Nubank expands into telecom market in Brazil

Nubank will soon offer mobile services in Brazil, expanding beyond finance.
With over 95 million customers in Brazil, Nubank is diversifying its portfolio.

Nubank, the Brazilian digital lender, will soon enter the telecom sector by introducing mobile services for customers in Brazil. The company aims to launch these services in the coming months, marking a significant expansion beyond its traditional financial offerings.

With over 95 million customers in Brazil alone, Nubank is one of the world’s largest digital lenders. Listed on the New York Stock Exchange, the fintech is valued at over $70 billion. By the end of June, it had more than 104 million customers across Brazil, Mexico, and Colombia.

The new mobile service, branded as NuCel, will provide coverage to 93% of Brazilian territory. It will operate using Claro’s infrastructure, a Mexican telecom company under the America Movil group. Nubank plans to offer three subscription options, with monthly costs ranging from 45 to 75 reais, payable through its credit cards.

This telecom launch is positioned as a strategic move to enhance Nubank’s portfolio. The company said it aims to deliver a better customer experience and diversify beyond financial services through this new venture.