The logo of Nubank, a Brazilian FinTech startup, is pictured at the bank’s headquarters in Sao Paulo, Brazil June 19, 2018. Picture taken June 19, 2018. REUTERS
SAO PAULO – Brazilian digital lender Nubank (NU.N), said on Tuesday it will start to offer a mobile phone service to its customers in Brazil in the coming months, expanding its operations beyond financial services.
WHY IT’S IMPORTANT
Nubank, which is backed by Warren Buffett, is one of the largest digital lenders in the world.
It is listed on the New York Stock Exchange and worth more than $70 billion. The fintech reported over 104 million customers throughout Brazil, Mexico and Colombia by the end of June, with more than 95 million of them in Brazil.
KEY QUOTE
Nubank said in a statement that the mobile phone service was “designed to transform customer experience and expand the company’s portfolio beyond financial services.”
BY THE NUMBERS
Nubank said it will initially offer three monthly plans for its mobile service, charging from 45 reais ($7.80) to 75 reais ($13.00). Customers would pay for the service through the bank’s credit cards, it added.
The telecom service, which Nubank named NuCel, will cover 93% of the Brazilian territory, and will use the infrastructure provided by Mexican telecom America Movil’s Claro.
Reporting by Alberto Alerigi Jr and Andre Romani in Sao Paulo; Editing by Emelia Sithole-Matarise
