LatAm List – The Brazilian neobank Nubank has had more than 18 million downloads in the past year, more than the three fastest-growing European challenger banks combined, reports Apptopia. Revolut, Monzo, and N26 trail far behind Nubank in the global race for consumer-oriented online banking.
The lack of both traditional and digital financial services in developing markets like Brazil, as compared with European markets, has created a considerable opportunity for startups like Nubank to take root. Tripp Shiner, a partner at Point 72 Ventures, investor in Nubank and Argentine neobank, Uala, explains:
“…as you move toward more emerging and developing markets […] There are large portions of the population that actually aren’t well served, and they are underbanked or unbanked.”
Since August last year, Nubank has seen a 25% increase in customers,citing an all-time high of 15 million customers this month. Nubank is currently the most valuable challenger bank in the world, topping over $10B after investment from Tencent and other investors last year.
Read more on Quartz.
5 comments
Great information here. I was asking this question and having this converastion just the other day. But to be clear: Nubank is the most downloaded mobile banking app in the past year, not overall, right? It doesn’t sound right that the most downloaded app has only been downloaded 18 million times.