Brazilians Hate Their Banks. This $10 Billion Startup Wants to Change That [Fortune]
Mastercard Incorporated (MA)
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Source: Fortune
Pinterest Cristina Junqueira, co-founder of Brazilian digital banking startup Nubank, knows exactly who her customers are. They’re fed up with the establishment—and before she launched an alternative, so was she. "I worked for the largest incumbent bank in Brazil for five years, and I was just done making rich people richer," she told Before starting Nubank, Junqueira served at Brazil’s giant Itaú Unibanco, and at LuizaCred Nubank—officially Nu Pagamentos S.A.—offers banking through a mobile app, better interest rates than other regional banks, and a credit card issued in partnership with Mastercard $10 billion According to Junqueira, Nubank has been so successful because its disruptive approach is particularly needed on her home turf. "If you look into Latin America, the incumbents are so bad. I know banks aren’t loved anywhere, but they’re especially hated there." Nubank says Brazilians pay the highest banking fees Even if banks elsewhere in the world are less abusive, Junqueira th
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