This company is a Brazilian neobank and one of the largest financial technology banks in Latin America. Its headquarters are located in São Paulo, Brazil.
Are they already in Freetrade? Can’t find them.
I have a credit card with them, they are (one of) the largest NeoBanks in the world by number of users, present in Brazil and just expanding to other Latin American countries, so a huge market to address.
The discussion is often started just a little before it goes live in the app.
Considering the high fees that people need to pay at some Brazilian banks along with poor customer service, it makes perfect sense to invest in NU, which seems to me to be growing strongly there. There are more than 200 million Brazilians and plenty of room to grow. However, the current stock price is higher than Itaú, one of the most powerful bank in América Latina.
There is an interesting movement made by some neobanks in Brazil. They are switching to banks with an e-commerce offering. That seems to me to be unheard of. Well, at least I haven’t seen it in any other digital or neobank outside of Brazil.
However, because it is a new offer, it is not yet possible to know how much it had added to the company’s revenue, but I think this tends to add a good number, considering the potential of e-commerce in Latin America.