Digital bank Nubank has recruited more than 1.8 million customers from Brazil to its cryptocurrency platform since its launch at the end of June, demonstrating a significant demand for digital assets among consumers in South America’s largest nation.
In Latin America, the bank has reportedly hit the milestone of 70 million clients, with 66.4 million users in its Brazilian business, 3.2 million in Mexico, and more than 400 000 in Colombia, according to the bank’s official press release on September 26th,
The bank has several customers and is the fifth-largest financial institution in Brazil. Along with the U.S, Germany, and Argentina, where it has technical hubs and expertise, it employs a workforce of over 7,000 individuals across 6 locations in the nations where it operates.
In addition, Nubank is still expanding in Brazil on other commercial fronts, such as investments. It now has more than 6 million active clients, focusing on its fund manager, Nu Asset Management, which has more than 1 million owners. These accomplishments place the business as the sixth-biggest investment fund manager regarding the number of shareholders and the largest digital investment platform in the nation.
David Vélez, CEO and founder of Nubank, said:
“Our accelerated growth is driven by a constant search for efficiency, which balances expansion, new products, and revenue growth per customer. Nubank is a project for the next decades, and we remain firm in our purpose of freeing all people from any complexity in financial services in Brazil, Mexico, and Colombia.”
Nubank Hit The Milestone In Brazil
A week after announcing Caixinhas to its entire Brazilian user base, Nubank hit over 1.7 million members with an active account and over 2.25 million Boxes made in the span of that time.
Moreover, there are currently two investment options available for this functionality, one of which is Nu Reserva Imediata for those who don’t want to commit. It has performed at 108% of the CDI (or 167% savings) since its launch in February up until now.
Nubank Cripto, which enables the acquisition, maintenance, and selling of cryptocurrencies, was another encounter with high-speed adhesion. Since the end of July, the bank app has been made available to all Brazilian clients, and more than 1.8 million people have used it to buy cryptocurrencies at least once.