São Paulo September 1, 2020 — Nubank, the largest independent digital bank in the world, was recognized today by CB Insights on the third annual Fintech 250, a prestigious list of emerging private companies working on groundbreaking financial technology.
The list recognizes the most promising startups in the financial industry worldwide that are transforming the way people and businesses spend, save, borrow, and invest their money.
Through an evidence-based approach, the CB Insights Intelligence Unit analyzes several factors including market potential, investor quality, competitive landscape, team strength, and tech novelty, among others, to select the 250 companies included in the list. In the past, Nubank was also featured in the 2017 and 2018 editions.
Founded in São Paulo by Colombian businessman and entrepreneur David Vélez, along with partners Cristina Junqueira and Edward Wible, in only seven years Nubank became the sixth-largest bank in Brazil and the largest digital bank in Latin America. The company currently operates in Brazil and Mexico and has +25 million customers.
Since the beginning of the COVID-19 pandemic, the company has welcomed on average 42,000 customers per day -including 30,000 customers of over 60 years-old that join Nubank every month in search of financial services that are more transparent, simpler, and human.
With a broad product portfolio that includes a purple credit card with no annual fees and digital savings account with no opening or maintenance fees, Nubank has helped clients save more than US$1.5 billion.
It has also played a fundamental role in the fostering of financial inclusion in the region: according to a survey carried out by the digital bank, 20% of its customers declared that Nubank’s was their first credit card and, within the over 55-year-old segment, 15% said they had never had a credit card in their life.
Fintech 250 recognizes companies from around the world that are transforming the financial services industry. “This year’s Fintech 250 represents 25 countries and spans 19 categories — reimagining everything from retail banking and crypto, to insurance and asset management,” said CB Insights CEO Anand Sanwal.
Some highlights of the report that can be found on this link:
- Unicorns: 32 of the 250 companies are valued at or above $1B as of their latest funding round.
- Funding trends: YTD, these 250 private companies have raised $10.3B in equity funding across 120 deals (as of 8/26/20).
- Mega-rounds: Since 2019, there have been 87 mega-round ($100M+) equity investments to this year’s Fintech 250, with 35 of them in 2020 YTD (as of 8/25/20).
- Global representation: 46% of the 2020 Fintech 250 are based outside the US. After the US, the UK is home to the most Fintech 250 companies (38), followed by India (20).
About Nubank
Considered the largest independent neobank in the world, Nubank was founded in Brazil 7 years ago and currently has mopre than 25 million clients. The fintech launched its first product in 2014, a no-fee credit card that is fully managed by a mobile app and currently has more than 13 million customers.
In 2017, Nubank launched its proprietary loyalty rewards program (“Nubank Rewards”), as well as a digital account which is currently used by more than 20 million people in Brazil. In 2019, the company began testing its personal loan product and its account for SMBs. During this year, Nubank started its international expansion and, currently, it has offices in São Paulo (Brazil), Mexico City (Mexico), Buenos Aires (Argentina) and Berlin (Germany). More information: www.nubank.com.br.
About CB Insights
At CB Insights, we believe the most complex strategic business questions are best answered with facts. We are a machine intelligence company that synthesizes, analyzes and visualizes millions of documents to give our clients fast, fact-based insights. Serving the majority of the Fortune 100, we give companies the power to make better decisions, take control of their own future, and capitalize on change.