Nubank Shifts Focus In Brazil
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“At some point, we will run out of Brazilians” said Nubank CEO David Vélez, acknowledging the company’s latest challenge. With 60% of Brazil’s population already using Nu accounts, customer acquisition is no longer the priority.
“We are used as a credit card or as a secondary or even tertiary account” Vélez added. As a result, Nubank is shifting its strategy in Brazil to increase revenue per user by targeting high-net-worth individuals (HNWIs) and expanding into non-banking sectors like travel and mobile services.
The shift follows Nubank’s Q4 2024 earnings disclosure, which reported a 22% increase in its customer base, reaching 114.2 million users across Brazil, Mexico, and Colombia. Revenue rose 50%, while monthly average revenue per active customer jumped 46%.
Looking ahead, Nubank aims to strengthen its position among HNWIs while also expanding its credit portfolio in Brazil—its payroll loan segment alone grew 650% in 2024, surpassing $1 billion.
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