Inside Nubank: From 2013 to Now Into a $2.3 billion business
Founders: David Vélez, Cristina Junqueira, Edward Wible
Founded Year: 2013
Investors: Sequoia Capital, Tiger Global, Tencent Holdings
Funding Raised: $2.3 billion
What Is the business model of Nubank?
Digital bank offering no-fee credit cards, checking accounts, and personal loans via a mobile app, primarily targeting Brazil and Latin America’s underserved consumers
How Nubank got started?
Vélez founded Nubank in Brazil in 2013 to disrupt an oligopolistic banking sector, started with a purple no-fee credit card managed entirely through a smartphone app, attracting users fed up with high banking fees
what growth strategy has Nubank followed?
Gained customers rapidly through word-of-mouth about its no-fee, customer-friendly approach, focused on superior customer service and a sleek app, becoming the world’s largest digital bank by users and going public in a U.S. IPO
what are the top products/features of Nubank
Nubank credit card, NuConta digital account, Nubank Rewards, personal and business loans
what was the biggest challenge faced by Nubank?
Overcoming distrust of a startup bank in a market dominated by traditional banks, and managing credit risk among a wide population, all while expanding into multiple Latin American countries