Global Banking Directory
Press Release Distribution Service
Add Bank | Banking Forum | Scam Alerts!
Earn up to 18% annually on cryptocurrency deposits!
BanksDaily Twitter BanksDaily FaceBook BanksDaily LinkedIn

Press Release :: Nubank

Logo NubankNubank, the largest independent digital bank in the world, announced it has raised US$500 million from Berkshire Hathaway. This deal is an extension to the Series G funding round, carried out last January.

Nubank, which was recently recognized as one of the most influential companies in the world by TIME and one of the most disrupting ones by CNBC, has revolutionized the financial services industry in Latin America freeing millions of customers of the bureaucracy and abusive fees.

The new equity financing comes as a result of Nubank’s accelerated and sustainable growth. The company is currently the largest digital bank in the world by number of customers having surpassed the 40 million mark.

Nubank, which recently launched a new brand identity to celebrate its 8th year anniversary, has entered a new phase in the development of its business. It has grown its core product offering of credit card and savings account to a full digital banking platform with a vast portfolio of solutions that includes life insurance, personal loans, investing products, mobile payments and solutions for small businesses and entrepreneurs.

This growth is also reflected internally: since the beginning of the year Nubank has hired over 1,000 people and currently has a workforce from 37 different nationalities.

Nubank operates in Brazil, Mexico and Colombia, three of the largest countries in Latin America that represent 60% of the region’s population and GDP. In these geos, banking is one of the most profitable and concentrated industries, where a few players hold between 70-90% of the market and rely heavily on charging high fees to its customers while offering a terrible customer experience.

In this context, Nubank was founded with the mission to empower people to have control over their money through fully digital banking services, putting an end to abusive fees, and offering a human service to its customers. The company has been recognized by its excellence in customer experience and has been able to export it across geos in its internationalization process: today in Mexico, Nubank is one of the largest issuers of new credit cards and registers a has an NPS of 93.

"As I look back on the past eight years, everything that we have been able to accomplish as a company is just remarkable. When no one thought it was possible, we were convinced that there was room for disruption and innovation and, more importantly, that the customers just deserved better. But we are far from being done: it’s still Day One for us", explains founder and CEO David Vélez

Source: Nubank
Date: 09.06.2021
Financial and Banking News
 UK bank bans cryptocurrency amid fraud concerns with Binance and Kraken

TSB Banking Group Plc. is set to ban more than 5 million customers from buying cryptocurrencies amid fears over "excessively high" fraud rates on trading platforms, according to a report by the U.K.’s Telegraph newspaper.

 How Women Can Impact the Middle Eastern Financial Industry: Layal Haykal Success Story

We’re in the 21st century and women are still mistreated in some parts of the world. Their rights are violated. They don’t have the opportunity to work on equal terms with men. They’re being kidnapped and sold no matter their age. This phenomenon is highly prevalent in the Middle East. The world is evolving from globalization to technological innovations while women there are still repressed and exploited. The same image women had several decades ago hasn’t changed heavily in our present times.

 Citigroup to exit 13 global consumer banking markets, including India and China

Citigroup announced April 15 it will exit 13 international consumer banking markets, shifting its focus to wealth management and away from retail banking in places where it is small.

 In-person GISEC 2021 to spark industry collaboration against cybercrime spike

GISEC, the most influential cybersecurity event in the Middle East and Africa, will provide an in-person meeting point for the cybersecurity ecosystem from 31st May-2nd June at Dubai World Trade Centre (DWTC). 13.04.2021 | Source: Dubai World Trade Centre

 Federally chartered banks can facilitate stablecoin payments, issue their own

The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to participate in independent node verification networks (INVN) and use stablecoins to conduct payment activities and other bank-permissible functions. 04.01.2021 | Source: Office of the Comptroller of the Currency

 📰 News Archive

2007-2021 © Banking and Finance