The news 🗞️ Nubank, Brazil’s FinTech gem and one of the world’s largest digital banks with over 90 million customers, has partnered with Wise Platform to launch a new global account and international debit card for its premium Ultravioleta customers.

This marks an important step for Nubank into the travel segment and further strengthens Wise’s international growth ambitions.

Let’s take a quick look at the match that has been made in heaven.

More on this 👉 The Global Account will allow Ultravioleta users to instantly convert their balance from Brazilian Real to US Dollars and Euros directly in the Nubank app. It offers an exclusive conversion rate of 0.9%, the lowest in the segment, using commercial exchange rates and a reduced IOF tax of 1.1%. Nice!

This makes it up to 9% cheaper than using traditional credit cards abroad. More importantly, the associated debit card can be used in over 200 countries with no issuance or maintenance fees.

Additional perks include two free foreign ATM withdrawals per month, free international travel insurance, and 10GB of free roaming data valid for 30 days in over 40 countries. A similar service was recently launched by both Revolut and Western Union (more on this – below).

ICYMI: Western Union copies Revolut as it unveils global eSIM service 😳 [the USP & where’s the money + some more reads on Revolut]

This comprehensive offering aims to provide a seamless, cost-effective solution for Nubank’s frequent traveler customer base.

✈️ THE TAKEAWAY

Why it matters? 🤔 First and foremost, the partnership is a massive win-win for both FinTech giants. For Nubank, it enables rapid entry into the lucrative travel financial services market, allowing them to monetize their substantial customer base of over 90 million users across Latin America and further grow revenue diversification. Meanwhile, for Wise, it represents another major partnership as they expand their presence in LatAm, solidifying Wise Platform’s position as a preferred choice for banks and businesses globally. Looking ahead, we must note that the travel account has significant growth potential as Nubank’s premium customer base expands. If successful, expect Nubank to extend similar offerings to its mass market. And this could be highly disruptive in Brazil where travel financial services are dominated by incumbent banks.

ICYMI: Nubank delivers strong growth & profitability, and is positioned to unlock substantial value for investors 🟣🚀 [going in deep to analyze NU’s latest performance, the most important numbers, uncover what they mean, & see how NU is perfectly positioned to unlock substantial value for investors + more reads and bonus dives]

Wise continues strong growth with upgraded 2024 guidance 🚀 [a look at their solid numbers & what they mean + what’s next & some bonus reads]