Nubank storms to 1.5 mln digital account openings

Monday 18 June 2018 14:18 CET | News

Brazil-based challenger Nubank has got 1.5 million customers signed up for its digital savings account (NuConta) over the last six months.

As reported in October 2017, Nubank started to offer these accounts in addition to its credit card business. The move was designed to provide access to billpay, account-to-account transfers, and the ability to earn more in interest than is available with a regular savings account.

Now the bank is making its product available for any Brazilian resident with a smartphone.

According to the bank, it has transacted around BRL 4 billion (USD 1 million) in its digital account so far, with over four million credit card customers on its books.

NuConta works by offering a no-fee service with up to 100% of CDI (Brazilian risk-free rate) on any monies deposited in the account, with immediate liquidity. NuConta also offers the option to send unlimited peer-to-peer transactions, as well as transfers to any bank account in Brazil with zero fees.

The initial six months of tests saw the bank add new features, such as the option to deposit via “boleto bancário” and ability to pay any utility and other bills.

The company won regulatory approval to operate as a bank in January 2018.

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Keywords: Nubank, digital account, Brazil, bills, digital savings account, innovation, digital
Countries: World