Nubank's 2024 Wrap Up

2024 has been absolutely explosive for Nubank! 🤯

Here's a complete overview of their remarkable achievements - from reaching 105 million customers to becoming Brazil's largest bank.

Nubank's 2024: Year of Market Dominance 🚀

Nubank has grown into Latin America's largest digital bank, valued at over $63 billion, with operations across Brazil, Colombia, and Mexico, serving more than 105 million customers.

Key Financial Developments:

• Doubled net income in 2024
• Became 3rd largest public company by market cap in Brazil
• Reached $1 billion in annual profits
• Tripled deposit business in Mexico in six months
• CEO David Vélez sold $404 million in shares at record prices

Product & Service Expansion:

• Launched Tap to Pay on iPhone for 3 million SME customers
• Introduced Bitcoin deposits and withdrawals
• Enabled cryptocurrency transfers on platform
• Released Nu Selic Simples for Treasury bonds
• Launched Global Accounts with Wise
• Introduced Travel eSIM
• Enhanced security with Verified Call tool
• Implemented Open Finance functionalities

Geographic Expansion:

• Brazil: Reached 100 million customers (57% of adult population)
• Mexico: Increased equity capitalization by $100 million (total investment $1.4 billion)
• Colombia: Obtained financing company license
• Expanded WhatsApp money transfers from US to Mexico
• Considering domicile move to UK

Corporate Developments:

• Reached 4 million business accounts (50% YoY growth)
• Achieved 15 million consents in Open Finance
• Plans to venture into telecommunications
• Partnership with Lightspark for Bitcoin Lightning Network
• Discontinued Nucoin cryptocurrency
• Increased focus on high-income customers with Ultravioleta

With their dominant position in Latin America and continued expansion into new markets and services, 2025 is set to be another groundbreaking year for Nubank! 🚀