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Banking in Brazil is hard. Here’s how Nubank is changing that

The fast-growing digital bank now offers ATM withdrawal, direct deposit, and more.

Banking in Brazil is hard. Here’s how Nubank is changing that
[Photo illustration: Fast Company]
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Brazilians have traditionally been able to bank only with a handful of large institutions that charge some of the highest lending rates globally. Four-year-old Nubank, now the largest digital bank outside of Asia, with 5 million users, offers a compelling alternative with its low-fee credit cards and payment accounts. Last year, it began offering direct deposit for users’ paychecks and debuted debit and ATM withdrawal features—enhancements that further what CEO David Vélez describes as Nubank’s mission: “Helping people find a way out of Brazil’s current banking system.”