Nu started 2024 with a strong focus on international expansion. We announced the waitlist launch of the much-awaited Cuenta Nu in Colombia, and our portfolio in Mexico gained two new additions to further simplify transactions.

In this issue of our corporate newsletter, you will read more about how the savings product can boost the operation in Colombia, and deep-dive into the current stage of our Mexican subsidiary – one of Nu’s most promising terrains for growth.

Also in this issue: you will learn that David Vélez was recognized as one of the top 5 CEOs in the world by The Economist, Livia Chanes became CEO of Nu Brazil, and more.
 

If this email was forwarded to you or you wish to receive it in another language, you can subscribe to NuHeadlines in English | Portuguese | Spanish. 

Read all past issues in our Newsroom.

Mexico is currently the second-largest economy in Latin America, with a GDP per capita that’s 30% higher than Brazil, low levels of financial inclusion, and growing digitalization. For Nu, this is a market full of opportunities. 

The company is already one of the largest foreign investors in the country, having invested over US$1.3 billion in the past four years, and sees further potential by expanding the size of the addressable market and including new customers in the financial system. All of that providing better products and services in an industry that’s known for expensive and bureaucratic offerings. 

Nu’s growth rate in the country surpassed that of Brazil on many occasions, with a portfolio that includes credit card, savings account, debit card, and personal loans, serving over 5.5 million customers in January 2024. 

In 2024, Nu has already added two new solutions that further reduce bureaucracy in transactions. Customers can now transfer money instantly with the integration of the local Central Bank system Dimo (Dinero Móvil, in the Spanish acronym). Similar to Pix in Brazil, it requires only the recipient’s phone number and has no cost. Receiving money from the US also became simpler with Nu Mexico’s offering. Through a partnership with Felix Pago, customers can send payment requests via WhatsApp and receive the money in their Cuenta Nu in a fluid, efficient, and secure experience. 

The announcements come at a time when Nu continues to strengthen its presence in Mexico with a multi-product platform and following its request to operate as a Banking Institution there. Nu Mexico is currently the largest Sofipo and one of the best capitalized financial institutions in the country. 

Cuenta Nu in Colombia. Nu is also making big strides in Colombia, where we announced the Launch List for Cuenta Nu. The savings product arrives after the local regulator’s approval for Nu Colombia to operate a Financing Company in the country. Cuenta Nu aims to provide Colombians with an unparalleled savings experience through the market’s most competitive value proposition, offering a 13% annual yield on deposits. Similar to Mexico, Nu expects the savings product to boost customer acquisition in Colombia and pave the way for a broader product portfolio, feeding a successful growth flywheel.

Cash in. Customers in Brazil can now transform their card limit into money added to their account balance. The new option offers liquidity as the instant payment system Pix becomes more and more popular in the country. Customers benefit from avoiding higher interest rates from other methods, such as personal loans or Pix on credit in installments. 

Shared balance. Ultravioleta (black card) customers in Brazil will be able to centralize shared expenses in an area of the app called Family Space. With the shared balance feature, they can create a unified fund to pay for expenses with the people in that space, better organizing household shared bills.

Innovation retrospective. 2023 was the most productive year for Nu to date in number of launches. We innovated with over 45 new solutions that give people more autonomy and security in managing their finances. From the NuBraille card to the tokenized loyalty program Nucoin, read about our ten most innovative products and features launched last year.

CEO of Nu Brazil. Livia Chanes joined Nu Holdings’s management team as CEO of Nubank Brazil. Livia began her journey at Nu nearly four years ago and had been leading the Brazilian operation since the second half of 2022 as Country Manager.

Awards and recognition. Nu closed 2023 with over 60 awards and recognitions, including important publications in the second half of December:

• Founder and CEO David Vélez was listed as one of the top 5 best CEOs of the year by The Economist. 
• Cristina Junqueira was featured in the Quartz Innovators 2023 list. As Chief Growth Officer overseeing our international expansion, she highlighted how new digital products are revolutionizing banking in Mexico. 

• “The success flies in the face of skeptics who doubted the digital lender and credit card issuer could measure up against the big banks that have a stranglehold on Latin America”, writes Bloomberg about Nu. The publication tells the story of our consolidation as one of the largest financial services companies in the region, and it’s available in English and Portuguese.
  
  
• David discussed on CNBC the potential for Nu’s expansion in the Latin American market. He highlighted the attractiveness for growth investors, emphasizing how the region's tech-savvy population and underbanked individuals contribute to this appeal.
   
• Nu has proved its long-term thesis in these two years since the IPO, says E-Investidor. The article analyzes the macroeconomic scenario and the company’s strategy since 2021, with a string of stronger-than-expected results.
   
• Cuenta Nu arrives in Colombia as one of the most attractive savings products in the country, with a 13% annual yield, highlights Caracol.
   
• With 5.5 million customers in the country, Nu Mexico has long-term plans to acquire and engage even more people. David deep-dived on how a banking license will play an essential part in that, with El Economista.
   
• Nu has been leveraging digitalization to provide responsible access to credit and financial services in Latin America. Cris Junqueira gave an interview to the IFC about how this can help boost sustainable and resilient development in the region.
   
• Livia Chanes spoke to Forbes Brazil and Jovem Pan News about her professional journey and Nubank's rapid growth, highlighting the importance of adapting to customer needs. Broadcast Estadão and multiple other outlets shared the news of her new role as CEO of Nu Brazil.
   
• Nu uses AI to improve safety mechanisms and underwrite credit more assertively, among other applications. CTO Vitor Olivier spoke to Valor about our current use of the technology and how the expansion of open finance in Brazil can further amplify the possibilities.

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

All NuHeadlines editions are available in our Newsroom, where you can also subscribe to our issues in Portuguese and Spanish.

You can contact our press team through the email press@nubank.com.br and follow our press releases here.