Data Nubank: 43% of Consumers Who Obtained First Credit Card with Nu Have Also Boosted Savings

Nubank (NYSE: NU), which claims to be the largest digital banking platform in the world outside Asia, announced on the results of the seventh edition of Nubank Data, this time with the theme Financial Health and Well-Being: Access Beyond Credit.

The study focuses on the journey “towards a sustainable financial life in the long term and showed that, over a period of five years until December 2023, Nubank enabled nearly 21 million (20.7 million) Brazilians to access their first credit card.”

Furthermore, 43% of people who got their first card “through Nu during this period also managed to save money over time.”

Livia Chanes, CEO of Nubank in Brazil said:

“Our actions have always been greatly guided by the pains and needs of our customers, as well as an approach centered on financial education from the conception of the products. We want people to have a more conscious relationship with money, with more peace of mind.” 

Just as access to credit cards can be a gateway to financial services, Caixinhas (Money Boxes) have proven to “be a starting point for people entering the world of investments.”

Among the nearly 21 million Brazilians who got their first credit card “with Nu from 2019 to 2023, the number of those using Caixinhas more than tripled within a year, increasing from 1.5 million in December 2022 to 4.8 million in December 2023.”

Rafaela Nogueira, Nubank’s Public Policy Manager and coordinator of the study:

“The combined analysis of these data is very interesting. Once people have access to the financial system and credit, they begin to show interest in other tools, such as simple investments that enable the realization of dreams and ambitions, like taking a special course, traveling, or renovating a house.  While it’s possible that some people who started investing with Nu after getting access to a credit card might have already saved or invested money in other institutions, the data shows that the journey of saving at Nubank with the help of Caixinhas is indeed evolutionary.

Caixinhas, made available to the entire Brazilian customer base in September 2022, were created to meet the growing “demand for a simple, intuitive, and customized financial organization tool. Since then, the total number of active Caixinhas among Nu’s customers in Brazil jumped from 2.1 million (in September 2022) to 16.6 million (in December 2023).”

According to Data Nubank, the majority of Caixinhas have “been started to cover for emergencies, regardless of the customer’s income range: 32.8% of the active Caixinhas in December 2023 were allocated for an Emergency Reserve Fund.”

Although Nubank offers Caixinhas with “suggested names and goals, each person can create as many Caixinhas as they want and name each one as they prefer.”

In December of 2023, there were “more than 1.6 million different names for the Caixinhas created in Brazil, and the analysis of how customers name them indicates that they relate to accomplishing consumption goals (Car, Cellphone, Motorcycle), housing (Renovation, House, Apartment), leisure (Travel), career, studies, and other personal objectives.”

Rafaela added:

“Saving money efficiently and wisely goes beyond income ranges and is a general concern for customers. Being prepared for potential financial adversities allows people to start dreaming about other material ambitions, especially for those in lower income brackets who have more difficulty accessing these.” 

Customers’ investments in Nubank’s Caixinhas in Brazil quadrupled “over the course of a year, from R$6.4 billion in January 2023 to more than R$25 billion by December of the same year.”

Data Nubank also shows that Caixinhas “have been, in some way, the starting point for Nubank customers on their journey into the world of investments.”

Of customers who began investing in Nubank’s products every month, at least about 70% used Caixinhas as their first tool for saving their resources. This percentage has evolved and stabilized closer to 90% in the second half of 2023.

A novelty in this edition of the report is “the inclusion of analyses on the evolution of Nu in Colombia and Mexico, showing how disciplined inclusion and the focus on long-term financial health are progressing in these countries.”

Nearly three years after launching its credit card “in Colombia, Nubank was already present in 92% of the country’s municipalities by December 2023.”

Furthermore, according to data from “the same month, Nu was the first institution to offer a credit card to 30% of its active customers during the period.”

In Mexico, by the end of 2023, Nu was “present with different products and services in 98% of the country’s municipalities, achieving significant numbers both in credit card inclusion and in Nu account (Cuenta Nu) customers’ interest in Cajitas (Money Boxes). Considering data from December 2023, 46% of active customers had not had a credit card before starting their relationship with Nu.”

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