Business

Nubank reaches 25 million customers in Latin America

Only in the first quarter of this year, Nubank rose by an average of 42,000 users per day

Nubank's card and app. Photo: Shutterstock
  • Half of the population is unbanked in Latin America;
  • Nubank offers free current account, credit and debit card.

Brazilian fintech Nubank reached 25 million customers on its seventh anniversary and has consolidated itself as the largest independent digital bank in the world, according to Fintech Ranking. The bank has added 10m users in the eight months since October 2019, when it announced it had reached a 15m-user milestone.

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In the Q1 2020, it rose by an average of 42,000 users per day, across its markets of Brazil and Mexico. “If there is a legacy that all of us who work at Nubank want to leave behind, it is to reinvent the way in which people use and relate to financial services, in order to give them back control of their money,” said CEO and founder David Vélez, marking the occasion.

Nubank works mainly because of its region: half of the population is unbanked in Latin America. As Nubank offers free current account and credit and debit card, it has grown a lot. According to its figures, 20% of Nubank’s customers have never had a credit card before and 80% of its customer sign-ups come from unpaid referrals.