Nubank surpasses 90 million customers, reinforcing financial dominance in Latin America

13/11/2023 News

Nubank, the financial disruptor in Latin America, has achieved a monumental milestone by surpassing 90 million customers across Brazil, Colombia, and Mexico. With 85 million users in Brazil alone, Nubank cements its status as one of the world's fastest-growing financial services companies.

David Vélez, Nubank's CEO, expressed pride in this achievement, highlighting the company's commitment to the 90 million customers who trust them with their financial lives. Vélez emphasized, "This is just the beginning."

As of Q2 2023, Nubank serves as the primary banking relationship for nearly 60% of its users, with almost one in two Brazilians being Nu customers.

Nubank's customer growth aligns with its expanded product portfolio, with over 40 new offerings launched in 2023. These span insurance, investments, loans, and more. Notable additions include innovative credit options, such as the anticipation of FGTS anniversary withdrawals, and the NuConsignado offer tailored for INSS retirees.

Nubank's expansion into investments includes introducing the first ETF with dividend payments in the Brazilian market. Additionally, the benefits of Ultravioleta, the institution's high-income-focused black card, have been extended.

Beyond Brazil, Nubank has gained a significant foothold in Mexico and Colombia, with over 5.2 million customers. In Mexico, Nu stands as the largest Sofipo in its sector, recently applying for a banking license from the CNBV to broaden its product range.

In Colombia, Nubank announced a substantial increase in the A/B loan granted by the IFC, reaching US$265.1 million from the initial US$150 million commitment in January 2023. This underscores confidence in Nubank's growth and potential.

Nubank's continual innovation and expansion solidify its transformative role in the Latin American financial landscape, with the promise of more groundbreaking developments ahead.

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