2022: Nubank’s year in review

While 2022 presented macroeconomic challenges for the global markets (war, interest rate hikes to combat inflation and fears of recessions), Nubank began the year with strong capital position from the IPO and grew to consolidate its position as one of the largest and fastest-growing digital financial services platforms worldwide, as well as the sixth-largest financial institution in Latin America in number of active customers.

The company was able to register growth and its first profitability at the Holdings level by continuing to focus on executing and delivering best-in-class products and services, while maintaining a low-cost operational platform. ​​”I’m extremely proud of our focus on execution, keeping true to our long term business plan, while beating market expectations in a challenging environment, delivering trust and results for all our stakeholders: from customers to shareholders. 2022 has been a breakthrough year for Nubank”, says David Vélez, founder and CEO.

In the past 12 months, the company launched over 25 new products and features, making big breakthroughs in its multi-product, multi-segments, and multi-country strategy. Money Boxes (Caixinhas) represent an innovative approach to saving and investing, attracting over 4.2 million customers to seek higher returns of funds that were previously in their regular accounts. Our investment offering, focused on removing intermediaries, was a highlight on its own, attracting more than 6 million investor clients, and more than US$ 19.6 billion in assets under custody, making Nubank the largest digital investment platform in all of Latin America. 

Nubank has reached over 1 billion Pix transactions per month (23% of all Pix transactions in the country), breaking records in the new Brazilian instant payment system that is rapidly outpacing cash. The company also took its first steps in Crypto and Marketplace, bringing in new customers from all financial backgrounds, and fostering to cross-sell. 

The Insurance portfolio also continued to grow with both life and mobile insurance products, as well as the offering for Small and Medium Enterprises (SMEs), a segment that has been growing 114% YoY, already adding 2.3 million customers. Regarding personal loans, Nubank took the first steps to offer secured products using as collateral the investments made in the locked deposits (Resgate Planejado) feature.

Internationally, our operations in Mexico and Colombia keep expanding. We’re closing the year announcing that Nu Mexico launched the waitlist for its digital account and debit card products, aiming to expand its portfolio and customer base. The company’s investments in the country – Nu’s second largest operation – now amount to US$1.3 billion, after a recent announcement of an equity capitalization of US$330 million. 

With a low-cost structure (on average 85% below that of incumbent banks), strong capital position and liquidity the company will double down the focus on efficiency and scalability for 2023. “We are still in the early stages of our long-term journey but this year has been fundamental to unlock the next decade of growth”, says David.