Nubank reaches 25 million customers

As the largest independent digital bank in the world, Nubank contributes to financial inclusion in Latin America by offering digital products with no-fees.

São Paulo, June 1st, 2020 – In the month of its seventh anniversary, Nubank announces that it has reached 25 million customers in Latin America. In the first quarter of 2020 alone, the company registered, on average, 42,000 new users per day. With operations in Brazil and Mexico, Nubank reinforces its position as the world’s largest independent digital bank and renews its commitment to creating simple, bureaucracy-free, transparent, and human financial services. 

For seven years, at Nubank we have dedicated ourselves to building strong relationships with our customers, based on trust. We make all our decisions based on what’s best for our clients. That is our culture”, says David Vélez, CEO and founder of Nubank. “If there is a legacy that all of us who work at Nubank want to leave behind, it is to reinvent the way in which people use and relate to financial services, in order to give them back control of their money.”

With a broad product portfolio that includes a purple credit card with no annual fees and a digital savings account with no opening or maintenance fees, Nubank has helped clients save more than US$1.5 billion in the past seven years. 

In a region in which, on average, half the population is unbanked, Nubank is committed to the financial and digital inclusion of Latin Americans. In just one year, the average number of new customers over the age of 60 grew by 20%, and during April 2020, 30,000 customers within this age group joined Nubank, including 300 over the age of 90. Being able to do banking through a smartphone and without going to the bank branch is key during the COVID-19 pandemic and among risk groups. 

In relation to financial inclusion, according to a survey carried out by the digital bank by the end of last year, 20% of customers declared that Nubank’s was their first credit card and, within the over 55-year-old segment, 15% said they had never had a credit card in their life.

Nubank was founded in 2013 by Colombian businessman and entrepreneur David Vélez, along with partners Cristina Junqueira and Edward Wible. It is currently the sixth-largest bank in Brazil and the most important digital bank in the region. In 2019, the company began operating in Mexico, and by March 2020 launched its first product on the Mexican market. In addition, it has tech hubs in Argentina and Germany. 

About Nubank

Nubank is today the largest independent neobank in the world, with 25 million clients. The fintech launched its first product in 2014, a no-fee credit card that is fully managed by a mobile app and currently has more than 13 million customers. In 2017, Nubank launched its proprietary loyalty rewards program (“Nubank Rewards”), as well as a digital account which is currently used by more than 17 million people in Brazil. In 2019, the company began testing its personal loan product and its account for SMBs. During this year, Nubank started its international expansion and, currently, it has offices in São Paulo (Brazil), Mexico City (Mexico), Buenos Aires (Argentina) and Berlin (Germany).  More information: http://www.nubank.com.br. 

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