Nubank aims to simplify the process of banking, and is a Brazilian startup that is looking to compete with the five major banking institutions in the country.
Smaller banking institutions are becoming increasingly popular due to new tech innovations in the industry, their accessibility, and the fact that larger institutions tend to be perceived as less trustworthy. Nubank is taking advantage of shifting consumer perceptions by offering a no-free credit cards to Brazilians, opting out of the excessive fees that larger banks in the country enforce. The brand also offers reward points for every dollar spent, which can be used to erase invoice expenses and to pay off purchases that users make regularly.
The startup's site can claims that with regular use, the points collected over a year could pay off a night in Rio de Janeiro for two people, or two Uber trips along with three months of music streaming, and three purchases off Amazon.