Should NuCel be bundled into Ultravioleta or sold as a standalone mobile plan?

Introduction

NuCel is Nubank's mobile phone service in Brazil, run as a mobile virtual network operator (MVNO) on a partner's network. Customers manage their plan, data and payments inside the Nubank app. Nubank's 2026 earnings materials list NuCel alongside NuPay and NuTravel among initiatives that together reach over 12 million unique active customers. For Nubank, a phone plan is not just another product; it is a monthly habit and a way to become part of customers' daily lives beyond money.

Ultravioleta is Nubank's premium offer for high-income customers, with a fee that can be waived and benefits such as 1.25% cashback, zero IOF on international purchases and airport lounge access. The question: should NuCel be bundled into Ultravioleta or sold as a standalone mobile plan?

Step 1

Clarifying Questions (3 minutes)

• Context: is NuCel available to all customers today? I'll assume it is open to Nubank customers as a paid plan, and we are deciding whether to include it free (or discounted) in Ultravioleta.

• Business: what is NuCel's goal: profit on its own, or engagement and retention for the core bank? I'll assume engagement and retention matter more, but NuCel should not lose money overall.

• User impact: how many Ultravioleta customers already use NuCel? I'll assume few, around 5%.

• Technical: does the MVNO cost structure allow free inclusion? I'll assume a cost per line of around R$20–30 a month for a mid-sized data plan.

• Constraints: telecom regulation (Anatel) and bundling rules; customers must be able to keep their number (portability).