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Nubank will offer payroll loans and accounts abroad
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Nubank told analysts from banks such as BTG Pactual, Itaú BBA and Goldman Sachs in a meeting with financial director Guilherme Lago and Investor Relations director Jorge Friedemann that it is preparing to launch the payroll loan with direct payroll discount until the end of the year.
Abroad, between December 2022 and early 2023, the digital bank will offer current accounts in Mexico and Colombia, countries where credit card businesses already operate.
In addition to Nubank, Neo Banco has already signed agreements to offer payroll loans to retirees and public servants.
According to Nubank, the digital bank is the largest card issuer in Mexico, with 2.7 million customers. In Colombia, where it has 314 thousand customers, the bank received approval from the local regulator to operate as a financial company.
Also in Mexico, BTG and Bradesco preferred to acquire local institutions to grow in a country where the presence of the banking sector is smaller than in Brazil.
Furthermore, Bradesco recently acquired Ictineo, an institution with a license similar to that of a finance company, and will leverage Bradescard's base of 3 million customers to reinforce its own bank with accounts and payroll loans. One of the competitors is precisely Nubank.
Nubank expansion
In the second quarter, the bank presented a new round of expansion of its customer base and sales. Thus, Nubank ended June with 65.3 million users including Brazil, Mexico and Colombia, an increase of 57% in 12 months.
Total revenue increased from US$ 230 to US$ 1.2 billion. Additionally, average revenue per user increased by 105% year over year.
Nubank has its main market in Brazil, where it reached 62.3% million customers at the end of June. “This probably places Nu in the fifth largest financial institution in Brazil in terms of number of customers“, the bank said in a statement.
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About the author / Tiago Menger
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