Currently, Nubank serves more than 92 million customers in Brazil, over seven million in Mexico, and close to one million in Colombia. The achievement comes on the heels of record 2023 financial results, with over US$1 billion in net profit and over US$8 billion in revenues. In late 2021,the firm raised $2.6 billion in a New York Stock Exchange initial public offering that valued the digital lender at more than $40 billion. David Vélez, founder and CEO of Nubank, says: “In 2013, we had set ourselves the ambitious goal to reach one million customers in five years, which seemed almost impossible at the time. In a decade, we have surpassed 100 million, which is a testament to the trust our customers place in us and to the power of a truly customer-centric business model.” The company surpassed one million customers in Brazil two years after launching its first product, three years ahead of forecast and mostly through organic member-get-member dynamics. The savings account, launched in 2017, unlocked further growth by enabling a suite of products: personal loans, SME solutions, investments, and crypto. Today, the portfolio includes marketplace and insurance, among others. Growth in Mexico and Colombia is already outpacing the initial growth spurt recorded in the bank’s home market and is likely to accelerate as it begins to expand its product range from credit cards and savings into a more rounded financial experience encompassing investments, payroll products and higher credit lines.