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.
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