2023 marked Nubank’s (NYSE:NU) tenth anniversary with further innovation from one of the world’s largest digital financial services platforms.
Over the past 12 months, the company has “launched over 45 new solutions to give people more autonomy and security in managing their finances.”
With significant growth this year, Nubank saw its customer base “surpass 90 million across its operations in Latin America. Brazil remains a standout market in the region with over 85 million users, making Nu the fourth largest financial institution in the country in number of customers, according to the Central Bank.”
Along with this growth, Nu launched “more than 45 products and features; ten of them stand out as innovative solutions to continue the trajectory of reinventing the financial market” and making people’s lives easier:
NuBraille: Nubank’s card for blind or visually impaired customers, “available for both individuals and businesses, is unique in the global market, with the user’s first name (or company name) and the last four digits printed in Braille directly on the card, making it easier to identify and providing autonomy for customers.”
Nubank Auto and Lar Seguro: insurance was “one of the portfolios that grew at Nubank in 2023. The company launched Nubank Auto, car insurance, and Nubank Home Insurance, customizable home insurance, with a 100% digital experience and 24-hour support.”
Nucoin: the free utility token is “part of an innovative loyalty program structured on blockchain technology. Initially, Nu is the main sponsor, rewarding customer engagement. With the attribute of transparency, Nucoin has the potential to expand the network to other brands and market segments that wish to structure their loyalty programs on this protocol.”
Nubank Cripto: Nubank Cripto’s cryptocurrency offering “grew during the year, reaching 14 cryptocurrencies available for trading in the app. Among them is USDC, a digital version of the dollar widely requested by users and one of the most transacted stablecoins in the world, opening doors to expand the offering and solutions related to other financial services.”
NuConsignado: following the expansion of safe credit offerings, Nubank has “launched two new types of secured loans. NuConsignado for federal public servants (SIAPE) and an offering for retirees and pensioners of the Brazilian Social Security Institute (INSS), both with a digital experience via the app, giving customers total autonomy in contracting. With a focus on reducing complexities, NuConsignado can offer one of the lowest interest rates in the market.”
Nu Limite Garantido: a tool that allows Nubank customers to “increase their credit card limit by using as collateral an invested amount in Caixinhas (Money Boxes) – a resource for financial organization and planning available in the Nubank app – while the amount continues to earn returns from the RDB (Bank Deposit Certificate) investment.”
Me Roubaram and Alô Protegido: Nubank was “at the forefront of security in 2023, launching products and tools that prevent fraud. Alô Protegido is an example of a completely innovative feature in the market, which identifies and blocks calls from fraudsters and scammers trying to impersonate Nubank’s call center.”
ETFs: Regarding variable income, “the highlight was the launch of two products that follow the first index derived from Ibovespa and focus on dividend-paying companies. ”
New Ultravioleta Benefits: to reinforce entry “into the high-income segment, Nubank expanded the benefits for its Ultravioleta customers with the launch of NuTag (the company’s toll tag), Family Space (a dedicated area for family financial organization), 24-hour customer service, Protection Center (an app area dedicated to asset protection, including Street Mode), Rappi Prime, unlimited free withdrawals, and other exclusive experiences.”
Caixinhas SME: Nubank also announced “the expansion of Caixinhas (Money Boxes) for SME Account customers. Launched in July 2022 for individual users, the feature was developed as an organizational and financial planning tool, allowing customers to save money in an uncomplicated, customizable way with earnings.”