NuBank Reaches 70 Million Customers In Latin America
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NuBank Increased Revenue and Users
The company now has 66.4 million more Brazilian consumers than it did a year ago (62.3 million). The corporation has around 3.2 million subscribers in Mexico and 400 thousand in Colombia. Additionally, NuBank has had recent growth in its revenue. The company reported a 75% increase in its active monthly users, which numbered 52 million in the most recent quarter. As its loans and credit cards continued to soar, revenue increased to $1.2 billion. This number is nearly twice as high as the 1 million cryptocurrency users that the digital bank reported in late July and represents users who have made at least one Bitcoin purchase using NuBank's app.
After announcing the intention in May, the company launched crypto trading for all its Brazilian users in late June. The September 26 press release revealed the up-to-date user statistics.
The company's total deposits kept growing and hit a record high of more than $13.3 billion. Its loan and credit card businesses are currently profitable. In a statement, the firm's CEO said,
"Our largest operation - Brazil - is now profitable, having registered a net profit of US$ 13 million in the first half of 2022, driven by customer growth to 65 million and the ability to offer and cross-sell new products. We are the fourth largest card player in Brazil."
Increased Crypto Trading Services
Brazil, which comes in at number seven on Chainalysis' 2022 Crypto Adoption Index, has seen a sharp increase in the number of cryptocurrency trading services made available to users of digital banking and investment apps. Mercado Libre, PicPay, BTG Pactual, and XP are a few businesses that have recently introduced cryptocurrencies. Local customers are catered to by cryptocurrency exchanges, including Binance, Bitso, Bitcoin Trade, and Mercado Bitcoin. Based on the number of customers, Nubank claims to be the fifth-largest financial institution in Brazil.