Fintech Nexus Newsletter (May 8, 2024): Nubank becomes first western digital bank to 100m customers

Nubank is a fintech phenomenon. The numbers speak for themselves.

Today, the Brazilian digital bank announced that it has surpassed 100 million customers in the three countries it operates in: Brazil, Mexico, and Colombia. It is the first digital bank outside of Asia to hit that milestone.

The vast majority (92 million) are in Brazil, with 7 million in Mexico and 1 million in Colombia. What an amazing achievement. 

But what is more remarkable is that even with this dramatic customer growth, the company is making money. And they are not just squeaking out a profit like many U.S. digital banks, they made around $1 billion in net profit in 2023

Nubank shows us what is possible with great execution, supportive regulators and incumbent banks that were largely caught napping in the 2010s.

They still have room to grow as there are many countries in Latin America where they don’t operate yet.

> Nubank Surpasses 100 Million Clients Across Latin America 

The Brazil-based bank invests heavily to grow in Mexico and Colombia. Nubank reports 1Q earnings next week, shares are up more than 40% this year.

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