Nubank reaches 70MM clients in Brazil and 75MM globally
According to market data, Nu had the highest net new customers in 2022, consolidating its position as the 5th largest in Brazil, while maintaining one of the lowest complaint rates in the industry
Jan 27 , 2023
Sao Paulo, January 27, 2023 – Nubank grew its customer base in Brazil to 70MM as of December 2022, reinforcing its positioning as fifth largest financial institution in the country by number of customers, starting 2023 with a strong base for efficient expansion. Globally, the company has reached the milestone of 75 million customers.
According to Brazilian Central Bank (BCB) data from the fourth quarter of 2022, Nubank added 19.1 million customers in 2022. Along with the highest net growth, Nu maintains one of the lowest complaint rates of the 15 largest financial institutions in the country. Nubank’s model is centered around customer satisfaction.
According to a Bank of America research report, Nubank is leading a consolidation in the local fintech sector, and has added more new customers in 2022 than the rest of fintechs combined.
A research report by UBS, based on BCB data, also shows that Nubank is now the country’s third largest lender, by number of customers with loans above R$ 200, as well as the top lender among fintechs. Our credit penetration (clients with loans over total clients) is 53%, 38pp higher than that of the second-largest fintech.
|Financial Institution||Clients with loans over R$ 200 in Q4’22 (in MM)|
These results are in line with the company’s roadmap for 2023, which has a strong focus on responsible credit (secured and unsecured) and lending in Brazil, with the planned launch of payroll deductible loans and investment-backed loans as examples.
Going beyond its core market and main products (credit card and account), Nubank has been able to also grow its portfolio, launching over 25 new products and features in 2022, resulting in strong cross-sell, beyond the acquisition of new customers. Nubank is now doubling down on its efforts in premium products.
The company has also been able to export its business model, unlocking big opportunities in Mexico and Colombia, with relevant funding announced to expand both operations and concrete steps to launch savings accounts in the countries, unlocking deposits in its financing structure abroad.
International expansion is also a priority for 2023, through a model that allows replicating our business model and products efficiently anywhere in the world – with adjustments to fit specific markets. While new countries are not part of the company’s immediate plans for expansion, the efficiency that the platformization model brings can boost our existing markets, fostering fast growth at even lower costs.
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