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Nubank moves into e-commerce

Nubank moves into e-commerce

Brazilian digital banking giant Nubank has teamed up with a roster of retailers to add an e-commerce section to its app.

At launch, the bank's tens of millions of customers in Brazil will be able to shop at retailers such AliExpress, Dafiti and Magalu through the app, with more partners in the pipeline.

Launched in 2013 with a core credit card product, Nubank has expanded to offer personal lending, life insurance, products for micro entrepreneurs, instant payment services, and investment products.

Since July, it has included offers of products from partnerships in its app, with international transfers from Remessa Online, and more recently, auto loan equity from Creditas.

David Vélez, CEO, Nubank, adds: "At Nubank, we’re constantly looking for ways to improve our customers' lives by making experiences simpler and unlocking greater value for their money.

"We have worked closely with our customers to understand their needs and pains, and how to build products to address them, creating a 'Nubank standard quality' of services that customers have been asking to go beyond financial solutions for years.

"With this new offering, we are able to further provide these services in many other areas of their lives and make the overall experience more enriching and fulfilling."

The latest diversification play comes as Nubank gears up for a listing in the US at a valuation expected to be in excess of $55 billion.

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