Blockbuster FinTech IPO from Nubank🔔; Monzo isn’t dead and is worth $4.5B now 😳; P2P pioneer goes full into banking 🏦

Good Morning FinTech, December 10

Good day Everyone,

And happy Friday! You did, the week is almost over! But hey, don’t go Netflix & Chill yet, as I’ve 3 really really interesting FinTech stories for you today. Let’s dive straight into them before you go celebrating the weekend:

Blockbuster FinTech IPO from Nubank🔔

Market debut 🔔 Shares of Brazilian FinTech superstar Nubank closed up nearly 15% in its market debut Thursday on the New York Stock Exchange, going public under the ticker symbol “NU.”

Shares closed at $10.33, giving the company a market cap of close to $50 billion in one of this year’s largest IPOs.

The story, again 👉 Founded in 2013, Nubank started out issuing credit cards with no annual fees. It now also offers debit cards, bank accounts, loans, and life insurance.

Nubank, which doesn’t have any physical branches, describes itself as one of the largest digital-banking platforms (globally), with 48.1M customers across Brazil, Mexico, and Colombia as of September 30. More than 70% of its customers are under 40, and about 28% are Brazilians 15 years or older, the prospectus said.

Nubank has a 10% market share in credit cards and 1% in personal lending in Brazil. That’s solid!