Nubank takes aim at the U.S.
Revolut tried. Now it’s Nubank’s turn.
Nubank $NU just applied for a U.S. banking charter, taking its first step to expand beyond Latin America. It’s a bold move…and one that many international neobanks have tried before. Revolut, Europe’s largest neobank, entered the U.S. in 2020, but has struggled to gain traction.
Despite being lumped together as “neobanks,” Revolut and Nubank are very different. Revolut rose to prominence in Europe with a sleek app and a free debit card with no FX fees, a formula that worked well at home, but failed to stand out in a market dominated by Cash App and Chime.
Nubank, meanwhile, built its business around credit. It started by offering credit cards to underserved Brazilians, and lending remains its core engine today. Revolut still makes most of its money from interchange and FX fees; Nubank earns it from loans.
Nubank also has something Revolut didn’t: a built-in customer base. The company already serves Latin Americans living in the U.S.
Will Nubank succeed in the U.S.? Hard to say. But if I had to bet, I’m more bullish on Nubank than on Revolut.
Let’s dive in! Follow the link in the reply 👇🏻
Revolut tried. Now it’s Nubank’s turn.
Nubank $NU just applied for a U.S. banking charter, taking its first step to expand beyond Latin America. It’s a bold move…and one that many international neobanks have tried before. Revolut, Europe’s largest neobank, entered the U.S. in 2020, but has struggled to gain traction.
Despite being lumped together as “neobanks,” Revolut and Nubank are very different. Revolut rose to prominence in Europe with a sleek app and a free debit card with no FX fees, a formula that worked well at home, but failed to stand out in a market dominated by Cash App and Chime.
Nubank, meanwhile, built its business around credit. It started by offering credit cards to underserved Brazilians, and lending remains its core engine today. Revolut still makes most of its money from interchange and FX fees; Nubank earns it from loans.
Nubank also has something Revolut didn’t: a built-in customer base. The company already serves Latin Americans living in the U.S.
Will Nubank succeed in the U.S.? Hard to say. But if I had to bet, I’m more bullish on Nubank than on Revolut.
Let’s dive in! Follow the link in the reply 👇🏻
Nubank takes aim at the U.S.
Revolut tried. Now it’s Nubank’s turn.
$NU 👇🏻
popularfintech.com/p/nubank-takes…
Revolut tried. Now it’s Nubank’s turn.
$NU 👇🏻
popularfintech.com/p/nubank-takes…
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