Brazil's Nubank arrives in e-commerce with a marketplace within its app

Nubank launches an in-app marketplace with partnerships with e-commerces like Magalu and Dafiti

Nubank's office. Photo: Nubank/Courtesy
Ler em português

While many retailers are looking to offer financial services, the reverse is also true: fintechs are also moving towards e-commerce. The reason lies in the quest for retention and recurrence. In other words: it is not enough to have a digital account, the user has to engage.

With this in mind, Nubank announced this Tuesday the launch of a shopping section with different shops, also marking the digital bank’s entry into e-commerce. The move is similar to the one recently made by another digital bank, Inter, which this year launched the InterShop marketplace within the app.

READ ALSO: Latin American super apps battle to achieve greater user recurrence while there is still room for everyone

Through the platform, Nubank customers will be able to shop at retailers such as Dafiti, Magalu, Allied (distributor of smartphones Samsung, Motorola, and Xiaomi), and AliExpress. The company expects to expand the number of partners in the coming weeks.

The new feature will be made available gradually to the user base within the next few days.

READ ALSO: Banco Inter reports profit in the third quarter before going for an IPO in the United States

The new vertical is another step in the portfolio expansion strategy that Nubank has undertaken in recent months, adding products such as investments, personal loans, and insurance. The digital bank has also invested in partnerships to diversify its product offerineg on the app, such as the partnership with Remessa Online, which provides international transfers; and the partnership with Creditas, for loans with vehicle collateral.

Get the best insights about Latin America market in your inbox