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Money News

Brazil's Nubank to fund education of Black people after backlash

FILE PHOTO: The logo of Nubank, a Brazilian FinTech startup, is pictured at the bank's headquarters in Sao Paulo, Brazil June 19, 2018. Picture taken June 19, 2018. REUTERS/Paulo Whitaker/File Photo

SAO PAULO (Reuters) - Founders of Brazilian financial startup Nubank said on Thursday in a letter that the company will fund the teaching of programming skills to 1,250 Black people.

The move comes after strong criticism from Nubank’s clients as its co-founder Cristina Junqueira made a controversial comment in a recent TV interview saying the fintech could not “lower its standards” to increase the presence of Blacks in its management.

The fintech will invest 20 million reais in the initiatives to boost the presence of Blacks in the company and also in the job market as a whole.

Founders David Velez, Edward Wible and Junqueira said Nubank will also launch in 2021 a mentorship program focused on Blacks, besides reviewing its recruiting standards.

Reporting by Carolina Mandl; Editing by Steve Orlofsky

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