The year 2024 marked another period of consolidation and strategic growth for Brazil’s digital banking platform Nubank (NYSE: NU).
The firm surpassed 100 million customers and reaffirmed its prominent position in the market by expanding its presence in the “high-income segment, pursuing international growth” with a focus on Mexico, and further diversifying its existing portfolio beyond financial services.
With $2.9 billion in revenue and a net income of $553 million in the third quarter of 2024, Nubank has stated that it demonstrated the “strength of its business model, also driven by increased engagement through cross-selling and up-selling initiatives.”
In Brazil, the company has reportedly reached the milestone of “100 million customers, representing 57% of the country’s adult population.”
In Mexico, there are already 9 million customers, and in Colombia, 2 million.
These achievements reflect the customer-centric focus and the use of tech in order to build a “comprehensive digital services platform in Latin America.”
One of the main initiatives in 2024 was the evolution of “product offerings for high-income customers, with the company entering the travel segment.”
Customers in Brazil have access to the Global Account, created in partnership with Wise, which offers “more than 40 currencies and a debit card accepted in over 200 countries.”
In addition to this, Nubank provides, in partnership with Gigs, a free eSIM with 10GB of internet that can be “used in 150 countries to ensure safer and more convenient travel.”
To enhance the experience, the company launched NuViagens, a platform for purchasing airline tickets and booking hotels “through the app, offering better prices, cashback that yields up to 200% of the CDI, and 24-hour customer support.”
Nubank also reportedly began offering exclusive Bank Deposit Certificates (CDBs, from the acronym in Portuguese) to “high-income customers to diversify their investment portfolios.”
These include pre-fixed investments of up to 121% of the CDI with various terms, ensuring competitive returns and “security with the Brazilian Credit Guarantee Fund (FGC) coverage for deposits up to R$250,000.”
Among this year’s priorities in Brazil, Nubank expanded its “payroll loan offerings to a total of 11 contracts.”
These include the three branches of the Armed Forces – Brazilian Air Force, Brazilian Navy, and Brazilian Army – as well as the “municipalities of São Paulo, Rio de Janeiro, and Belo Horizonte, and the states of Paraná, Rio de Janeiro, and Minas Gerais.”
In addition to secured lending, Nubank also offers unsecured loans for individuals and launched Working Capital in 2024 for “small and medium-sized enterprises.”
This was the first lending product for SME customers, who already “number over 4.5 million at Nubank.”
With investments totaling more than $1.4 billion, the expansion in Mexico also showed solid results in 2024.
New features in Cuenta Nu, such as mobile recharges, credit limit increase with money from Cajitas (the Mexican version of Caixinhas), and virtual and temporary cards with “automatic expiration, add value and security to customer operations.”
Strategic partnerships also highlight how Nu is changing “the way Mexicans handle their money.”
Customers can make cash deposits through a “network of more than 5.000 points.”
Through a partnership with Felix Pago, it is possible to “receive money from the United States in a simple, secure, and efficient manner.”
With 9 million customers, Nu Mexico is in the process of “obtaining a banking license.”
This change will allow the company to offer a “broader portfolio of financial services, strengthening its leadership in the Mexican market.”
Nu Colombia started operating Cuenta Nu, which is a “digital account with no maintenance fees.”
The product reportedly includes Cajitas (the Colombian version of Caixinhas), which helps customers “organize their finances.”
Nu Colombia secured a $150 million loan from the U.S. International Development Finance Corporation (DFC).
Additionally, Nu unified its operations under a single entity following approval from the Financial Superintendence of Colombia (SFC).
Both developments demonstrate Nubank’s commitment to Colombia and will allow the expansion of its portfolio of “products and services for the country’s over 2 million customers.”
In the tech segment, the year was marked by significant “advances in the use of AI to enhance the customer experience.”
The acquisition of Hyperplane, a Silicon Valley data intelligence company, was a key step for Nubank to further “elevate its level of personalization and efficiency in the services provided, especially in credit underwriting.”
David Vélez, founder and CEO of Nu said:
“Our initial investments in AI, combined with Hyperplane’s impressive infrastructure and talented team, will accelerate our mission. Customers worldwide will have access not only to the best financial products but also receive truly personalized financial recommendations that will help them live better lives.”
Reinforcing the commitment to build a platform beyond financial services, the company announced NuCel, a mobile phone service “with flexible plans and no contracts.”
The product reportedly provides integrated benefits, such as the following: Turbo Caixinhas for personalized savings and extra GBs for Ultravioleta and Nubank+ customers.
NuCel joins other services such as Nu Shopping and Nu Viagens, which reinforce the company’s current positioning as “a provider of digital services beyond the financial world.”
