital account), an international credit card, both without fees,[25][26] 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.

Some of Nubank's investors are Sequoia Capital, Founders Fund,[27] Kaszek Ventures, Tiger Global Management, Goldman Sachs, Berkshire Hathaway, QED Investors and DST Global.

References

  1. 1 2 3 4 5 6 "Nu Holdings Ltd. 2021 Annual Report (Form 20-F)". U.S. Securities and Exchange Commission. 2022-04-21.
  2. 1 2 Kauflin, Jeff. "Shares Of Digital Bank Nubank Rise 15% In IPO, Valuing The Company At $45 Billion And Minting A New Female Billionaire Cofounder". Forbes. Archived from the original on 2021-12-09. Retrieved 2021-12-09.
  3. ↑ Caparroso, José (9 December 2021). "Nubank sale a bolsa como el banco más valioso de América Latina" [Nubank goes public as the most valuable bank in Latin America]. Forbes (in Spanish). Archived from the original on 2021-12-10. Retrieved 2021-12-09.
  4. ↑ "Nubank é o terceiro unicórnio brasileiro - Link". Estadão (in Brazilian Portuguese). Retrieved 2019-05-30.
  5. ↑ Zogbi, Paula. "Nubank levanta R$ 271 milhões em nova rodada de investimentos". www.infomoney.com.br (in Brazilian Portuguese). Retrieved 2019-05-30.
  6. ↑ Ingrid Lunden, Finance Startup Nubank Nabs $14.3M In Sequoia’s First Brazil Investment, Techcrunch.com, 25 September 2014
  7. ↑ Ingrid Lunden, Brazil’s Nubank Raises $30M Led By Tiger To Build Out Its Mobile-Based Credit Card Business, Techcrunch.com, 2 June 2015
  8. ↑ "Nubank prepara programa de milhagem - Economia". Estadão (in Brazilian Portuguese). Retrieved 2019-05-30.
  9. ↑ Carolina Mandl, China's Tencent invests $180 million in Brazil fintech Nubank, Reuuters.com, 8 October 2018
  10. ↑ "Nubank lança funções débito e saque para clientes da NuConta". Valor Econômico (in Brazilian Portuguese). 2018-12-11. Retrieved 2019-05-30.
  11. ↑ "Nubank quebra recorde mundial e entra para o Guinness World Records". EXAME (in Brazilian Portuguese). Retrieved 2019-05-30.
  12. ↑ "Nubank começa a oferecer empréstimo pessoal – Negócios". Tecnoblog (in Brazilian Portuguese). 2019-02-08. Retrieved 2019-05-30.
  13. ↑ "Digital bank Nubank arrived in Mexico". Developerz.software. 2019-05-08. Retrieved 2022-02-18.
  14. ↑ "Com escritório no México, Nubank inicia ofensiva internacional". G1 (in Brazilian Portuguese). Retrieved 2019-05-30.
  15. ↑ "En busca de ingenieros, Nubank realiza su primera adquisición". Retrieved 2020-01-07.
  16. ↑ "Nubank adquire empresa norte-americana de tecnologia Cognitect". Valor Investe (in Brazilian Portuguese). Retrieved 2020-11-19.
  17. ↑ Carolina Mandl, Brazil’s Nubank buys Advent-backed broker Easynvest, Reuters.com, 11 September 2020
  18. ↑ Tim Wilson, Nubank Plants a Flag in Colombia, Nearshoreamericas.com, 2 November 2020
  19. ↑ "Nubank Hires Former Amazon Executive as New Chief Technology Officer". Olhar digital.
  20. ↑ 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.
  21. ↑ Eliza Haverstock, Brazil’s Nubank Cofounder Cristina Junqueira No Longer A Billionaire As Nu Holdings Stock Cools, Forbes.com, 27 January 2022
  22. ↑ Warren Buffett’s Berkshire invests $1 billion in crypto-friendly Nubank, Cnbctv18.com, 17 February 2022
  23. ↑ Reshab Agarwal, Warren Buffet invests $1B in bitcoin-friendly Nubank, Techstory.in, 16 February 2022
  24. ↑ "Brazil's 15 best banks in 2022 - Nubank leads for the fourth time - Forbes Ranking". The Rio Times. 2022-04-14. Retrieved 2022-08-17.
  25. ↑ "Nubank finalmente vira um bank - Tecnoblog". 24 October 2017.
  26. ↑ "Nubank aprimora plataforma digital e cria a NuConta - EXAME". exame.abril.com.br.
  27. ↑ "Nubank passa a valer US$ 500 milhões com nova rodada de investimentos". gizmodo.uol.com.br. 7 January 2016.
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