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.
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Now let's dive into the news of today:
#FINTECHREPORT
📊 Payment Gateway 🆚 Payment Orchestration.
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PAYMENTS NEWS
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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.
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DONEDEAL FUNDING NEWS
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MOVERS & SHAKERS
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