Brazil’s banking system has long faced criticisms of poor service, long wait times, labyrinthine bureaucracy and high fees. This—along with the prevalence of informal work—helps explain why some 45 million of Brazil’s 210 million people don’t have a bank account, making it almost impossible for them to access credit or a means of saving. Nubank, Latin America’s largest fintech company, is helping millions jump barriers by offering a variety of financial services via its smartphone app. Since the pandemic began, Nubank’s customer base in Brazil has more than doubled to 35 million as people avoided travel to crowded banks.
More Must-Reads From TIME
- How an Alleged Spy Balloon Derailed an Important U.S.-China Meeting
- Effective Altruism Has a Toxic Culture of Sexual Harassment and Abuse, Women Say
- Inside Bolsonaro's Surreal New Life as a Florida Man—and MAGA Darling
- 'Return to Office' Plans Spell Trouble for Working Moms
- 8 Ways to Read More Books—and Why You Should
- Why Aren't Movies Sexy Anymore?
- Column: Elon Musk Should Not Be in Charge of the Night Sky
- How Logan Paul's Crypto Empire Fell Apart
- 80 for Brady May Not Be a Masterpiece. But the World Needs More Movies Like This