Nubank starts offering international remittance service in partnership with Brazilian Paytech Remessa Online

July 27, 2021
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LABS
LABS
LABS
LABS is a business news website about Latin America, focused on economics, business, technology and society.
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The partnership grants Nubank’s customers a discount on Remessa Online’s fees: a 15% discount will be applied in the first eight weeks. In Brazil, Remessa Online’s main rivals are traditional banks and the UK-based fintech Wise, valued at GBP 7.95 billion ($11 billion) in its IPO

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This Monday, Nubank began offering an international remittance service in partnership with the Brazilian platform Remessa Online. In the wake of Latin America‘s largest neobank, the platform expects to jump from 350,000 to 1 million customers served in the next 12 months and increase its revenue by 150% in 2022.

Founded in August 2016 by two financial market executives, Fernando Pavaniand Alexandre Liuzzi, Remessa Online expects a BRL14 billion TPV this year – it transacted BRL 11 billion in 2020.

READ ALSO: The “Girl from Rio” Anitta is the new member of the Nubank directors board

In July, Remessa Online told LABS that it doubled its market share between January and April this year, accounting for 33.45% of all the money sent abroad by Brazilian individuals – a 94.46% growth over the same period of 2020, according to Central Bank data.

In Brazil, Remessa Online’s main rivals are traditional banks and the UK-based fintech Wise, valued at GBP 7.95 billion ($11 billion) in its IPO on the London Stock Exchange.

READ ALSO: Nubank, iFood and Havaianas: the favorite brands of Brazilians

“Offering international transfers through a partnership was the best way we found to make this service available to our customers as quickly as possible,” said Nubank’s co-founder Cristina Junqueira.

The partnership grants Nubank’s customers a discount on Remessa Online’s fees: a 15% discount will be applied in the first eight weeks.

The new service also expands Nubank’s portfolio, which includes credit cards, investment options, insurance, personal loans, and instant payment solutions.

Through Remessa Online, Nubank customers will be able to receive and send money to over 100 countries, including the United States, Chile, Portugal, Australia, Japan, Mexico, Argentina, and the United Kingdom.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

This Monday, Nubank began offering an international remittance service in partnership with the Brazilian platform Remessa Online. In the wake of Latin America‘s largest neobank, the platform expects to jump from 350,000 to 1 million customers served in the next 12 months and increase its revenue by 150% in 2022.

Founded in August 2016 by two financial market executives, Fernando Pavaniand Alexandre Liuzzi, Remessa Online expects a BRL14 billion TPV this year – it transacted BRL 11 billion in 2020.

READ ALSO: The “Girl from Rio” Anitta is the new member of the Nubank directors board

In July, Remessa Online told LABS that it doubled its market share between January and April this year, accounting for 33.45% of all the money sent abroad by Brazilian individuals – a 94.46% growth over the same period of 2020, according to Central Bank data.

In Brazil, Remessa Online’s main rivals are traditional banks and the UK-based fintech Wise, valued at GBP 7.95 billion ($11 billion) in its IPO on the London Stock Exchange.

READ ALSO: Nubank, iFood and Havaianas: the favorite brands of Brazilians

“Offering international transfers through a partnership was the best way we found to make this service available to our customers as quickly as possible,” said Nubank’s co-founder Cristina Junqueira.

The partnership grants Nubank’s customers a discount on Remessa Online’s fees: a 15% discount will be applied in the first eight weeks.

The new service also expands Nubank’s portfolio, which includes credit cards, investment options, insurance, personal loans, and instant payment solutions.

Through Remessa Online, Nubank customers will be able to receive and send money to over 100 countries, including the United States, Chile, Portugal, Australia, Japan, Mexico, Argentina, and the United Kingdom.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.
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