Nubank Ultravioleta enters the travel segment with the launch of Global Account for customers

Nubank Ultravioleta enters the travel segment with the launch of Global Account for customers
Nubank Ultravioleta enters the travel segment with the launch of Global Account for customers

Hey FinTech Fanatic!

Nubank Ultravioleta is entering the travel segment with the launch of Global Accounts for (high-income-) customers, in partnership with Wise. 

This new service, initially available to its high-income Ultravioleta segment customers, aims to offer lower fees and overseas internet service. 

The global banking account will be introduced with a pre-registration phase for these select customers, focusing initially on travel purposes and the allocation of funds in dollars or euros, without any current plans for overseas investments announced.

The unique features of Nubank's global account include offering 10 GB of free internet for 30 days in over 40 countries through a virtual SIM (eSIM). A service Revolut recently launched in UK/Europe. 

The partnership with Wise, known for charging a minimum of 0.82% for dollar conversions, involves the Wise Platform service. 

Additionally, the account comes with a debit card usable in over 200 countries and territories, without issuance, opening, or maintenance fees for Ultravioleta clients.

The global account market has seen increasing interest from FinTechs, neobanks, and traditional banks in recent years, with pioneers like Avenue leading the way since 2018.

Nubank's entry into this market signals its strategic focus on catering to high-income clients, a segment that has seen rapid growth. 

The bank has segmented its high-income base into two categories: 

► Super Core, with monthly incomes between R$5,000 and R$12,000.

► High Income, with incomes above R$12,000, capturing 70% and 60% of each segment's clients, respectively. 

Nubank aims to deepen its relationship with these clients, highlighting the concept of "principal banking." 

This strategy has already shown significant progress, with credit card purchase volumes and the number of Ultravioleta clients doubling over the past year, alongside a substantial improvement in the bank's perception among high-income consumers.

Cheers,

Marcel

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Now let's dive into the news of today:


#FINTECHREPORT

📊 Payment Gateway 🆚 Payment Orchestration


INSIGHTS

🇺🇸 JPMorgan Chase CEO Jamie Dimon hailed U.S. leadership and economic power in an annual letter to shareholders that invoked "liberty and justice for all." Dimon, leading the largest U.S. bank since 2006, highlighted American exceptionalism and the importance of focusing on future challenges. Click here to learn more 


FINTECH NEWS

🇩🇪 Wirecard shareholders sue EY over alleged asset stripping in Germany. Lawyers for former investors in collapsed German payments group claim Big Four firm’s reorganisation made it harder to enforce claims. The Big Four firm had issued unqualified audits for almost a decade for the once-celebrated German tech company, which collapsed in June 2020 in one of Europe’s largest accounting scandals.

🇺🇸 Finzly launches Account Galaxy: Embedded Banking Solution with Virtual Account and Virtual Ledger capabilities. Although participation in embedded banking remains limited due to technological barriers, Account Galaxy changes this, empowering banks of all sizes to participate in this transformation. Keep reading

🇳🇬 Yabx and PayCliq team on merchant cash advance service in Nigeria. Yabx will leverage the business data from PayCliq and use AI/ML algorithms on its cloud powered digital lending platform to build credit scores and personalised credit limits for each business. This will not only solve the problem of credit but also the problem of payments


PAYMENTS NEWS

🇫🇷 Credit Agricole and Worldline launch merchant payment serviceThe companies unveiled CAWL, the name of their joint venture, with a strategy focused on combining service and proximity to provide merchants with payment services tailored to the unique needs of their sectors.

🇧🇷 05/04/2024: Over 220 million Pix transactions in a single day in Brazil

A new daily record 🤯


DIGITAL BANKING NEWS

🇧🇷 Nubank Ultravioleta enters the travel segment with the launch of Global Accounts for (high-income-) customers, in partnership with Wise. The new service aims to offer lower fees and overseas internet service, and will allow users to instantly make balance conversions from Real to dollar and euro through the Nubank app.

🇬🇧 Digital bank OakNorth looks to US expansion. The bank is expanding its business beyond the United Kingdom and into the United States, exploring a merger and acquisition strategy. “We’ve always been clear that we want to build our business across the U.K. and U.S.,” Chief Executive Rishi Khosla told Bank Automation News.

🇬🇧 Monzo axes unfair fees for over nine million customers. The bank will no longer charge you interest if your account goes below £0, it has confirmed in a fresh Cost of Living update for its customers on April 5th. Before, the bank charged users dipping into their unarranged overdraft interest rates of 19 per cent, 29 per cent, or 39 per cent - if you didn't have an arranged one. The amount you would be charged was capped at £15.50 a month.

🇺🇸 Greenlight survey finds financial anxiety begins as young as 14 years old. 76% of Gen Z teens are stressed about money, while Gen Alpha shows higher financial confidence. All generations agree they want more financial education, which can help provide the financial knowledge, skills, and confidence needed for a healthy future. 

▶️ Revolut is currently running its largest advertising campaign ever. What do you think? Watch video here


DONEDEAL FUNDING NEWS

🇬🇧 Hokodo has announced a new €100 million debt facility from Viola Credit. With this new financing, Hokodo will facilitate more than €1.5 billion of B2B transactions over the next 24 months. The debt facility will also support the continued roll-out and expansion of Hokodo’s embedded Pay Later and Pay Now offering for B2B merchants and marketplaces.

🇲🇽 Chilean treasury management tech startup Radar closes $1.5M investment round to expand presence in MexicoThe new resources will focus on three areas: profitability, achieving the necessary metrics for Series A, and "aggressive growth" in personnel for its operations in Chile and Mexico, specifically in the engineering team.


MOVERS & SHAKERS

🇺🇸 Blake Taylor has joined the Ingo Payments team as new Business Development Representative. With a passion for helping others and a background in sales development with a Fortune 500 company, Blake brings invaluable expertise and enthusiasm to the company’s team. More on that here


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