Nubank surpassed 80 million customers in Brazil, as of July 2023. Along with its operations in Mexico and Colombia, the company reached 85 million customers across Latin America. This number has more than doubled in two years, since June 2021, when Nubank had a base of 41 million.
Based on official data from the end of Q2’23, the Brazilian Central Bank also positioned Nubank as the fourth-largest financial institution in the country in number of customers. In October 2022, the company had reached the 5th position, quickly moving up the rank in comparison to long-established incumbent banks. Nubank also remains in the top three institutions with the lowest rate of complaints in the country, reinforcing the company’s focus on putting the customer first, through its awarded service and innovative products.
“The sustained growth in our customer base continues to reinforce the inherent efficiency and potential of our digital business model. This makes it possible to grow at scale while providing high-quality and low-cost financial services. We have robust activity levels above 82% and rising capabilities to cross-sell and upsell, which have been fueling the company’s revenues. We continue to invest in growth as we believe there is still a huge potential to increase market share in several products”, said David Vélez, Nubank’s founder and CEO.
Internationally, the company now serves 4.5 million customers in Mexico and Colombia, as of July 2023. Mexico was Nu’s first international operation, and now offers credit and debit cards, having recently launched a digital account. Cuenta Nu attracted over one million people just one month after its official release, offering 24/7 liquidity and one of the most competitive yield rates on the market, 9% per year. Nu’s digital account in Mexico allows access to local deposits and unlocks more growth opportunities by expanding the customer base at an even faster pace. This product will also allow Nu to better understand a larger customer base and thus improve its credit models, an important competitive advantage.