Nubank reaches 70 million customers as growth accelerates
- Published: 26th September 2022, 15:43
NuBank, the biggest digital bank in the world, has reached 70 million customers globally. The firm, which is backed by Warren Buffett, said that its customer growth has continued across its operating countries like Brazil, Mexico, and Colombia.
In a statement, the firm said that it had over 66.4 million customers in Brazil, which was higher than the previous 62.3 million. In Mexico, the company’s business has over 3.2 million customers and 400k in Colombia.
NuBank has also seen its revenue continue growing in the past few months. In the past quarter, the company said that its active monthly clients rose to 52 million, which was a 75% year-on-year growth. Revenue jumped to $1.2 billion as its credit cards and personal loans continued booming.
In addition, the company’s total deposits continued rising and reached an all-time high of over $13.3 billion. Its credit cards and personal loans business is now profitable. In a statement, the firm’s CEO said:
“Our largest operation -Brazil- is now profitable, having registered a net profit of US$ 13 million in the first half of 2022, driven by customer growth to 65 million and ability to offer and cross-sell new products. We are the fourth largest card player in Brazil.”
NuBank’s stock price has managed to bounce back from its lowest level this year. It remains about 61% below its highest level on record. This brings its total market cap to over $22 billion, which is much lower than its all-time high of over $45 billion.
Nubank provides banking solutions such as credit cards, digital accounts, and business banking. In addition, it launched a product known as Pix that makes it possible for people to send money internationally. Learn more about how to send money to Brazil.
Crispus Nyaga is a full-time financial analyst and trader with more than 7 years in the industry. He has been fortunate to work for several fintech companies, mostly from Europe, Asia, and North America. His work is published in leading platforms like Seeking Alpha, Invezz, rkdream.com InvestingCube, Capital.com, and Marketwatch. Crispus operates from a private office in Nairobi.