Cuenta Nu, the digital account by Nu Mexico, reached 1 million users one month after its official public launch. The fast adoption of the product is a statement of Nubank’s successful scalability strategy, leveraging technology and learnings globally and applying them to local markets.

In this issue of our monthly corporate newsletter, you will read more about the company’s international expansion plans. Also featured: new security channels, a partnership with Uber, and more.

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Nubank’s products are showing signs of faster adoption in Mexico and Colombia when compared to Brazil. In just one month after its official launch, the digital account in Mexico, Cuenta Nu, reached 1 million users and over 1 billion Mexican pesos (~US$ 57 million) in deposits. Nearly 90% of that amount is stored in “Cajitas”, the local version of Nubank’s Caixinhas (Money Boxes). Cajitas generate a 9% annual yield on the money saved, one of the most competitive rates in the local market, while offering 24/7 liquidity.

Cuenta and its features are the second impactful financial innovation Nu brings to the country, after three successful years of offering a no-fee credit card to a growing customer base of over 3.2 million. 

In Colombia, the company’s most recent market, Nubank’s customer base increased 200% YoY, the fastest growth rate among the three geos. To lead further expansion, the company has just announced Marcela Torres as the new General Manager of Nu Colombia. She comes from five years at Uber, where she was able to position the region as an innovation hub globally, create new products and services and launch operations in new markets.

Nu Colombia has recently celebrated two years and currently serves 635,000 customers with its credit card. With a new capitalization of close to $150 million in the local operation, it intends to boost credit card penetration and the launch of new products, including an account.

“The fast growth of our international markets is a statement of a successful scalability approach”, says Cristina Junqueira, co-founder. “We leverage technology and product development globally, customize to local markets, and always stay true to the essence of our strong brand, which is to innovate and empower people, ridding them of financial complexity,” she adds.

Nubank still has significant opportunity to expand market share in all of its product lines. In Brazil, cross sell and up sell have been notably advancing, fueled by an 82% activity rate. Growth and monetization combined with low operating costs contributed to a $171 million net income in the country in Q1’23 and a local annualized ROE of 37%. 

New safety tools. Along with a suite of tools, educational materials and support teams, Nubank has now launched two new channels to support customers who are victims of criminal activity such as fraud, theft and robbery. Customers can use the Reporting Channel to report fraud, and the Me Roubaram website (I was robbed, in Portuguese) to block stolen phones or credit cards quickly and safely. Nu’s complete protection pack and instructions are available at SOS Nu.

NuPay + Uber. NuPay is now available as a payment option in Uber in Brazil. The partnership between the two tech companies brings an unprecedented integration that allows users to pay for their ride with one simple and safe click inside the Uber app. 

Additional limit for Pix on credit. Nubank customers may be eligible for specific limit lines to make Pix transactions using their credit cards. These additional credit lines are a way for the company to responsibly offer limit increases that respond to customers’ needs.

Jornal Nacional sponsorship. To raise awareness of our growing product portfolio in Brazil, Nu has partnered with TV Globo to sponsor Jornal Nacional, the country’s main prime-time news program. The brand association is expected to attract new customers and increase primary banking relationship rates among existing ones.

ESG Report. Nubank launched its first ESG report to provide a transparent overview of its impact on environmental, social, and governance issues. Born with the mission to fight complexity and empower people, the company has always pursued positive impact. One example is that it allowed customers to save over $8 billion in 2022 by not charging monthly fees on its regular credit card and account, and over 248 million hours in waiting time over the phone and in bank branches in the last five years. 

Media Event. Nubank opened its headquarters in São Paulo for around 80 journalists and influencers in its first Media Event. Co-founders David Vélez and Cristina Junqueira were joined by Guilherme Lago (CFO) and Youssef Lahrech (President) to share insight into the company's history, its current expansion strategy, and plans for the future. Our latest financial results and 10-year celebration were the focus of the presentation, and were also shared in branded content throughout the month. 

• The Brazilian financial scenario has witnessed a revolution in the past decade, with Nubank at the forefront of innovation. Nu is the cover feature of the June issue of Época Negócios magazine. The article also reviews the fintech sector in Brazil and is available online for subscribers and in print starting this Thursday (June 15).
   
• Cristina Junqueira, co-founder, is one of the 100 Women of Innovation featured in a special issue of Época Negócios. In a short profile, Cris talks about her work philosophy of doing what is best for the company, without limiting her role.
   
• Nu’s impact in Latin America was the highlight of a Forbes article about what Silicon Valley startups can learn from the region. It focuses on how Nubank was able to create a new type of consumer by being fundamentally digital, benefiting society as a whole.
   
• “We are excited to see that in such a short time our product is having a positive impact on people’s finances, motivating them to save, plan and see their money grow”, said Iván Canales, Nu Mexico General Manager, in a quote highlighted by Forbes Mexico about Cuenta Nu’s 1MM customers milestone. Also available in English via Reuters.
   
• Iván also spoke about the importance of diversity in the business and how it contributes to better decision-making, in Colectivo 40 + 1.
   
• The recent capitalization in Colombia is key in allowing Nu to serve a larger customer base and unlock cross-sell with more products fit for their needs. Valor published an article about the company’s expansion in the country, and various local media outlets shared figures that reinforce Nu Colombia’s further growth potential.
   
• Cristina Junqueira and Country Manager of Nubank in Brazil, Livia Chanes, spoke about Nubank's recent results and achievements, culture, and customer-centricity on PrimoCast. They also chatted about topics like maternity and happiness.
   
• Cris talked about her decision to join David in founding Nubank in 2013 and the journey of intense growth for the last 10 years in an interview with Valor. Additionally, she shared her professional experience before Nu and personal priorities. Cris also spoke about Nu’s goals in InvestNews.
   
• The Brazilian Central Bank selected Nubank to participate in the pilot project for Real Digital, a Central Bank Digital Coin. Nu was the only payment institution among the 14 financial entities that were selected to be at the forefront of this innovation. 
   
• NuPay and Uber’s partnership allows for a simple and safe payment method for rides in the app. Exame published the news, highlighting that customers may be eligible for additional limits to enjoy the integration.

(Articles in this section may be subject to a paywall and available to subscribers only, depending on the news outlet.)

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