Nubank, Remessa Online to offer remittances

Wednesday 28 July 2021 14:22 CET | News

Brazil-based Nubank and Remessa Online have partnered to offer an international remittance service, according to LABS

Latin America-based neobank’s platform expects to jump from 350,000 to 1 million customers served in the next 12 months and increase its revenue by 150% in 2022. Founded in August 2016, Remessa Online’s turnover was BRL 6 billion in 2020 and a total of BRL 11 billion since 2016. In July 2021, Remessa Online doubled its market share between January and April 2021, accounting for 33.45% of all the money sent abroad by Brazilian individuals – a 94.46% growth over the same period of 2020, according to Central Bank data.

In Brazil, Remessa Online’s main rivals are traditional banks and the UK-based fintech Wise, valued at GBP 7.95 billion ($11 billion) in its IPO on the London Stock Exchange. The partnership grants Nubank’s customers a discount on Remessa Online’s fees: a 15% discount will be applied in the first eight weeks. The new service also expands Nubank’s portfolio, which includes credit cards, investment options, insurance, personal loans, and instant payment solutions.

Through Remessa Online, Nubank customers will be able to receive and send money to over 100 countries, including the United States, Chile, Portugal, Australia, Japan, Mexico, Argentina, and the United Kingdom.

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Keywords: partnership, cross-border payments, remittances
Categories: Banking & Fintech
Countries: Brazil
This article is part of category

Banking & Fintech