By Oliver Smith on Thursday 25 November 2021
Ever-closer to the vision of a one-stop shop for finance.
While we often consider European fintechs to be world-leading, down in Latin America Nubank is undoubtedly pushing boundaries.
The Brazilian neobank has just launched its latest venture into e-commerce, pulling retailers directly into its app so that customers can shop, order and pay all without leaving Nubank.
While it might not be surprising for Facebook or Google to lure in retailers, it’s another thing entirely to see a bank launching a Marketplace for third-party sellers.
“We have worked closely with our customers to understand their needs and pains, and how to build products to address them, creating a 'Nubank standard quality' of services that customers have been asking to go beyond financial solutions for years,” said CEO and founder David Vélez.
To kick things off Nubank has three of Brazil’s largest e-commerce firms onboard, AliExpress, Dafiti and Magalu, with more partners expected to be announced soon.
“With this new offering, we are able to further provide these services in many other areas of their lives and make the overall experience more enriching and fulfilling.”
Besides e-commerce and personal banking accounts, Nubank’s web of services has grown to include credit cards, investments, loans, and insurance, as well as international transfers and auto loan equity.
As well as all those verticals, Nubank is also in the process of filing for a US IPO, which early indications suggest could value the business at around $55bn.
