Fintech
Fintech Nexus Newsletter (8 May 2024): Nubank becomes the first Western digital bank with 100 million customers
Nubank is a fintech phenomenon. The numbers speak for themselves.
Today, the Brazilian digital bank announced which has exceeded 100 million customers in the three countries in which it operates: Brazil, Mexico and Colombia. It is the first digital bank outside Asia to reach this milestone.
The vast majority (92 million) are located in Brazil, with 7 million in Mexico and 1 million in Colombia. What an amazing result.
But what’s even more remarkable is that despite this dramatic customer growth, the company is making money. And they’re not just making profits like many US digital banks, they’ve been making money around $1 billion of net profit in 2023
Nubank shows us what’s possible with great execution, supportive regulators, and incumbent banks that were largely caught by surprise in the 2010s.
They still have room to grow as there are many Latin American countries they don’t operate in yet.
In the foreground
> Nubank surpasses 100 million customers across Latin America
The Brazil-based bank invests heavily to grow in Mexico and Colombia. Nubank reports first-quarter earnings next week, shares are up more than 40% this year.
From the Fintech Nexus
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Podcasts
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Web seminar
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May 22, 2pm EDT
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Peter Renton is president and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and is the author and creator of the Individual fintech podcastthe first and longest running fintech interview series.