Nubank, a fast growing neobank in Brazil, has extended its partnership with Nasdaq to make use of the stock exchange’s regulatory reporting solution.
The Sao Paulo-headquartered firm will leverage the AxiomSL solution, building on its use of Nasdaq financial technology underpinning its treasury functions. The solution will be used to back Nubank’s regulatory compliance in Colombia.
Nubank has emerged as one of Latin America’s leading neobanks from its base in Brazil, also active in Colombia and Mexico. Collectively, its customer-base across these three major Latin American markets stands at 100 million.
The company has benefited greatly from the acceleration of digital banking across Latin America – a trend which has driven success for other firms and payment methods such as the Central Bank of Brazil’s Pix. Nubank’s use of technology provided by one of the world’s largest stock exchanges may have been pivotal in this journey too, however.
Ed Probst, SVP, Regulatory Technology at Nasdaq, said: “Digital banking services in Latin America are experiencing a period of extraordinary development, with online marketplaces, open banking and innovative technology combining to empower a new generation of consumers.”
The deal also significantly expands Nasdaq’s reach in Latin America, with the exchange having built up a network of 50 banking and payment services clients in Latin America. Its client-base includes digital and traditional banks, local and regional firms and prominent global banks.
Probst continued: “Nasdaq’s technology is helping to underpin the maturation of the industry, with proven regulatory solutions substantially reducing time to market and providing a competitive advantage in such a fast-paced industry.
“We welcome the opportunity to expand our partnership with Nubank, alongside many other clients in the region, to support their ambitious growth trajectory.”
