Nubank Fintech Grows Client Base By 25 Percent Since August

Tuesday, October 15, 2019

The largest FinTech startup in Latin America — Brazil’s Nubank — is reporting a 25 percent increase in the number of clients since August, Reuters reported on Friday (Oct. 11).

The digital bank said at the Brazil Investment Forum in Sao Paulo that it has 15 million clients, according to Nubank founder and CEO David Vélez. Vélez said that 10 million out of the 15 million clients are holders of the bank’s credit card.

“We have opened many new business fronts in the last 12 months. We are growing quickly,” he said.

Nubank offers a no-fee credit card funded in part by China’s Tencent. The company was reportedly valued at $10 billion in July.

Photo courtesy of Juanedc.

Source: PYMNTS (link opens in a new window)

fintech, startups