Nubank’s innovation and reputation were once again recognized by two prestigious rankings – Fast Company’s World’s Most Innovative Companies for 2023, and Merco Companies and Leaders Brazil, respectively. In this issue of our newsletter, you will read about the company’s plans to keep delivering groundbreaking products and services after ten years of operation, while it further scales its multi-country, multi-product, and multi-segment strategy.

Also featured: the appointment of David Marcus to the Board of Directors, a lower interest rate in Colombia, the launch of NuBraille, and more.

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Nubank was named the 5th most innovative company globally and 1st in Latin America by the prestigious Fast Company’s World’s Most Innovative Companies for 2023. This is the third time Nu is on the list, and the recognition comes at a time when the company is registering record profits and expanding through scalable technology within Brazil and throughout the Latin American market. Corporate reputation is also at an all-time high according to the most recent Merco Companies and Leaders Brazil – where we’re part of the general, Financial Services, and Leaders lists.

In almost a decade of having innovation as our main driver, Nu has “changed how Brazil banks” as stated by Fast Company, combining unparalleled customer service with groundbreaking products and features. This time specifically, the publication highlights how Caixinhas (Money Boxes) revolutionized how people save and invest their money by offering a simple, intuitive, and goal-oriented tool inside our app, skyrocketing after launch. 

Another innovative feature created by Nubank that registered fast adoption among Brazilians was Modo Rua, which allows customers to easily set transaction limits in the app for when they’re outside their homes – adding an extra layer of protection. Modo Rua was a success during Carnaval, a time when mobile thefts and fraud tend to increase. The feature registered over 300.000 activations during the festivities, amounting to over 1 million users since its launch for testing in October.

Innovative features like Money Boxes, Modo Rua, and personalized recommendations in the app are still in very early stages in Brazil, allowing for increased engagement, cross-sell opportunities, and fast growth through a widening portfolio. That trend has proven to be positive, with growing activity rates (now at 82%) and an increasing number of customers who have Nu as their primary banking relationship (more than 58% for active customers who have been with Nu for over a year).
 

“We have come a long way in delivering the best products and services to our growing customer base, and are now doubling down our efforts to offer an even wider portfolio to reduce bureaucracy in many more areas of their lives while being able to demonstrate the solidity, scalability, and profitability of our business model,” says David Vélez, founder and CEO of Nubank.

New Board member. Nubank welcomed David Marcus to its Board of Directors. Mr. Marcus is the CEO and co-founder of Lightspark and has an extensive career in leadership positions in technology companies, including Meta and PayPal. He will bring unique perspectives on how to grow consumer and financial products to a global scale as Nubank expands into new markets and segments and keeps pushing innovation further.

Awards and recognition. Besides Fast Company and Merco, Nubank was also recognized for its employer branding, attracting talent, and co-founder Cristina Junqueira was listed in two rankings.

• Most admired company to work with data in Latin America, according to research conducted by Bain & Company and Data Hackers. 
• Best Employer Brand in 2022 by the LinkedIn Talent Awards, which highlight “companies leading the future of work by demonstrating remarkable adaptability, innovation, and creativity throughout one of the most challenging years for talent."
• Cristina Junqueira is on the 100 Women in Innovation list by Época Negócios, and is #1 woman to watch in fintech by Fintech Magazine.

Education in technology. Instituto Nu, Nubank’s social impact initiative, is starting the second phase of its technology education program in partnership with Descomplica, the largest edtech company in Latin America. Enrollment happened throughout February, and the 7.000 selected students are expected to start their 15 weeks of classes in March.

Lower rates in Colombia. In line with current market context and trends, the interest rate of the Moradita, our credit card in Colombia, will be reduced by 25% for all customers with up to a 3 million Colombian pesos credit limit, while still keeping our no-fee approach. This will positively impact 50% of our clients in the country, making Nu’s credit card one of the most competitive in the local market by adding yet another advantage to our product. Combined with the intention to launch Cuenta in Colombia, Nu is investing heavily in the country, and registering fast growth, reaching 565,000 customers and now accounting for 38% of the new credit cards in the market, as per the latest available data.

Cuenta Nu – Mexico. Our account and debit card international expansion is a few steps ahead in Mexico, where they are now in beta phase. Nu already has more than 3.2 million customers in the country and, according to a recent Moody’s report, is the fifth largest issuer of credit cards. Unlocking Cuenta fosters a larger customer base growth, combined with cross-sell for pre-existing customers, and offers the opportunity to gather more data to grant responsible credit, fostering a growth flywheel.

NuBraille. One of the latest examples of product innovation in Brazil is NuBraille, an unprecedented set of features that make our card more accessible for blind and low-vision customers by embossing the user’s first name (or company name) and the last four digits in braille directly on the card.

Proprietary token. Nucoin, Nubank’s free-of-charge crypto token that rewards users’ engagement through a loyalty program, will be gradually made available to the entire customer base in Brazil starting this month. The innovative token was developed through a decentralized creation process, gathering input from key members of the online NuCommunity and crypto experts from Polygon Labs, the development and growth team for the decentralized Polygon protocol.

Consumer week. To celebrate Consumer Day (March 15), Nubank is offering discounts on its Marketplace throughout the week, and also launching a new gift card mode – a request from many customers – enabling one more way to shop with special deals on platforms like iFood, Uber, and Spotify.

• “Nubank has been a pioneering digital bank company that inspired dozens of copycat ‘neobanks’ worldwide, and it has grown to become a publicly traded, Warren Buffett-backed business, with almost 75 million customers in Brazil, Colombia, and Mexico”, highlights Fast Company’s article about Nubank in the Most Innovative Companies list. Read coverage in Spanish in Colombia’s La República.
   
• David Marcus joins Nubank as the company has reached nearly 75 million customers, expanding internationally and registering profit, highlights The Financial Times in a piece about the new member of Nubank’s Board.
   
• Nucoin “can serve as a next-generation way to enhance customer loyalty and product innovation”, states Forbes in an article about the differentiators of our token.
   
• NuBraille brings an accessible experience for individual and business customers, shows Estadão.
   
• Nu is now the fifth largest credit card issuer in Mexico in number of cards, according to a Moody’s report. We have moved up three positions from Q4’21 to Q4’22, surpassing some of the incumbent institutions.
   
• SOS Nu, our hub with tips on how to prevent and act in case of fraud and theft, is now also available in Colombia. Media outlets in the country highlighted how the initiative aims to empower customers against cybersecurity threats.

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