Nubank reaches the milestone of 80 million customers in Latin America

April 25, 2023 at 09:41 AM EDT

In the Brazilian market, Nubank ended the first quarter with more than 9 million investor customers and a 36% increase in AuC in one year, totaling R$ 47.6 billion (US$ 9.6 billion)

Nubank, one of the world's largest digital financial services platforms, reached on the first week of April 2023^* the milestone of 80 million customers in Latin America, where it maintains operations in Brazil, Mexico, and Colombia.

The Brazilian operation ended March with a growth of 31.5% in 12 months, reaching more than 75.2 million customers, including the SME (Small and Medium Enterprises) segment. The number of entrepreneurs with a Nubank PJ (legal entity) account surpassed 2.7 million, corresponding to a jump of more than 66% also in one year.

The first three months of 2023 have represented significant progress for Nu México and Nu Colombia, which registered more than 3.8 million customers together – a 66% increase in one year. These two Nubank operations also started to diversify their product portfolio beyond the credit card with the implementation of Cuenta Nu, which is being gradually made available to the Mexican customer base. Meanwhile, Nu Colombia continues to work on the development of new financial services and savings products.

"We added around 5 million customers to our base in just over a quarter, always with a great contribution from the Brazilian operation and increasing adherence by Mexicans and Colombians. The 80-million-users milestone reveals the operational efficiency and capacity of Nubank in balancing global expansion and portfolio diversification to have more and more engaged customers," highlights David Vélez, CEO and founder of Nubank.

"This growth is naturally reverted into an increase in revenue per customer, structured around three pillars for the development of our products: Banking-Spending-Savings. Based on the premise that money involves all aspects of a person's life, we are creating, at a global level, a new category among fintechs, which can be described as 'Money Platform', a technological platform whose objective is that the customer sees the optimization of money for their own benefit," he adds.

Brazil: new credit products and growth of the investor base

Amidst the customer base growth, Nubank saw its number of investor customers in Brazil increase by 130% in the comparison between the end of the first quarter of 2023 and the end of the first quarter of 2022. There are already more than 9.2 million active users in investments, placing the company as the largest 100%-digital investment platform in Latin America. The jump in AuC (assets under custody) was around 36%, reaching more than R$ 47.6 billion (US$ 9.6 billion) in one year.

During the first quarter of 2023, Nubank expanded its credit strategy with another step in the tests of NuConsignado, the company's payroll-deductible loan program. Currently, the product is being gradually made available to the customer base of federal civil servants to enhance the offer of sustainable credit for the business and further engage a significant portion of the customer base. According to an internal survey, more than 30% of the financial volume of payroll-deductible loans, whether public or private, in the Brazilian market is handled by customers who already have a relationship with Nubank.

The company also advances in the granting of collateralized credit. The most recent is Nu Limite Garantido, Nubank's first step to increase credit card limits based on different investments. In November last year, it announced a first version of a collateralized loan in which the guarantee comes from applications from eligible customers for the personal loan in the Resgate Planejado (locked deposits) feature, whose amounts continue to yield.

^*Total customers at the end of the first quarter of 2023 were 79.1 million – an increase of around 33% in 12 months.

About Nubank

Nubank is one of the world’s largest digital banking platforms, serving around 75 million customers across Brazil, Mexico, and Colombia. As one of the leading technology companies in the world, Nubank leverages proprietary technologies and innovative business practices to create new financial solutions and experiences for individuals and SMEs that are simple, intuitive, convenient, low-cost, empowering, and human. Guided by a mission to fight complexity and empower people, Nu is fostering the access to financial services across Latin America, connecting profit and purpose to create value for its stakeholders and have a positive impact on the communities it serves. For more information, please visit www.nubank.com.br

View source version on businesswire.com: https://www.businesswire.com/news/home/20230425005786/en/

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Jorg Friedemann

investors@nubank.com.br

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Leila Suwwan

press@nubank.com.br

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Nubank reaches the milestone of 80 million customers in Latin America

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