It’s been two years since Nu’s IPO, an unprecedented listing that boosted the company among the top valuations in Latin America in the sector. Nu has delivered outstanding results ever since, doubling down on culture and efficiency, and surpassing market consensus in multiple metrics throughout these past eight quarters.

In this issue, you will read more about our non-stop evolution since the IPO and our plans for the future, as well as new options for the SME segment, growth in crypto and investments portfolios, and more.

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Nubank has just celebrated two years since its IPO, launched in December 2021 as an unprecedented listing that boosted the company to reach one of the top valuations in Latin America in the sector. Amidst a challenging macroeconomic scenario and skepticism, Nu maintained its consistent earnings-generating formula, backed by culture and efficiency, and delivered results that surpassed market expectations.

By keeping a low-cost, efficient operation, combined with a product portfolio that attracts and engages customers, net income in Q3’23 grew to US$ 303 million, surpassing 189% the market consensus formed at the beginning of the year. As analysts have been adjusting their projections, skeptics are harder and harder to find, and expectations for the future of the company are becoming more bullish.

Nu multiplied by 16 times the capital raised in capitalization rounds and with the IPO. The company grew its revenues 4x in just two years and its customer base increased by almost 40 million. "The strength of our cash flow, a direct result of the IPO, has allowed us to focus on improving the cadence and efficiency of our execution. We are used to operating amidst adversity: our mission and culture keep us strong in the face of challenges," states David Vélez, founder and CEO.

Nu’s international leadership also celebrated the milestone locally. Marcela Torres, General Manager in Colombia, wrote about Nu’s impact on financial inclusion in the country in just two years and how much further we can still go. In Mexico, GM Iván Canales reflected on how Nu’s solidity has a direct impact on its local operations. From a credit card to a growing product platform that includes savings accounts, Cajitas, and personal loans, Nu Mexico aims to expand even further, having recently applied for a local banking license.

SME portfolio. Business customers can now save and invest through Nubank’s Money Boxes, an innovative product that connects the money saved to actual goals. Entrepreneurs who have a personal account at Nu are also able to transfer part of their own credit card limit to their business, as well as request additional cards. These features aim to facilitate financial organization for business owners.
 

Crypto growth. The Nubank Cripto experience is expanding, with the addition of more than ten new cryptocurrencies in under a year. The most recent option is USDC, a digital version of the US dollar. It’s one of the most traded stablecoins in the world on its blockchain protocol and will be made available through a partnership with Circle. Nubank Cripto also partnered with Talos, a world-class provider of institutional digital asset trading technology, to improve efficiency and offer better prices in Brazilian reais in the Nu app.

Investment options. LCIs and LCAs (real estate and agriculture credit bonds, respectively), are the two new fixed-income investment options available in the Nu app. They offer predictability on the return and don’t incur income tax. Nu has been increasingly evolving its portfolio and currently has over 12.4 million investment customers.

Education fund. Nu will offer 36 scholarships over the next two years through partnerships with foundations in Brazil and Colombia. The programs aim to foster tech talent in the region and will receive a $1.2 million investment from the Give Back philanthropic fund created to promote positive impact in financial inclusion, technology and innovation, and the development of future tech leaders.

Christmas celebration. Nubank is sponsoring the tallest Christmas tree in Sao Paulo this year. The traditional holiday decoration in Ibirapuera park is now lit in purple. Nu customers will have an exclusive immersive experience, with extra perks for Ultravioleta (black card) holders.

Awards and recognition. 

• For the seventh consecutive year, Nu won the Reclame Aqui award in Brazil, which recognizes companies with outstanding customer service, by popular vote. Consumers also voted Nubank as #1 in the Credit Card and Investments categories of Experience Awards.
• Nubank won Payment Institution of the Year at the Open Summit Awards for its contributions in 2023 to the advancement of Open Finance, a system in Brazil through which financial institutions are allowed to share customers’ financial data with their consent.
• Founder and CEO David Vélez was named Man of the Year in the Entrepreneurship category by GQ Brazil. The magazine highlights how Nu has thrived in its first decade under his leadership, and how David expects the next ten years to be even more successful. He was also the honoree of the Endeavor Gala, in New York, as Business Leader of the Year. 
• Youssef Lahrech, Nu’s President, was listed among the 100 Most Innovative People in Latin America 2023 by Bloomberg Línea. The selection recognizes people who have overcome circumstances and conventions, contributing to the development of the region and expanding the impact of Latin America in the world.
• Suzana Kubric, Nubank’s CHRO was considered the most relevant HR professional in the financial sector in Brazil by Melhor RH.
• Nu figures in Merco’s ranking of companies that are most attractive to talent. We’re in both the Financial Services and the general lists.

• Nubank’s impressive trajectory was the main subject of Cristina Junqueira’s interview with Empiricus. She explained our business model, and deep-dived into the importance of culture and how we plan to keep expanding.
   
• Nu is building a true platform, based on data and technology, to expand access to services that are still available for very few. Jag Duggal, CPO, spoke about our vision for the future with Valora Analitik. 
   
• Mexico represents a wide avenue of growth for the company, notably as we drive financial inclusion forward, states Iván Canales in an interview with El Economista. Nu Mexico GM detailed how our easy-to-use and accessible products create a flywheel for growth in Expansión.
   
• With over three million credit cards issued in Mexico in 2022, Nu was one of the leaders in helping credit underwriting grow by 13% in the country last year, reported the local regulator. Responsible financial inclusion is a priority for the company in Mexico.
   
• Based on good quality data, Nu has been able to offer credit products that free customers from bureaucracy while maintaining competitive fees and keeping delinquency in check. Nu published a deep-dive about this strategy in Neofeed.
   
• The 2024 Trend Check brings Nu’s approach to financial education as an example of how challenging issues can be solved with innovation.

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