Nubank's Business Expansion 4 Million Clients Embrace New Offerings

02 Apr, 2024

Nubank is bolstering its business client sector, with its business account, introduced in 2019, recently surpassing 4 million clients, solidifying its status as Brazil's largest of its kind. Alongside rolling out numerous transactional solutions, Nubank is also expanding its credit offerings. Following the 2021 launch of its credit card, the bank now introduces unsecured working capital, appointing Maximiliano Rodrigues, with experience at Mercado Pago and Itaú Unibanco, to spearhead this initiative.

While specific data on business credit portfolios and card issuance remains undisclosed, Nubank confirms at least 600,000 entrepreneurs have received their first business card from the bank. Livia Chanes, CEO of Nubank Brasil, asserts that the business account and card were developed based on customer feedback. The bank primarily targets individual micro-entrepreneurs, comprising 52% of its business base, focusing on entities with annual revenues of up to R$10 million, exhibiting strong synergy with its consumer client base.

Chanes highlights that research indicates 25% of Nubank's consumer clients are entrepreneurs, and 75% of business account holders already possess a personal account. The bank is accelerating its efforts, recognizing exponential potential for client adoption. Nubank's decision to offer unsecured working capital initially stems from its simplicity and broader customer appeal, especially for small business owners lacking collateral. Nevertheless, the bank plans to introduce secured working capital options soon, gradually adjusting based on risk and delinquency metrics.

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