Business

Nubank hits 10 million clients in Brazil and overcomes Itaú in Google searches

Latin America biggest fintech has simplified procedures and keeps gaining relevance against traditional players

  • Brazilian fintech removed the waiting list for new users
  • Nubank has surpassed Itaú in Google searches during 2019’s first quarter

Brazilian most famous digital bank has just reached a milestone, celebrating 10 million users all over Brazil at the end of June, as announced by the company. The startup has also declared a major change in its application process, by extinguishing the waiting list that every new user had to go through when requesting for the service.

With this change, new users no longer need to wait up to 90 days to join Nubank, a method adopted since the beginning of the company’s operations in 2014. From now on, the analysis is automatic and everyone who registers in the bank’s app will receive instant access to its NuConta. Credit card analysis remains a bit longer, and users who don’t have access to a pre-approved credit card limit, can enable this payment method over time by using other features of the account, like money transfer and debit payments.

“At first, the credit card waiting list was necessary, but now we can offer a wider portfolio of products and services for those who want to be Nubank’s client”, said Vitor Olivier, VP of Consumers at Nubank, to Infomoney

Meanwhile, a survey conducted by Google and reported by Valor Investe, unfolded that Nubank took the lead, surpassing the traditional bank Itaú, in searches for card issuers during 2019’s first quarter.

This is the first time that a fintech has become the most searched-for brand in Google regarding the category of financial products, and the fact that this happened first with credit cards shows that Brazilian consumers are eager for innovative experiences and offers”, says Gustavo Souza, Head of Sales for the financial sector at Google Brasil. More than milestones, those numbers certainly show a promising and ever-growing path for the Brazilian startup Nubank.