Six months after launch, the fintech conquers about 100,000 new customers per month and plans to reach 2 million users by the end of 2023.
A survey conducted by Akamai Technologies in partnership with Cantarino Brasileiro, in October 2022, revealed that around 70% of Brazilian adults have accounts in both traditional and digital banks – an audience that is only 37% in 2020. The growth revealed by the survey may surprise some, but Not a Novocard, a credit card developed and thought of for financially planned people. With rapid growth since its beta launch in July 2022, the digital bank has acquired 100,000 new customers per month, recording a growth of 400%, and cementing itself as a solid alternative to physical banks.
The company was created in 2019 by American Brad Lippman, founder and former CEO of Simply Business, an online business insurance brokerage in the UK, and former senior vice president of Lehman Brothers, a well-known American investment bank. With the aim of achieving financial fairness through fair practices, the novücard was issued for the first time to active customers with the highest positions on its Early Access list. At that time, the product already had a waiting list of more than 200,000 customers.
With an average of 3,000 new customers per day, novücard ended its waiting list in October 2022 and, since then, has released access to all those interested in its tool proposal. “The demand was much greater than we expected, which shows that Brazilians are interested in a planned financial life that can pay off well in the long term,” explains Brad Lippmann. “Our proposal was to create a unique credit card, focused on people who already have some financial institution, and this gives our customers control over their credit limits in a planned way, as well as offering significant advantages in relation to similar cards,” he continues.
The card was the first in Brazil to offer a dynamic line of credit so customers could have better control of their personal finances. Since the beginning of December, novücard customers who pay their bills in full and on time have received R$1 increase in credit limit for every R$100 spent. “By encouraging bills to be paid in full each month and accumulating income – rather than paying predatory fees – we help our clients and their families build wealth,” the founder asserts.
In view of the growing demand for the solution, the company plans to close 2023 as 2 million users. “Good payers will, for the first time, see the impact of their financial planning automatically reflected in their credit lines. This demonstrates our commitment to encouraging and rewarding the planned audience, ”the expert concludes.
about novücard
novücard was launched this year and is a product of alt.bank (created in 2019). Its mission is to achieve financial justice through fair and transparent interest rates in Brazil. novücard is a credit card for planned members who want to take control of their finances in a responsible and transparent manner. With the rapid growth of around 100,000 new customers per month – a representation of 400% – novücard is consolidating itself as the fastest growing credit card company in Brazil, as well as being the first company to offer a dynamic credit limit, which increases automatically from month to month according to the timely payment of bills.
The company serves its clients with more than 100 employees in São Paulo / SP and São Carlos / SP. You can find out more about it at www.novucard.com.br.
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