Brazilian challenger Nubank has surpassed 90 million customers in Latin America across its operations in Brazil, Colombia, and Mexico.
In the second quarter of 2023, Nubank reached a customer base of over 90 million people, considered as the primary banking service for almost 60% of its users in Brazil, Colombia, and Mexico. Besides, nearly 50% of Brazilians are currently Nu customers.
“This new milestone is a source of great pride for us and a commitment we take very seriously. There are 90 million people who trust Nubank to manage their financial lives and for whom we work to offer solutions that make their daily lives easier. And this is just the beginning.”
David Vélez, Nubank’s founder and CEO
The growth in the customer base is linked to the expansion of the neobank’s product portfolio, which now includes insurance, investments and loans, along with standard money transfer services. In 2023 so far, Latin America fintech leader Nubank has launched more than 40 new products and features.
With dominant presence in Brazil, Nu also already has more than 5.2 million customers in Mexico and Colombia. Recently, Nu division in Mexico applied for a banking license from the National Banking and Securities Commission (CNBV) to expand its range of products in the country.
In September, Nubank announced the launch of a consumer lending program for its customers in Mexico. The product will be tested by a group of employees of a financial institution before launching as a publicly available solution for consumers.
The National Survey of the Availability of Financial Services in Mexico for 2021 (ENIF) testified that in this country only 33% of consumers who applied for a loan eventually receive money from a traditional bank.
In Colombia, the growth of Nubank is supported by A/B loans granted by the International Finance Corporation (IFC). From the initial commitment of US$150 million reported in January 2023, the amount was increased to US$265.1 million in September.