Nubank Teams Up with Wise to Expand International Financial Offerings

Monday, 08/04/2024 | 15:27 GMT by Tareq Sikder

Wise Platform has 85 global partners including Bank Mandiri, Shinhan Bank and Google Pay.

Nubank has over 90 million customers in South America, with 85 million in Brazil.

Wise Platform (Wise's infrastructure arm catering to banks, financial institutions, and enterprises globally) has announced a strategic partnership with Nubank, one of Brazil's financial institutions. This collaboration aims to bolster Nubank's offerings by introducing a global account and international debit card.

Partnership Aims to Enhance International Banking Options

The partnership aims to solidify Wise Platform’s position as a preferred choice for major banks and businesses globally. Notable entities such as Bank Mandiri, Shinhan Bank, IndusInd, BPCE, Monzo, and Google Pay have already joined forces with Wise Platform, bringing the total count of partners to over 85 across the globe.

Nubank, boasting a substantial customer base of over 90 million across South America, with a staggering 85 million in Brazil alone, stands as a known player in the region's financial landscape. Earlier, Nubank reported strong growth in 2023, adding 19.3 million customers, totaling nearly 94 million across Brazil, Mexico, and Colombia. Revenue increased 57% to $2.4 billion in Q4 2023, resulting in $1 billion in net profit for the year, a substantial turnaround from previous losses.

USD and EUR Transactions across 200 Countries

The partnership's initial rollout will facilitate the launch of Nubank's new global account and international debit cards, catering specifically to its 'Ultravioleta' premium tier customers. These cards will empower customers to hold USD and EUR currencies while enabling seamless transactions in local currencies across 200 countries and territories globally.

Moreover, this collaboration marks a stride in Wise's expansion efforts within Brazil and the broader region. Within just 15 months since its launch in Brazil, Wise has successfully issued over one million Wise cards.

Meanwhile, Emmanuel Thomassin has been appointed as Wise's new Chief Financial Officer and Director, succeeding Matthew Briers, as reported by Finance Magnates. Thomassin, previously the CFO at Delivery Hero, brings extensive experience in scaling fast-growth companies globally. He will join Wise on October 1, 2024, with Kingsley Kemish serving as interim CFO until then.