São Paulo, November 8, 2024 – Nubank, one of the world’s largest digital financial services platforms, has just been named Digital Bank of the Year at the LatinFinance Banks of the Year awards for the second year in a row.
This is the fourth time Nu has received this recognition, having also won in the same category in 2023, 2021, and 2019. LatinFinance, a publication focused on the financial markets and economies of Latin America and the Caribbean, highlights that Nu presented in the past 12 months record in both profits and revenue, consolidating itself as a major player in Latin America’s largest banking market.
In Q2’24 alone, Nu reported a net income of $487 million, twice as much as in the same period of 2023, and revenues increased by 65% to reach U$2.8 billion. The award underscores the rise in number of customers, totaling 104.5 million, against 65 million two years ago.
“We expected the number of customers to stabilize. But we were surprised by the speed of the growth in our base in the past year. We attracted more clients in that period than all the five incumbent banks put together. We are confident in our business's model of providing low-cost digital banking services to pave the way for continuing expansion”, said Guilherme Lago, Chief Financial Officer. “It's an honor to see the impact of our exceptional talent recognized in such an important award”, he added.
The publication reinforces Nu's growth in portfolio, having launched nearly 40 new products in recent months, accelerating the monetization of existing customers and the opportunity to expand its market share, since its participation in main segments is still small. LatinFinance also highlights the results of the past 12 months on the international expansion efforts.