Nubank to introduce its mobile operator services

Tuesday 16 April 2024 12:56 CET | News

Brazil-based financial services platform Nubank has announced its plans to go beyond providing banking services and launch its own mobile phone operator company. 

As per the information provided, Nubank intends to expand its services beyond banking, with the company preparing to introduce its own mobile phone company. Anatel, the National Telecommunication Agency, confirmed that Claro signed a personal mobile service (SMP) representation contract accredited as an MVNO for Nubank. Claro, which is a mobile, satellite-television, fixed, and broadband telecommunications operator, files a request to accredit Nubank’s MVNO.

Brazil-based financial services platform Nubank has announced its plans to go beyond providing banking services and launch its own mobile phone company.

Nubank’s development strategy

According to Tecnoblog, the request has been ongoing since January 2024, and Anatel’s competition superintendence made the decision to approve the agreement between Claro and Nucommerce. After consulting the CNPJ register, all of Nucommerce’s administrators are from Nubank. In addition, the business object includes activities of intermediation and agency of services and business in general, except real estate, development and licencing of tailored computer programs, information technology consulting, as well as portals, content providers, and other information services on the internet.

At the time of the announcement, there is no information regarding whether Nubank’s offering is set to be B2B, B2C, or both. Nucommerce’s CNPJ also appears in a bank’s manual for supplier invoicing, without mentioning its nature. When it comes to its customers, Nubank currently serves users in Brazil, focusing on providing them with affordable financial services. The company also has an advantage in telecommunications, with it being among the largest channels for selling recharges in Brazil, as per sources from the operators themselves. Considering its customer base, app usability, and leadership, position the company is at an advantage in negotiating conditions for Claro. Additionally, the choice of Claro came as a response to Nubank’s international strategy, as the company operates in two markets outside Brazil, including Mexico and Colombia.

Nubank’s recent developments

As part of its development strategy, Nubank announced several collaborations and advancements, including the integration of the NuInvest platform into the Nubank application. This move planned to take place over several months, was intended to consolidate a diverse portfolio of assets into the Nubank application, aiming to deliver a more intuitive and secure experience. The updated application features also included additional security layers and a dedicated investment space, different from other banking capabilities, facilitating portfolio selection, visualisation, and monitoring.

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Keywords: mobile banking, online banking, mobile payments, fintech
Categories: Banking & Fintech
Companies: Nubank
Countries: Brazil
This article is part of category

Banking & Fintech


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