Nubank: Everything You Wanted to Know About

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Nubank is one of the most famous digital banks in Brazil. Fintech, which started by offering credit cards with no annual fee, is taking several steps forward in its competition against the country’s biggest institutions.

From now on, you will understand a little better about the services that Nubank offers and whether it is safe to invest in NuConta, the institution’s digital account. Read on!

Acquisition of Easynvest by Nubank

The purchase of Easynvest by Nubank was confirmed on Friday, 11/09/2020, representing a big step for the largest digital bank in the country.

The roxinho founded in 2013 by Vélez, the Brazilian Cristina Junqueira and the American Edward Wible, now bets on the investment market in partnership with one of the largest independent brokers in the market.

The acquisition was made mostly through share swaps, in which Easynvest’s shareholders received a portion of Nubank’s assets and the rest of the amount will be paid in cash.

Magnetis has been in partnership with Easynvest since 2015. Through the integration between the two platforms, we purchase and sell assets in your portfolio, such as Magnetis funds and bonds.

The agreement between Nubank and Easynvest does not change the contract Magnetis already has with the broker Easynvest. The acquisition of Easy by Nubank will also need to be approved by the responsible regulatory bodies, such as the Central Bank and Cade (Administrative Council for Economic Defense).

This year, Magnetis announced that it will launch its own DTVM to operationalize its customers’ applications in the near future.

How did Nubank come about?

Nubank was founded in May 2013 by Colombian David Vélez , American Edward Wible and Brazilian  Cristina Junqueira .

The services were inspired by large digital banks abroad, such as Capital One and N26 bank .

Initially, fintech’s business model was based on a no-annual, no-fee credit card , which could only be accessed through invitations.

The card’s differential, in addition to the fee exemption, is the possibility of controlling all transactions and requesting service through the Nubank application , which eliminates the need to go to a bank branch.

Over time, the institution grew and reached the mark of 1 million customers in August 2017. Later that year, the company started offering a free digital account, NuConta .

Since then, in addition to a payment solution, the bank also started to offer a way of investing better than savings .

Today, Nubank also offers personal loans at lower rates than those seen in major banks.

Is it worth opening a Nubank account?

Both the credit card and the Nubank digital account offer several facilities for those who want to take care of their financial life in a practical way.

The bank’s services work very well for those who are not keen on face-to-face service and do well with cell phone applications.

On the other hand, speaking of investments, Nubank is an interesting solution for those unfamiliar with this subject.

Through NuConta, you can start saving money in a practical way, without having to worry too much about the details of that investment.

However, if you want investments with higher returns, the ideal is to seek the assistance of an investment consultancy to find the best applications for you.

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