Digital Banking: Brazil’s Nubank Reaches 90M+ Customers in LatAm Markets

Nubank (NYSE:NU) has surpassed 90 million customers in Latin America in its operations in Brazil, Colombia, and Mexico, consolidating its position as one of the fastest-growing financial services companies in the world.

David Vélez, Nubank’s founder and CEO, at an event for the press and influencers in Mexico City, said:

“This new milestone is a source of great pride for us and a commitment we take very seriously. There are 90 million people who trust Nubank to manage their financial lives and for whom we work to offer solutions that make their daily lives easier. And this is just the beginning.”

In the second quarter of 2023, Nubank was “considered the primary banking relationship for almost 60% of its users, and nearly 1 in 2 Brazilians was already a Nu customer.”

The growth in the customer base “follows the expansion of the institution’s product portfolio, which aims to meet the needs of different areas of its users’ financial lives – including insurance, investments, loans, among others.”

In 2023, Nubank has already “launched more than 40 new products and resources, from new credit options with guarantees (such as the anticipation of the FGTS anniversary withdrawal, the new NuConsignado offer for INSS retirees and pensioners), investments (with the first ETF with dividend payments in the Brazilian market), and the expansion of the benefits of Ultravioleta, the institution’s black card with a focus on high income.”

In Latin America, Nu already “has more than 5.2 million customers in Mexico and Colombia. In Mexico, Nu is the largest Sofipo in the sector regarding the number of customers.”

Last week, Nu Mexico applied “for a banking license from the National Banking and Securities Commission (CNBV), the local regulator, to be ready to expand its range of products in the country.”

In Colombia, Nu announced “in September 2023 a significant increase in the A/B loan granted by the International Finance Corporation (IFC).”

From the initial commitment of US$150 million “reported in January 2023, the amount was increased to US$265.1 million, reaffirming the confidence of the IFC and the financial market in Nu’s growth and potential in the country.”