Nubank Ultravioleta enters the travel segment with the launch of Global Account for customers

Nubank Ultravioleta enters the travel segment with the launch of Global Account for customers
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:


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🇧🇷 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.

🇬🇧 Digital bank OakNorth looks to US expansion. The bank is expanding its business beyond the United Kingdom and into the United States, exploring a merger and acquisition strategy. “We’ve always been clear that we want to build our business across the U.K. and U.S.,” Chief Executive Rishi Khosla told Bank Automation News.

🇬🇧 Monzo axes unfair fees for over nine million customers. The bank will no longer charge you interest if your account goes below £0, it has confirmed in a fresh Cost of Living update for its customers on April 5th. Before, the bank charged users dipping into their unarranged overdraft interest rates of 19 per cent, 29 per cent, or 39 per cent - if you didn't have an arranged one. The amount you would be charged was capped at £15.50 a month.

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🇬🇧 Hokodo has announced a new €100 million debt facility from Viola Credit. With this new financing, Hokodo will facilitate more than €1.5 billion of B2B transactions over the next 24 months. The debt facility will also support the continued roll-out and expansion of Hokodo’s embedded Pay Later and Pay Now offering for B2B merchants and marketplaces.

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