Brazillian digital banking behemoth Nubank has reached 100 million customers on its home turf, capturing 57% of the adult population in the country.
Editorial
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Nubank in May reported that it had reached the 100 million milestone across its LatAm operations in Brazil, Mexico and Colombia.
At the time, the Brazillian unit had clocked up 92 million customers, eleven years after launching with a single credit card product.
The achievement comes on the heels of record 2023 financial results, with over US$1 billion in net profit and over US$8 billion in revenues.
In late 2021,the firm raised $2.6 billion in a New York Stock Exchange initial public offering that valued the digital lender at more than $40 billion.
The company surpassed one million customers in Brazil two years after launching its first product, three years ahead of forecast and mostly through organic member-get-member dynamics. The savings account, launched in 2017, unlocked further growth by enabling a suite of products: personal loans, SME solutions, investments, and crypto. Today, the portfolio includes marketplace and insurance, among others.
Growth in Mexico and Colombia is already outpacing the initial growth spurt recorded in the bank’s home market and is likely to accelerate as it begins to expand its product range from credit cards and savings into a more rounded financial experience encompassing investments, payroll products and higher credit lines.
