Brazilian Fintech Nubank Launches Debit Card To Reach 120M Clients
By Angelica Mari
Brazilian fintech Nubank has launched a debit function for its card offering as well as the ability to withdraw cash from ATMs, in a move that aims to extend its reach to as many as 120 million customers.
The startup created in 2013 and valued at over $4 billion has initially offered a no-fee credit card as its key product. Just over a year ago, the company launched a digital bank account, with deposits tied to interest-bearing government securities.
A new contactless card with both credit and debit functions was then introduced in October, leading up to the debit function launch today (11). The debit and cash withdrawal capabilities bring Nubank one step closer to the service offering of traditional banks.
Photo courtesy of Sean MacEntee.