Nubank leaders get together in Bogotá to share their vision for the future of financial services

Bogotá, September 25, 2023 – Nubank’s management team got together for the first time in Colombia for an event with the local media. David Vélez, founder and CEO, Cristina Junqueira, co-founder and Chief Growth Officer, and Marcela Torres, General Manager of Nu Colombia, among other executives, presented to journalists and content creators the details of Nubank’s history, the growth over the years, as well as details of product development and Nu’s solidity and business model.

Nubank: A Story of Impact and Success 

David Vélez, originally from Medellín, shared how his childhood and youth in Colombia shaped his determination to drive the birth of Nubank. Inspired by the difficulties he faced as a customer of financial services, Vélez described how that personal frustration became his mission for change.

A decade ago, in 2013, Vélez, along with Cristina Junqueira and Edward Wible, founded Nubank with the mission to simplify the financial system and empower people. Since then, Nubank has experienced exponential growth, serving 85 million customers in Latin America and generating revenues of $1.9 billion (Q2’23).

“Our goal is to build something that will be here for 40, 50 years, with a long-term vision. When you think that way, you build something with very solid foundations,” said David.

Looking to the future, Nubank’s CEO is far from complacent. With a solid foundation, a talented team, and a trusted brand, he sees this as just the beginning. New products and services are in the pipeline to continue serving and supporting customers throughout Latin America. In David’s words, “we are in the first minute of the first half of the game.”

A  Decade of Fanatical Love for Customers

Cristina Junqueira, co-founder and Chief Growth Officer of Nubank, highlighted how the company has earned the affection of Latin America. The awards from Portafolio and the recognition on the TIME100 list are proof of their success.

Junqueira emphasized that Nubank is not just seeking customers, but fans. With a Net Promoter Score (NPS) above 80, the company strives to build long-term relationships by offering exceptional experiences and transparency.

“Every customer touchpoint is an opportunity to build trust and a way to build the brand and emotional connections between Nu and the customers,” said Cristina Junqueira, co-founder.

Nubank: Transforming Banking

Jag Duggal, Product Director at Nubank, shared a bold vision for the future of financial services, based on data, inclusive design, and technology. Nubank aims to turn financial challenges into technological ones, creating innovative products and a unique customer experience.

Duggal presented the concept of Nubank’s virtuous circle, highlighting the differentiation of its products and services. He also emphasized the concept of “Personalized Financial Advisor for All,” which is self-managed, automated, and delivers recommendations and relevant data for transparent and informed decision-making.

Duggal also shared insights from countries like Brazil and Mexico – and soon Colombia – with their “Caixinhas”, a product that customers can use to build savings and investing habits with defined goals. He also signaled that many of Nubank’s products have developed, and will be developed, by teams based in Colombia.

“We are not building incrementally better products; we are creating services and products that are completely different from what exists in the world,” said Jag Duggal, CPO.

The Numbers Behind the Success

Guilherme Lago, CFO of Nubank, shared insights into the company’s business model and the results of the second quarter of 2023.

Lago highlighted Nubank’s unique position in the market, combining growth and profitability. Over the past two years, the company has managed to double its customer base, quintuple its revenue, and increase its gross profit by 4.5 times, positioning itself as one of the most profitable financial institutions in Latin America.

The secret behind these impressive results lies in an effective formula: Nubank rapidly expands its customer base and increases revenue per customer, all while maintaining low operating costs. This approach has led the company to achieve one of the highest growth rates in the market.

The key, according to Lago, is that Nubank can achieve this growth and profitability by likely being the lowest-cost player in Latin America. This efficiency has allowed them to serve more customers and enter new markets while maintaining a stable cost structure. Finally, he highlighted Nubank’s consistent profitability, with four consecutive quarters of earnings since its IPO in December 2021, an uncommon achievement in Latin America.

“While there are many so-called digital banks in the world, very few can show the growth and profitability results that Nubank has,” Guillherme Lago, CFO.

Nu Colombia: Empowering the Financial Future

Marcela Torres, General Manager of Nu Colombia, shared the company’s impact on the country. In just two years, Nu Colombia has issued over 700,000 cards, democratizing access to financial services in the country and granting the first access to credit to 30% of its customers.

With an NPS above 80, Nu Colombia has gained the trust of its customers and become an integral part of their financial lives. Not only that, but in the first 2 years of operations in Colombia, Nu customers have saved nearly 30 million hours by avoiding standing in queues, waiting for advisors, and dealing with paperwork.

Today, it is possible to affirm that Nu Colombia’s credit card operation has the highest growth rate within Nubank. Colombia is surpassing Brazil in almost all metrics: customer growth, early monetization, and future plans in terms of portfolio. And it is still in an early stage.

• Local growth is at 133% compared to the same period last year. 
• Market share has grown to 4.2%. 
• 33 million transactions have been made with La Moradita (the credit card) in 2 years.

The company is already working on a new savings product. Nu aims to establish long-term relationships with its users with it, and also to be able to serve many more customers than it does now with its credit card.

Marcela concluded by expressing gratitude to everyone who participated in the event, but particularly thanked each of the over 700,000 customers who have allowed Nu Colombia to be present in 84% of the municipalities and 100% of the departments of the country, solidifying its position as one of the most relevant financial platforms for Colombians.