image credit : Nubank

Brazilian fintech unicorn Nubank which was valued at a huge $2 Billion in its most previous round of funding and offers credit cards to over 4 million subscribers has now reached a huge 1.5 million users for its digital bank services which it aims to expand to people beyond its credit card user base in an effort to expand its operations and increase competition with traditional bank models of offering financial services.

This 1.5 million users is just the first set who have registered through the company’s beta service available for current credit card holders with the number slated to increase more in future time.

The service dubbed NuConta offers a digital account with no fees attached and the ability to send money to other Brazilian accounts without any transaction charges, NuConta also provides unlimited peer-to-peer transactions for its users.

With these huge number of current registered users, The financial technology startup has garnered a lot of data on consumer needs and will now work effectively on adding a lot of features to the service to provide customers with the best services.

Nubank which launched its first service 4 years ago and has raised over $300 million from notable investors including DST Global which is led by Russian Billionaire venture capitalist Yuri Milner, Founders Fund, Sequioa Capital, Tiger Global and Thrive Capital amongst a slew of others will continue to expand with more services with this being another financial product it provides to several consumers in Brazil where it’s based and other locations.

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