SAO PAULO: Brazilian digital bank Nubank announced Tuesday that it will begin offering mobile phone service to its customers in Brazil in the coming months, expanding its operations beyond financial services.

WHY IT IS IMPORTANT

Nubank, backed by Warren Buffett, is one of the world’s largest digital lenders.

It is listed on the New York Stock Exchange and is worth more than $70 billion. At the end of June, the fintech had more than 104 million customers in Brazil, Mexico and Colombia, including more than 95 million in Brazil.

KEY QUOTE

Nubank said in a statement that the mobile phone service was “designed to transform the customer experience and expand the company’s portfolio beyond financial services.”

IN NUMBERS

Nubank said it will initially offer three monthly plans for its mobile service, priced between 45 reais ($7.80) and 75 reais ($13.00). Customers would pay for the service via the bank’s credit cards, he adds.

The telecommunications service, which Nubank has named NuCel, will cover 93 percent of Brazilian territory and will use infrastructure provided by Claro, from Mexican telecommunications company America Movil.

($1 = 5.7570 reais)