Nubank expands working capital offerings for SMEs, sees 150% growth in loan volume

São Paulo, 16 October 2024 – Nubank, the largest digital financial services platform outside of Asia, announces the expansion of its Working Capital offerings, its first loan solution for business customers. The volume of loans granted grew by 150% in the third quarter of the year compared to the second, driven by a 40% increase in the number of eligible customers during the same period.

The Working Capital line was created to address cash flow needs and other business demands, following Nubank’s policy of transparency, with no hidden fees. According to an internal survey conducted in August with 1,349 SME customers, about 30% of those who adopted the product had no access to any other line of credit in the market, while 65% obtained their first loan through Nubank Business.

The survey also revealed that the main uses of the loans include working capital itself (45%), stock (25%), equipment and durable goods (20%), maintenance (16%), emergency repairs (12%), opening or investing in new businesses (11%), and payments to suppliers and employees (9%). Customers number the main reasons for adopting Nubank as easy loan management (14%), 100% digital contracting (12%), access to larger credit lines (11%), interest rates (9%), quality of service and relationship (8%), and instant deposits (8%).

“The expansion of Working Capital is part of our goal of empowering and encouraging businesses of different sizes. By offering personalized financial solutions, we contribute to the growth of thousands of businesses, generating jobs and driving the economy. Our commitment is to be a trusted partner, supporting every stage of different entrepreneurs’ journeys,” says Maximiliano Rodrigues, head of the Business area at Nubank.

In addition to Working Capital, Nubank Business customers have access to a business credit card, which has no annual fee or issuance fee. To date, 600,000 SME entrepreneurs have issued their first business card with Nubank.

Nubank Business solutions go beyond the account and credit card, including the possibility of transferring limits between personal and business accounts, payment links, payment slips, Sole Proprietor Tax Center, NuPay, and investments, among others, which facilitate business financial management.

Recent Releases

Over the past 12 months, Nubank Business has introduced other tailored functionalities for customers. Among them are:

• Browser Access: A desktop solution that allows business customers to access Nubank via computer to check balances and issue statements.
• Invoice Issuance: Currently in testing, this functionality allows for the issuance, storage, and management of invoices directly through the browser.
• Shared Access: Enables sharing the access to Nubank Business among different people working in the business, with specific profiles for each role, such as Administrator, Consultation, and Operation.
• Tap to Pay: Now available for both iOS and Android, it allows 100% digital payments via mobile phone, without the need for a card reader, monthly fees, or membership costs.

Both individual entreopreneurs and companies with more than one partner can open their business account quickly and easily, either through the Nubank app or website, integrating all these functionalities into a single platform: Nubank Business Accounts.