Brazilian fintech Nubank reaches 25 million customers in Latin America and becomes the largest independent digital bank in the world in just seven years
Brazil-based Nubank has reached 25 million customers on its seventh anniversary, making it by far the largest independent digital bank in the world, according to AltFi.
This scale grew during the first quarter of 2020 by an average of 42.000 users per day, across its markets of Brazil and Mexico. the bank has added 10 million users in the eight months since October 2019, when it announced it had reached a 15 million users.
By comparison, Monzo’s customer base across the UK and US currently sits at around 4.2m, Revolut’s European customer base sits at around 10m and Germany’s N26 counts around 5m customers.
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.
At its last funding round in July 2019, Nubank raised USD 400 million and was valued at USD 10 billion by investors including TCV, Tencent, DST Global, Sequoia Capital, Dragoneer, Ribbit Capital, and Thrive Capital.
Anders Olofsson – former Head of Payments Finastra
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
