NuBank is the new hot Brazilian FinTech that has ambitions to be the next big thing in banking. In the recent IPO, their valuation went to $50B. #nubank #ipo

But how did Nubank disrupt the banking industry?

Join us as we break down Nubank’s startup story, their marketing strategy, and how they are planning to become a global brand.

Special offer for Youtube: https://www.wishpond.com/secretlink

Wishpond gives small businesses the technology and the expertise to sell more online. Learn how we can help your business here: https://bit.ly/2W2ZZSN

Please note: The logo shown for Caixa at 07:36 is incorrect, showing Spain’s CaixaBank rather than Brazil’s Caixa Econômica Federal. We apologize for the error.

Read our blog post on the topic: https://blog.wishpond.com/post/115675438341/david-velez-nubank

Go here: https://youtu.be/o7KqSTaS3bs

00:00 Intro

00:30 What is Nubank?

01:20 Who founded Nubank?

02:33 What inspired Nubank?

03:29 Who are Nubank’s cofounders?

03:48 When was Nubank launched?

04:17 What was Nubank’s first product?

04:30 What was Nubank’s early growth like?

05:39 All-in-one marketing solution

06:28 What is Nubank’s revenue?

07:00 When did Nubank go public?

07:48 How is Nubank growing currently?

08:09 How does Nubank make money?

08:52 How much funding has Nubank raised?

09:07 What is Nubank’s valuation?

09:28 What are Nubank’s expansion plans?

09:52 Summary

#Nubank #NeoBank #DavidVelez #DavidVélez #FinTech

CNBC’s Kate Rooney reports on the first day of trading for the Brazilian digital banking company, Nubank. With CNBC’s Carl Quintanilla and the Fast Money traders, Guy Adami, Tim Seymour, Dan Nathan and Karen Finerman. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi 

Shares of Brazilian fintech company Nubank closed up nearly 15% in its market debut Thursday on the New York Stock Exchange, going public under the ticker symbol “NU.” Shares closed at $10.33, giving the company a market cap of close to $50 billion in one of this year’s largest IPOs.

Nubank priced 289 million shares at $9 apiece on Wednesday, the top end of its expected range of $8-$9 per share. The company, ranked No. 40 on this year’s CNBC Disruptor 50 list, raised $2.6 billion at an implied valuation of $41.4 billion.

Nubank launched in 2013 with a purple no-fee credit card in Sao Paulo, Brazil, a country notorious for its high-fee, low-tech banking system. Less than 10 years later, the fintech company has survived a recession and a pandemic, emerging with 48 million customers across Brazil, Colombia, and Mexico, and a valuation higher than Chime, Robinhood, or SoFi.

“We were growing very fast up until the pandemic, but people still had some questions about digital banking … I think it was still scary for a lot of people,” Colombia-born Nubank CEO and co-founder David Vélez said Thursday on CNBC’s “Squawk Box.”

“The pandemic, in a way, forced that behavior to change among most of the population, because branches were closed and it wasn’t even an option,” he said. “People started trying us and realized we were a better option — we charge no fees, better customer experience all in your smartphone, then suddenly we started seeing people in their 60s, in their 70s, in their 80s, people all across Brazil, in different municipalities, start using us.”

To Vélez, the opportunity was obvious: the financial ecosystem in Brazil was inefficient and inaccessible, with five banks controlling over 80% of the country’s assets, annual credit card interest rates running up to 300%, and a third of the population unbanked. According to Nubank, bank branches only exist in 60% of Brazil’s cities, but a digital platform could support customers regardless of location. The company also estimates that it has provided the first credit card or bank account to approximately 5.1 million people as of September 30.

Earlier this year, Warren Buffett’s Berkshire Hathaway made a $500 million investment in the parent company of Nubank. With additional buy-in from backers like Ribbit, Tencent, Invesco, and Vélez’s former employer, venture capital firm Sequoia, Nubank is pushing online banking expansion across the LatAm region. To date, the company estimates that its no-fee structure has saved its customers over $2 billion.

“We don’t think the banking branch will survive the way it is,” Vélez said. “It is too costly to serve the majority of users, especially in emerging markets [like Latin America] where you have a very high cost of operations, so a lot of that physical infrastructure will probably disappear … most of the providers of financial services 5-10 years from now will be digital companies that will be focusing on the customer, will have a lot of efficiency, and be decreasing fees and interest rates for everybody.”

Venture investors poured $9.3 billion into Latin America in the first six months of 2021, compared with $5.3 billion all of last year, according to a report from CBInsights. In September, SoftBank Group said it will commit $3 billion to kickstart a fund focused on investing in start-ups in Latin America utilizing technologies like artificial intelligence and scout deals in e-commerce and digital financial services as well as blockchain projects. It first launched a LatAm-focused fund in 2019.

» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast 
 
Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

https://www.cnbc.com/select/best-credit-cards/ 

#CNBC
#CNBCTV

Nubank CEO David Vélez joins ‘Closing Bell Overtime’ to talk the state of banking in Latin America and the changing fintech landscape in the region.

The Brazilian neobank Nubank’s decision to list polygon (MATIC) and uniswap (UNI) on its banking app has been met with enthusiasm from the crypto community.

Nubank first began its crypto pivot in mid-2022, when it announced it would buy bitcoin (BTC) using its balance sheet. The company claimed it would invest 1% of its portfolio in bitcoin via its holding company.

The firm also updated its app with functions that allowed its users to hold, buy, and sell bitcoin and ethereum (ETH).

And the MATIC move may have been in the pipelines for some time. In October last year, the company announced that it was working with Polygon on a plan that will see the company launch its own coin – dubbed Nucoin.

The banking company stated that it wants to airdrop its token to customers “in the first half of 2023” – and will use it as part of its loyalty programs.

Speaking to Time on January 15, David Vélez, Nubank’s founder and CEO, stated:

“My biggest push as a leader will be to increase pace and quality of execution across the organization while increasing motivation and engagement.”

This “pace of execution” appears to have accelerated rapidly in the crypto field. The company has gone from a zero base to becoming a significant domestic crypto player in the space of mere months.

More Crypto Adoption to Follow in Brazil as Nubank Eyes Market.

While it may take some time to see whether Nubank customers take to this new selection of altcoins, it is perhaps significant that the bank is continuing its adoption drive while many other crypto-only firms are scaling back their operations.

As things stand, major Latin American crypto players such as Mexico’s Bitso and Brazil’s Mercado Bitcoin continue to dominate the regional crypto markets.

14-day trading volumes at Bitso, one of Latin America’s largest crypto exchanges. (Source: CoinGecko)

But Nubank’s backers include the likes of Warren Buffet, whose investment firm bought a $500 million stake in the firm in June 2021. Per The Chainsaw, NuBank is “currently valued at a whopping US$45 billion, making it the second-most valuable virtual bank in the world.”

The bank reportedly has more than 65 million users – and is eyeing more overseas expansion in the near future.

Late last year, the outgoing President Jair Bolsonaro signed a key crypto bill, which originated in the Senate. Among other things, the law effectively legalizes crypto as a form of payment in the country – paving the way for further private-sector adoption.

https://cryptonews.com/news/brazils-nubank-remains-bullish-crypto-with-new-token-listings.htm

#crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptoworlddaily #brazil #brazilnews #brazilnewstoday #banking #bankingnews #crypto
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! USE ALTCOIN DAILY AS A STARTING OFF POINT!

This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.

bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple