Brazilian digital banking giant Nubank has achieved a significant milestone, surpassing 100 million customers in its home country, representing 57% of the adult population.
In May, Nubank announced that it had reached this landmark figure across its Latin American operations, including Brazil, Mexico, and Colombia. Specifically, its Brazilian segment boasted 92 million customers, just eleven years after its inception with a single credit card product.
This achievement follows a record year in 2023, marked by over $1 billion in net profits and revenues exceeding $8 billion. In late 2021, Nubank successfully raised $2.6 billion in an initial public offering on the New York Stock Exchange, which valued the digital bank at more than $40 billion.
Within just two years of launching its first product, Nubank attracted over one million customers in Brazil—three years ahead of schedule, primarily through organic member referrals. The introduction of a savings account in 2017 paved the way for diversified offerings, including personal loans, SME solutions, investment services, and cryptocurrency options. Today, Nubank’s product portfolio extends to marketplace services and insurance.
Notably, the growth trajectory in Mexico and Colombia is already exceeding initial expectations seen in the Brazilian market. As Nubank prepares to introduce a broader range of financial services—beyond just credit cards and savings—it is poised to enhance the customer experience with options for investments, payroll products, and increased credit lines.