Nubank Brazil reaches 25 million customers throughout Latin America | Instant News


Digital Banking

What a way to mark the 7th anniversary of your digital bank.

Image source: David Vélez / Nubank.

While the activities of a handful of European and Australian digital banks are garnering much of the world’s attention, it is actually Brazilian fintech that is currently stealing leadership in digital banking.

Nubank Brazil, yesterday, reached 25 million customers on its seventh birthday, making it the largest independent digital bank in the world.

This phenomenal scale grew during the first quarter of 2020 with an average of 42,000 users per day, across all markets in Brazil and Mexico.

“If there is a legacy that all of us who want to leave at Nubank want to leave, it is to rediscover the way people use and relate to financial services, to give them back control over their money,” said CEO and founder David Vélez, marking the opportunity.

The bank has added 10 million users in eight months since October 2019, when it announced it had reached the 15 million user milestone.

By comparison, Monzo The customer base in the UK and US currently sits around 4.2m, Revolut The European customer base is located around 10m and Germany N26 accounting for around 5 million customers.

Operating in an area where half the population does not have a bank account and offering free checking accounts, debit cards and credit cards has given Nubank a great opportunity for growth, which was clearly confiscated by his team.

According to the figures, 20 percent of Nubank customers have never had a credit card before and 80 percent of customers who register come from unpaid referrals.

The bank began in 2013 when Vélez founded it with Cristina Junqueira and Edward Wible in Brazil, before expanding business to Mexico in March 2020.

In the last funding round in July 2019, Nubank raised $ 400 million and was valued at $ 10 billion by investors including TCV, Tencent, DST Global, Sequoia Capital, Dragoneer, Ribbit Capital, and Thrive Capital.

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