Dubbed as the largest and most successful digital bank emerging from Latin America, Nubank is undoubtedly living out its title. The Brazilian fintech giant announced a series of new additions to its portfolio this week. New product categories - Games, Travel and Pet with a series of new partner stores will now be available to users. Automatically implies that customers or app users will now easily purchase services like booking trips on Booking.com and buying products from Xbox, PlayStation and Hype Games stores. A pet lover? The fintech app also partners with the Petlove store for an easy ride in buying your new home buddy.
Nubank has the most significant number of customers in digital banking with over 48 million users, and the company is eager to monetize its customer base. The company must expand beyond offering digital accounts, credit and debit cards, life insurance, and loans to achieve this. Hence the introduction of these new partnerships. For customers to enjoy its benefits, they must initiate the shopping or purchasing procedure from the Nubank app. This partnership ensures Nubank gets its percentage cut in all shopping activities started from the Nubank app
Nubank is evolving beyond its core product of providing accounts for users in digital banking as a strategy for global expansion. This new edition of its marketplace expands Nubank’s sphere of influence beyond Latin American and growth in its stock. For companies like Playstation, Xbox, Booking.com and Petlove, we predict a surge in patronage without opening physical stores in regions like Latin America.
Brazil in focus
GDP: $1.445 trillion compared to $1.878 trillion in 2019
Population: 213 million in 2020 as compared to 211 million in 2019
GDP per capita: $6,796 in 2020 compared to $8,897 in 2019