Nubank hits 100mn customers, CEO sees more growth

By Victor Alves November 13, 2024

Nubank has reached 100mn customers in Brazil, adding around 1mn new accounts monthly, with growth coming from segments like small businesses and minors, according to the fintech’s Brazil CEO, Lívia Chanes, Estadão reported.

Speaking to Estadão, Chanes highlighted that Nubank has 57% of the adult population as customers and continues to grow at the same rate, despite already having significant market penetration.

While the company has a strong presence in Brazil, its shares in products such as insurance, investments and credit remain under 1%, offering further opportunities.

Chanes noted that Nubank’s growth potential lies in expanding services like payroll loans and targeting higher-income segments.

The CEO emphasised continued opportunities among microentrepreneurs, stating that Nubank currently serves only 17% of active small business registrations (CNPJs) in Brazil.

“We have room to grow, especially among microentrepreneurs,” Chanes said. She also mentioned the growing demand for accounts for minors, a newer offering available to children from age 10 with parental approval.

This product has expanded organically without marketing, tapping into a younger demographic. “We’ve seen strong and organic growth in this area due to the population’s characteristics,” she added.

#bnl #LatinAmerica #Brazil #Nubank #business #finance #banking #smallbusinesses

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