Business

In the wake of Nubank's growth, Brazil's Remessa Online wants to serve 1 million customers in the next 12 months

The largest digital bank in Latin America started offering the services of the international remittance platform within its app this Monday

Alexandre Liuzzi, co-founder and CSO of Remessa Online, and Fernando Pavani, the fintech's co-founder and CEO. Photo: Courtesy/Remessa Online
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  • The partnership grants Nubank’s customers a discount on Remessa Online’s fees: a 15% discount will be applied in the first eight weeks;
  • In Brazil, Remessa Online’s main rivals are traditional banks and the UK-based fintech Wise, valued at GBP 7.95 billion ($11 billion) in its IPO on the London Stock Exchange.

This Monday, Nubank began offering an international remittance service in partnership with the Brazilian platform Remessa Online. In the wake of Latin America‘s largest neobank, the platform expects to jump from 350,000 to 1 million customers served in the next 12 months and increase its revenue by 150% in 2022.

Founded in August 2016 by two financial market executives, Fernando Pavani and Alexandre Liuzzi, Remessa Online’s turnover was BRL 6 billion in 2020 and a total of BRL 11 billion since 2016.

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In July, Remessa Online told LABS that it doubled its market share between January and April this year, accounting for 33.45% of all the money sent abroad by Brazilian individuals – a 94.46% growth over the same period of 2020, according to Central Bank data.

In Brazil, Remessa Online’s main rivals are traditional banks and the UK-based fintech Wise, valued at GBP 7.95 billion ($11 billion) in its IPO on the London Stock Exchange.

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“Offering international transfers through a partnership was the best way we found to make this service available to our customers as quickly as possible,” said Nubank’s co-founder Cristina Junqueira.

The partnership grants Nubank’s customers a discount on Remessa Online’s fees: a 15% discount will be applied in the first eight weeks.

The new service also expands Nubank’s portfolio, which includes credit cards, investment options, insurance, personal loans, and instant payment solutions.

Through Remessa Online, Nubank customers will be able to receive and send money to over 100 countries, including the United States, Chile, Portugal, Australia, Japan, Mexico, Argentina, and the United Kingdom.

(Translated and co-written by LABS)

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