Nubank Reaches 70M Customers in Latin America

Nubank (NYSE: NU) reached the mark of 70 million customers in Latin America, “with 66.4 million users in the Brazilian operation, 3.2 million in Mexico, and more than 400 thousand in Colombia.”

The company, the fifth largest financial institution in Brazil in number of customers, “has a team of more than 7,000 people in 6 offices located in the countries where it operates, including technology and talent hubs in the United States, Germany, and Argentina. ”

In Brazil, Nubank continues “to grow on other business fronts, such as investments, where it already has more than 6 million active customers, with emphasis on its fund manager, Nu Asset Management, which has more than 1 million shareholders.” These milestones position the company “as the largest digital investment platform in the country and the sixth largest investment fund manager in number of shareholders.”

David Vélez, CEO and founder of Nubank, said:

“Our accelerated growth is driven by an ongoing search for efficiency, which balances expansion, new products, and increased revenue per customer. Nubank is a project for the next decades and we remain firm in our purpose of freeing all people from any complexity in financial services in Brazil, Mexico, and Colombia.”

One week after announcing the availability of Caixinhas (Money Boxes) to its entire user base in Brazil, Nubank reached “the mark of more than 1.7 million active customers who have joined the financial planning and organization tool.”

There were more than 2.25 million Boxes “created during the period.” The functionality currently has two investment options, “including the fixed income fund Nu Reserva Imediata, which is already one of the largest investment funds in Brazil in number of shareholders and which recorded a performance of 108% of the CDI (equivalent to 167% in savings) from February, when it was launched, to the end of August.”

Another experience that registered fast growth “was Nubank Cripto, which allows the purchase, maintenance, and sale of cryptocurrencies.” Available to all Brazilian customers since the end of July, “with more than 1.8 million having made at least one cryptocurrency purchase via the Nubank app.”

The company continues “to invest in a platformization strategy, seeking to go beyond the core of the credit card and digital account business, with the purpose of having a complete offer of financial services that meets and satisfies the real needs of its customers.”

In addition to the recent launch of Nubank Cripto and Caixinhas, Nubank started testing Nunos, the new free customer relationship program that “offers rewards, and joined Open Finance to give more autonomy to customers in their financial life.”

Currently, there are “more than 30 financial products available to customers.”

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