Nubank gains 4.5 million customers

Nubank, the largest digital bank in the Americas, has presented its financial statements for the first quarter of 2023.

According to a statement, the bank, founded by Colombian David Velez, added 4.5 million customers in the quarter and 19.5 million customers year-over-year, reaching a total of 79.1 million customers, up 33% year-over-year, underscoring Nu’s position as one of the largest and fastest-growing digital financial services platforms and the fifth largest financial institution in Latin America by number of active customers.

“In Brazil, we continued to add nearly 1.5 million new customers per month,” the company said.

The digital bank posted a profit of US$141.8 million, compared to a loss of US$45.1 million in the first quarter of 2022.

The adjusted net income reached US$182.4 million, compared to an adjusted profit of US$10.1 million in the first quarter of 2022.

Revenue increased 87% year over year to US$1.6 billion, while average monthly revenue per active customer (ARPAC) increased to US$8.6, up 30% year-on-year.

“We have an exceptional capital position and excess liquidity, operate a low-cost platform, and continue to expand our product portfolio and customer engagement,” Chief Executive Officer David Velez said in a statement.

During the period, Nubank reached record highs in retail and small and medium-sized enterprise (SME) customers.

In Brazil, customers increased 31% year-on-year to 75.3 million.

Nu’s customers in Brazil now represent 46% of the country’s adult population, up from 44% in the previous quarter.

In addition, Nu has become the main bank account (PBA) for more than 57% of monthly active customers who have been with the company for more than one year.

In Mexico, Nu’s customer base grew by more than 52% year-on-year to 3.2 million.

In Colombia, the company reached approximately 635,000 customers in the quarter, an increase of 200% year-on-year.

News Brazil, English news Brazil, Brazilian bank, Nubank