Nubank ?? Revolut: Who will come out on top in Brazil?

REPORT

• Digital payment trends in Latin America in 2023:

In this second edition prepared by Kushki and Americas Market Intelligence, they will delve into the advances, innovations, and obstacles of digital payments in LATAM.

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?? NEWS HIGHLIGHT

• DRUO has introduced a new service, “Transferencias”.

This solution provides companies a single entry point to initiate payments directly from their business bank accounts in a centralized, automated, and secure way. The product, which is exclusively available for businesses with bank accounts in Colombia, Mexico, and Peru, streamlines payment processes such as automated payroll, supplier payments with customized approval flows, and instant loan placements.

?? ARTICLE

Nubank ?? Revolut: Who will come out on top in Brazil?????

Revolut, Europe's most valuable startup, has launched in Brazil.

But does Revolut's mobile banking offering have what it takes to eat into Nubank's impressive 46% market share?

Or will Nubank's superior knowledge of the Brazilian market give them the edge?

To answer these questions, FinTech Insights compared Revolut to Nubank and to the Latin American banking market more broadly.

??INSIGHTS

• Worldcoin fever comes to Brazil by Aaron Stanley.

In this edition we look at Worldcoin iris-scanning Orbs coming to Brazil, Credix’s new receivables pool, and a new Digital Real “buildathon” being organized by Fenasbac and the Ethereum Brasil team.

NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS

?? REGIONAL HIGHLIGHTS

?? Rappi Inc will begin lending to restaurants in Mexico and Colombia.

?? Revolut has expanded its operations in Brazil and is poised to enhance its services into a financial superapp.

?? Máximo Pay has unveiled its new Software as a Service (SaaS), MaaS.

?? Clara is bolstering its operations in Brazil.

BRAZIL

Nubank teams up with Casas Bahia to offer a new in-app shopping experience. The new feature offers an even more comprehensive and secure experience and is already available to all users.

Hopper signs a new alliance with Nubank. Hopper will provide Nubank, which claims 80 million customers in Brazil, Mexico and Colombia, with travel inventory as well as price prediction tech, and various price protection products on mobile.

ARGENTINA

Wibond has partnered with Argentina's largest university Siglo XXI to facilitate access to over 80 undergraduate and postgraduate degree courses. The collaboration introduces an innovative installment payment alternative that doesn't require a credit card, opening up prestigious educational opportunities to individuals.

COLOMBIA

MercadoPago has received authorization to operate as a financing company in Colombia.

MEXICO

Femsa reported that during the second quarter of 2023, its digital wallet Spin had reached 5.7mn million active users.

EL SALVADOR

Ditobanx, in collaboration with Mastercard, has launched the first crypto debit card in El Salvador. This innovation allows Salvadorans to easily access an account to send and receive funds, as well as make purchases in over 100 million businesses globally.

CHILE

Tenpo launched a new credit card. This milestone comes after receiving authorization as a non-bank credit card issuer from the Comisión para el Mercado Financiero (CMF).

OPPORTUNITIES

Ualá is opening employment opportunities specifically for individuals over 50 years old across the nation. Recognizing the challenging job market for older individuals, this move aims to foster diversity within Ualá's workforce.