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Nubank account for under-18 reaches 3 million customers, in less than 3 years

29 mai 2024

Nubank, the world’s largest digital banking platform outside Asia, has reached the milestone of three million users of its account for under-18s, consolidating its position as „one of the main market leaders among users aged between 10 and 17 who want to start their financial journey”, according to the press release.

„The account for young people grew sixfold in the number of customers in 2023 and reinforces the institution’s commitment to promoting financial education from an early age, guaranteeing parents’ security and peace of mind simply and practically.” – the company said.

More and more young people are attuned to finances, and the success of the account for under-18s is the greatest proof of this. We’ve been offering the solution since 2022 and have been following these customers’ growth organically ever since. That’s why we continue introducing new benefits for children and parents. Initially, we started offering the Money Boxes and parental control solutions – such as viewing account transactions and balances and Boxes – and now we have included Gift Cards for the youngsters and Transaction Notifications for parents,” says Livia Chanes – CEO of Nubank in Brazil. 

New features

Among the new features available on the account for children under 18 are the Transaction Notifications that integrate the Parental Control functionalities. The alert lets parents monitor their children’s financial transactions in real time via the Nubank app. By activating the feature in the app’s settings, parents will have greater visibility of the transactions made on their accounts without neglecting their children’s financial autonomy. Last year, the company launched other features integrating Parental Control, such as viewing a feed of transactions and balances.

In addition, children and teenagers can now also buy Gift Cards in the app. This option offers 3 million customers exclusive discounts that can be used as gift vouchers or payment credits on platforms such as Xbox, Playstation, iFood, Uber, Spotify, among others.

Nubank’s account for children under 18 is available for young people aged 10 to 17, as long as the legal guardian is a customer of the institution and makes the request through the app.

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Nubank announced earlier this month that it has surpassed 100 million customers in Brazil, Mexico, and Colombia, making it the first digital banking platform to reach this milestone outside of Asia. The achievement comes on the heels of record 2023 financial results, with over US$1 billion in net profit and over US$8 billion in revenues.

Currently, Nubank serves more than 92 million customers in Brazil, over 7 million in Mexico, and close to 1 million in Colombia. According to internal analyses, the company’s NPS (Net Promoter Score) is nearly three times higher than incumbents and other major local fintechs.

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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:

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In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?