Nubank, Now with 20 Million Clients, Becomes Brazil’s Sixth Largest Bank
21RIO DE JANEIRO, BRAZIL – Nubank used the date of January 20th, 2020 to share that the company has reached 20 million customers: this includes both NuConta accounts and the non-annuity credit card; the company also provides loans and a Rewards points program. It is preparing its international expansion in Latin America while competing with C6 Bank, Banco Inter, Neon, and other fintechs.
With 20 million clients, Nubank notes that, if it were a country, it would have more inhabitants than Uruguay, Bolivia, Chile, or Portugal. It is conducting an advertising campaign on social media saying it has formed a “Purple Nation”.
The company also disclosed some statistics about its clients: the most common name is Maria (868,000), followed by Ana (431,000). Most users celebrate their birthday in March; soon after come those born in May and July. 886,000 of them were born in the year 2000 and will be 20 years old over the next months.
Since last year, Nubank is the sixth-largest financial institution in Brazil. The fintech is behind Bradesco, Caixa, Itaú, Banco do Brasil, and Santander, according to Central Bank data collected from the National Financial System Customer Record (CCS) and the Central Bank Credit Information System (SCR).
| Financial institution | Number of clients |
|---|---|
| Bradesco | 98.7 million |
| Caixa Econômica Federal | 95.2 million |
| Itaú Unibaco | 81.7 million |
| Banco do Brasil | 66.5 million |
| Santander | 47.3 million |
| Nubank | 20 million |
Nubank to compete with N26 digital bank in 2020
In addition, Nubank has a bigger base than other fintechs. Banco Inter exceeded four million clients at the end of 2019 when Neon had almost two million active accounts. C6 Bank, in turn, recently reached one million users.
Nubank receives 50,000 new registrations per day, and this rate tends to increase: the company is preparing an international expansion to offer financial services in Mexico and Argentina throughout 2020.
Also this year, N26 is expected to reach Brazil: it is a digital bank with 3.5 million customers in Europe that is expected to increase competition in the sector.
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