Today we are talking about successful apps and how a simple idea can become something much bigger and change not only your life but other lives as well.
We are building a detailed content about apps that turned out amazing in the market, and today, it will be about Nubank a pioneer Brazilian startup company in the financial services segment, operating as a credit card in Brazil, founded on May 6, 2013 by David Vélez, Cristina Junqueira, and Edward Wible.
They started out as a small startup that focused on solving financial problems, using technology.
Their differential is that Nubank is a credit card that requires no annual fee and it’s totally free, you can download the App and request yours, after filling information about your financial life, it will be analyzed and authorized.
Once you receive your credit card, you can request the debit version as well. The app is so amazing that it allows you to keep track of your bills, savings, and rentability. You can pay your friends with a simple QR Code automatically, there is also a reward program in it that benefits those who use the credit card a lot.
The reason why Nubank got so successful so quickly is that they were solving not only a problem of technology and accessibility, but also the abuse of regular banks with enormous taxes and fees. One big step they have made was the “no fee” policy for transactions to other bank accounts.
The first purchase made with a Nubank card occurred on April 1, 2014. In 2018, Nubank reached the status of a unicorn startup by reaching a market value assessment of US $ 1 billion, being the third Brazilian company with this recognition until then.
At this time, Nubank counts on more than 20 million users and it keeps growing.
And how does the company profits?
Since they charge no fees from their clients, they go for two different ways, the first one is that every time someone makes a purchase they receive a small percentage from Mastercard. The second one is that every time someone doesn’t pay their bills in time, they receive fees from it as well, even if it is small.
Nubank today counts on more than 2 thousand employees with over 25 nationalities, the online bank is very inclusive and won everyone’s hearts, at this very day they have already expanded to other countries in Latin America and became a reference to other banks when it comes to bringing financial services and mobile apps together.
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Now tell us below, what mobile app do you use to manage your finances?
