In today’s highly digital consumer landscape, just about everything can be done online. Banking has been no exception, as financial technology has evolved rapidly in the last decade to allow consumers to make transactions and manage their accounts from almost anywhere and at any time.
Right in front of the fintech pack are London-based Black Banx and Amsterdam-based Nubank, two companies vying to take borderless banking to the next level and be catalysts for the evolution of the global economy.
Of course, fintech is far from a new concept, and with many companies like the two jockeying for position in the market, it can be hard for consumers to discern which is the bank that best meets their needs. So today, we make a detailed comparison between two that are considered the leaders and break down which is the ideal choice.
Black Banx vs. Nubank
From the time of their establishment to the products and services they offer, Black Banx and Nubank have taken on very similar paths to arrive at their present stature. However, despite similar undertakings, there are advantages one clearly has over the other:
| Black Banx | Nubank | |
| Founder | Michael Gastauer | David Vélez,Cristina Junqueira, Edward Wible |
| Year Established | 2014 | 2013 |
| Year Launched | 2015 | 2014 |
| Headquartered in | London, England | São Paulo, Brazil |
| Number of countries it is available in | 180 | 3 (Brazil, Mexico, Columia) |
| Crypto currency transactions | – Offered as a deposit method (2016)– Launched a fully fledged crypto currency trading with BTC and ETH (2018) | Began offering crypto-trading services in 2022Nucoin, a free-of-charge native crypto token (2023) |
| Registered customers | 28 million (as of July 2023) | 34 million (as of January 2023) |
| Personal accounts | Yes | Yes |
| Business Accounts | Yes | Yes |
| Credit Cards | Yes | Yes |
On the surface, Nubank looks like a decidedly bigger brand. The company went public in 2021, and garnered financial news headlines when Warren Buffett purchased a US$500 million stake in Nubank before its IPO.
While the company’s customer base grew by 39% in 2022, Nubank also figured in the news a year later, this time for internal reasons. It conducted its first round of mass layoffs, branded as “restructuring”, and “closed” 246 roles to downsize its teams.
While not as in the mainstream as Nubank, Black Banx, for its part, has also made its mark in the fintech arena. Just halfway into 2023, and Black Banx has already garnered over 6 million customers, bringing its total of people it serves to over 28 million.
Although this is slightly smaller in comparison to Nubank’s customer base of over 34 million, a key aspect to consider is how the company’s offerings continue to be limited and remain only available in Brazil, Mexico, and Columbia.
On the other hand, Black Banx’s products and services are presently available in over 180 countries, with customers able to make transactions and maintain accounts using 28 FIAT currencies and 2 cryptocurrencies.
The truly global bank
While both banks are now well-recognized globally, Black Banx evidently outpaces Nubank in global reach.
For now, the latter has more overall customers. But, as the borderless banking needs of digital nomads, frequent travelers, and international businesses—as well as the unbanked or underbanked—continue to be more extensive, the former continues to be in the better position to fulfill those said needs.
Soon, Black Banx may also have the higher customer count. For the first half of 2023, the company is onboarding an average of 1.3 million customers. In addition, its global reach continues to expand at a rapid pace. According to Black Banx regional Chief Executive Officer MEA, Jabari Walker, “With the recent launch of our West African branch in Liberia, we are seeing increased business growth in that region.”
Ultimately, the real winners here are customers all over the world. The continued emergence of the likes of Black Banx and Nubank means more borderless banking options, and customers get to enjoy the convenience of managing their finances, making payments, and growing their wealth right in the palm of their hand. And in the case of Black Banx, from anywhere in the world.