São Paulo, January 23, 2024 - Nubank, one of the world's largest digital financial services platforms, is gradually releasing the shared balance feature for Ultravioleta customers. The tool was developed to assist in the payment and management of shared accounts within the Family Space (Espaço Família), bringing more efficiency to splitting expenses. Additionally, it promotes transparency and balance in household financial management, eliminating the need for manual spreadsheets.
"We continue to work on the evolution of Nubank Ultravioleta to become an increasingly complete and tailored platform for high-income customers, going beyond an exclusive credit card. We aim to offer innovative solutions with added benefits, focused on solving problems that often go unnoticed but significantly impact our customers' lives. The shared balance feature was developed with this vision to help users manage family and household expenses," says Livia Chanes, CEO of Nubank in Brazil.
The shared balance is part of Family Space, an area of the Nubank Ultravioleta app where users pay for and manage shared household expenses. Customers can also extend part of their Ultravioleta benefits with up to four other people. It's worth noting that any person - family or friend - can be invited by an Ultravioleta customer to be a member of the space, without the need for proof of kinship.
The new option allows Ultravioleta customers to use the shared balance to make deposits, payments, and transfers, such as electricity bills, groceries, and any other group needs. The functionality also includes an automatic proportional division logic based on the amounts deposited by each Family Space member. Therefore, if a user deposits 40% of the total balance, they will contribute 40% towards the expenses paid with the balance, eliminating the complexity of accounts, spreadsheets, and charges.
Customers who share resources continue to have their individual Nubank accounts with no access to the money or investments of other members who use the feature. In the shared balance, it's possible to track how much each member has deposited, the transaction history, and the payments made with the unified balance. All administrators are also notified when any action is taken with the shared balance. The company aims to evolve the shared financial management experience throughout the year.
Nubank Ultravioleta
In addition to the shared balance, members of the Family Space have advantages such as Ultravioleta Customer Service, Protection Center, free and unlimited withdrawals at ATMs, and other exclusive experiences, and they can also extend Mastercard Black benefits, such as access to VIP lounges, through additional cards. In October of last year, the company announced new products and exclusive benefits for Ultravioleta customers, focusing on the high-income segment to address complex details of financial life.