Nubank (NYSE: NU) announced that it has surpassed 100 million customers in Brazil, Mexico, and Colombia, making it the first digital banking platform to reach this milestone outside of Asia.
The achievement reportedly comes on “the heels of record 2023 financial results, with over US$1 billion in net profit and over US$8 billion in revenues, which attest to the solidity, efficiency, and scalability of Nubank’s business model.”
Currently, Nubank claims that it “serves more than 92 million customers in Brazil, over 7 million in Mexico, and close to 1 million in Colombia, with record levels of satisfaction. According to internal analyses, the company’s NPS (Net Promoter Score) is nearly three times higher than incumbents and other major local fintechs.”
True to its mission of “fighting complexity to empower people”, Nubank is leveraging tech and innovation “to drive competition in the sector, and transform millions of lives through inclusion and improved financial management.”
The company’s digital model has “helped its customers save more than 11 billion dollars in banking fees in 2023 and to spare more than 440 million hours of waiting in service queues over the past seven years.”
In Brazil, in a twelve month period, Nubank promoted “the financial inclusion of 5.7 million people in the credit card market2. After breaking the access barrier, research showed that 60% of Brazilian customers improved their financial journey in the first 24 months, through frequent and responsible use of credit cards and other financial products.”
David Vélez, founder and CEO of Nubank said:
“In 2013, we had set ourselves the ambitious goal to reach one million customers in five years, which seemed almost impossible at the time. In a decade, we have surpassed 100 million, which is a testament to the trust our customers place in us and to the power of a truly customer-centric business model. These 100 million customers have written their stories together with ours, and we want to honor them in a special way.”
Cristina Junqueira, co-founder and Chief Growth Officer of Nubank said:
“Being customer-centric has been guiding us since the very beginning. Today, we want our customers to see themselves the way we see them: at the center of everything. In reaching this milestone, we want to focus on the real people and individual stories of empowerment and advance our mission to help improve people’s lives.”
Nubank was born in 2013 in Brazil with the mission “to fight complexity to empower people in their daily lives by reinventing financial services, using technology to solve problems, and putting a bank in people’s pockets.”
Betting against a general fintech trend to begin operations with savings, the company launched a credit card with no fees, with “the goal to tackle the most challenging financial vertical first: lending.”
The other key differential is “the 100% cloud-native platform, which allows for scalable growth with a low cost structure, and powers some of the fastest data processing capabilities in the industry for product design, credit and risk models, and personalization.”
