Nubank, Remessa Online to offer remittances

Brazil-based Nubank and Remessa Online have announced a new partnership that will grant customers access to a swift international payment service.

Under this partnership, Nubank customers will be able to use Remessa Online’s platform to receive and send money from and to over a hundred nations across the globe, including the United States, Chile, Portugal, Australia, Japan, Mexico, Argentina, and the United Kingdom.

Known as one of Latin America’s leading neobanks, Nubank’s number of users is on course to reach 1million in the next 1 year, a significant rise from its current 350,000. Such surge, if achieved, will also raise the fintech’s 2022 revenue by 150%.

Launched in 2016, Remessa Online’s revenue took a huge leap in 2020 to BRL 6 billion. That amount, added to the BRL 5 billion raised over the previous years, brings the total revenue to BRL 11 billion since 2016. 

Remessa Online successfully doubled its market share within the first four months of 2021. According to a report released by the country’s apex bank, 33 to 45% of all international remittances made by Brazilian individuals were facilitated through Remessa Online’s platform – a 94.46% increase compared to the first four months of 2020.