Nubank announced this Wednesday, May 8, that it surpassed the 100 million customer mark in Brazil, Mexico and Colombia.
There are more than 92 million customers in Brazil, 7 million in Mexico and almost 1 million in Colombia, the three countries where Nubank has operations.
“We reached this number much earlier than we expected”, says David Vélez, founder and CEO of Nubank, in an interview with NeoFeed.
According to him, Nubank has, since its inception, achieved its customer goals. At the beginning of the journey, the objective was to reach 1 million customers in five years. “And we reached 2 million,” says Vélez.
Then, the objective became 10 million customers in five years and the digital bank managed to reach this number in just 3 years.
The goal of 100 million customers was established when Nubank’s founders traveled to China and saw large Asian fintechs with a large number of customers.
By reaching this milestone, Nubank becomes the first digital banking platform to reach this milestone outside of Asia, according to a statement distributed by the digital bank.
The century-old customer milestone arrives after Nubank closed 2023 with a net profit of US$1 billion and reached US$8 billion in revenue.
Vélez says that Nubank is making progress in monetizing these customers. The main avenue is the credit part, with credit and debit cards.
But with the growth of the base, Nubank is also offering more products to these customers, from investments to insurance.
Another form of monetization is in the area of non-banking services, through the marketplace, where Nubank already has 240 partners.
The growth of international operations is also one of Nubank’s priorities throughout this year, according to an interview that Cristina Junqueira, Nubank’s chief growth officer, gave to NeoFeed.
According to Junqueira, “Mexico is priority number 1”, a country where Nubank is trying to obtain a banking license to be able to offer more services to customers.
In Colombia, Nubank is preparing to launch Cuenta Nu and says that more than 500 thousand people are on the waiting list.
In Brazil, Nubank’s next step is to move into the legal entities segment, offering solutions for companies with annual revenues of up to R$10 million. At the end of March this year, Nubank had 4 million corporate customers.
In Brazil, Nubank is ahead of Banco do Brasil, which has 75.8 million customers, according to data from the Central Bank, referring to the first quarter of 2024.
Caixa is the bank with the largest number of customers in Brazil, with 151.9 million. Next are Bradesco (106.5 million) and Itaú (100.6 million).
