Nubank is a Brazilian neobank and the largest Fintech in Latin America and one of the most innovative companies in the world, according to the 2019 Fast Company ranking. Its headquarters are located in São Paulo, Brazil. The company also has an engineering office in Berlin, Germany, and an office in Mexico City, Mexico. Among the company's products are NuConta, an international credit card, both without fees, and personal loans. 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. Altogether, Nubank has over 10 million customers in Brazil.
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. Some of Nubank's investors are Sequoia Capital, Founders Fund, Kaszek Ventures, Tiger Global Management, Goldman Sachs, QED Investors and DST Global. In the company's first two years of existence, it raised 600 million Brazilian reais. 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, Nubank Rewards. The program's points can be redeemed for a product catalogue or discounts on services, travel and entertainment. Customers can try the programfor 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 and, in early 2019, the fintech started testing personal loans with a few of its digital account users. In May 2019, the company announced it began operations in Mexico through a subsidiary called Nu. This will be the first time Nubank offers its services and products outside Brazil. 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.
