๐ Nubank's 8 Key Milestones in 2024
As 2024 comes almost to an end, Nubank has marked another year of impressive growth and strategic advancements. Here are the 8 milestones that defined Nubankโs success in 2024 ๐ฆ๐.
๐ญ. ๐๐๐๐๐ผ๐บ๐ฒ๐ฟ ๐๐ฟ๐ผ๐๐๐ต
The company reached 110 million customers, with 100 million in Brazil, representing 57% of the adult population. It also expanded internationally, reaching 9 million customers in Mexico and 2 million in Colombia.
Source: Nu Holdings Investor Relations
๐ฎ. ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐ฅ๐ฒ๐๐๐น๐๐
Nubank posted US$2.94 billion in revenue and US$553 million in net income for Q3 2024 and the ROE surpassed 30% despite significant excess capital. It showcased the strength of its business model.
Source: Nu Holdings Investor Relations
๐ฏ. ๐จ๐น๐๐ฟ๐ฎ๐๐ถ๐ผ๐น๐ฒ๐๐ฎ ๐ฃ๐ฟ๐ผ๐ฑ๐๐ฐ๐ ๐๐๐ผ๐น๐๐๐ถ๐ผ๐ป
Ultravioleta expanded services for high-income customers, introducing a Global Account (via Wise) with multi-currency support and a debit card, plus a free eSIM (via Gigs) offering 10GB internet for global travel.
Source: Nubank Website
๐ฐ. ๐๐
๐ฝ๐ฎ๐ป๐๐ถ๐ผ๐ป ๐ผ๐ณ ๐ฆ๐ฒ๐ฟ๐๐ถ๐ฐ๐ฒ๐
Nubank launched NuViagens for travel bookings with perks like cashback and 24/7 support and introduced exclusive high-yield CDBs for high-income customers, offering competitive returns and FGC protection.
๐ฑ. ๐ง๐ฒ๐ฐ๐ต๐ป๐ผ๐น๐ผ๐ด๐ถ๐ฐ๐ฎ๐น ๐๐ป๐ป๐ผ๐๐ฎ๐๐ถ๐ผ๐ป
The acquisition of Hyperplane strengthened Nubank's AI capabilities, improving credit underwriting and personalizing services through machine learning and data analysis, for better risk assessment and tailored fin solutions.
๐ฒ. ๐ก๐ฒ๐ ๐๐๐๐ถ๐ป๐ฒ๐๐ ๐๐ถ๐ป๐ฒ๐
NuCel: A mobile phone service offering flexible, contract-free plans integrated with financial benefits.
Working Capital Loans: Launched to support small and medium-sized enterprises.
Source: Connecting the dots in FinTech
๐ณ. ๐๐ป๐๐ฒ๐ฟ๐ป๐ฎ๐๐ถ๐ผ๐ป๐ฎ๐น ๐๐ฟ๐ผ๐๐๐ต - ๐ ๐ฒ๐
๐ถ๐ฐ๐ผ
Nubank invested over US$1.4 billion in expanding its services, adding features like mobile recharges, credit limit increases, and virtual cards. Nu Mexico is working on obtaining a banking license.
๐ด. ๐๐ป๐๐ฒ๐ฟ๐ป๐ฎ๐๐ถ๐ผ๐ป๐ฎ๐น ๐๐ฟ๐ผ๐๐๐ต - ๐๐ผ๐น๐ผ๐บ๐ฏ๐ถ๐ฎ
Nubank launched Cuenta Nu, a fee-free digital account, and secured a US$150 million loan. The company unified its operations, strengthening its commitment to serving Colombiaโs 2 million customers.
Source: Nubank Blog
Source: NuBank Investor Relations
The Future Investors (Vincent & Stefan) currently hold a position in Nu Holdings.
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