Nu Holdings Ltd surpassed 80 million customers in Brazil in July 2023. Along with its operations in Mexico and Colombia, the company reached 85 million customers in Latin America. This number has more than doubled in two years, since June 2021, when Nubank had a customer base of 41 million.
Based on official data from the end of Q2 2023, the Central Bank of Brazil also positioned Nubank as the fourth largest financial institution in the country by number of customers. In October 2022, the company had reached the 5th position, quickly climbing the ranking compared to long-established banks. Nubank also remains among the three institutions with the lowest complaint rates in the country, reinforcing the company’s focus on putting the customer first through its award-winning 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 allows us to grow at scale while providing high-quality, low-cost financial services. We have robust activity levels above 82% and increasing cross-sell and upsell capabilities, which have driven the company’s revenues. We continue to invest in growth, as we believe there is still enormous potential to increase market share across various products,” says David Vélez, founder and CEO of Nubank.
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 launch, offering liquidity 24/7 and one of the most competitive interest rates in the market, at 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 enable Nu to better understand a larger customer base and thus improve its credit models, a significant competitive advantage.
The launch of a digital account is also on the company’s roadmap for 2023 in Colombia – Nubank’s most recent but fastest-growing geography, which now offers La Moradita, a no-fee credit card.