Nubank reaches over 90 million customers in Latin America

This is a machine translation of Nubank's press release

São Paulo, October 25, 2023 – Nubank surpassed 90 million customers in Latin America, in its operations in Brazil, Colombia and Mexico, consolidating its position as one of the fastest growing financial services companies in the world.

“This new milestone is a source of great pride for us and a commitment that 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”, said David Vélez, founder and CEO of Nubank, at an event for press and influencers in Mexico City.

In the second quarter of 2023, Nubank recorded being the main banking relationship for almost 60% of its users, and almost 1 in 2 Brazilians were already Nu customers.

The growth of the customer base accompanies the expansion of the institution's product portfolio, which seeks to meet the needs of different areas of its users' financial lives – including insurance, investments, loans, among others. In 2023, Nubank launched more than 40 new products and resources, including new guaranteed credit options (such as anticipation of the FGTS birthday withdrawal , the new NuConsignado offer for INSS retirees and pensioners ), investments (with the first ETF with payment of dividends from the Brazilian market ), and the expansion of the benefits of Ultravioleta , the institution's black card focused on high income.

In Latin America, there are already more than 5.2 million customers in Mexico and Colombia. In Mexico, Nu is the largest Sofipo (Popular Financial Society) in the sector in terms of number of clients. Last week, Nu México applied for a banking license with the National Banking and Securities Commission (CNBV), the local regulator, in order to be prepared to further expand its product range in the country.

In Colombia, Nu announced in September 2023 a significant increase in the A/B loan granted by the International Finance Corporation (IFC). From the initial commitment of US$150 million, announced in January 2023, the amount was increased to US$265.1 million, reaffirming the confidence of IFC and the financial market in the growth and potential of Nu in the country.