Nubank surpasses 100 million customers 🤯

Nubank surpasses 100 million customers 🤯
Nubank surpasses 100 million customers

Hey FinTech Fanatic!

Nubank announced that it has surpassed 100 million customers in Brazil, Mexico, and Colombia, making it the first digital banking platform to reach this milestone outside of Asia.

The achievement comes on the heels of record 2023 financial results, with over US$1 billion in net profit and over US$8 billion in revenues, which attest to the solidity, efficiency, and scalability of Nubank’s business model.

Currently, Nubank serves more than 92 million customers in Brazil, over 7 million in Mexico, and close to 1 million in Colombia, with record satisfaction levels. 

Also, combined Brazilian Banking App downloads almost reached 𝟭𝗯𝗻 (❗️) from 2017 - March 2024, according to FinTech Global:

Brazilian Banking App downloads

Combined Brazilian banking app downloads reached a total of 860m since January 2017 with incumbent banks having a slight edge over challengers with 441m installs, a 51% share.

Neobanks saw a total of 418m, a 49% share over the same period. Incumbent banks saw a 16% increase in downloads from March 2023 – March 2024 whilst neobanks saw a 26% increase over the same period.

Based on this it is likely that neobanks will outpace incumbent banks’ total downloads mid-way through 2025.

These numbers are really impressive and together with the recent positive news around Monzo, Dave, Moneylion, and several other digital banking apps around the globe, it's clear that Neobanks are NOT dead.

I'm heading to Lombok to catch some waves 🏄🏻‍♂️ Hope you have a fantastic weekend as well!




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📈 By 2027 wallets are projected to account for more than $𝟮𝟱 𝘁𝗿𝗶𝗹𝗹𝗶𝗼𝗻 in global transaction value (49%) across e-commerce (the fastest growing e-commerce payment method) and POS. Download the complete report by Worldpay for more interesting info and stats.


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