We mined Nubank’s acquisitions, investments, and partnerships to discern the company's strategic priorities, from payments to crypto.
Brazil’s Nubank has its sights set on disrupting Latin America’s financial services.
Since its founding in 2013, the challenger bank has grown its user base rapidly — reaching 60M customers as of May 2022, up 61% year-over-year. It notched $877M in revenue in Q1’22, with a gross profit margin of 34%.
In 2011, only 56% of Brazilian adults had bank accounts. To grow that number and take on the country’s financial incumbents, Nubank has offered digital banking products — including a mobile-based credit card with quick approval and no-fee bank accounts — to young consumers, as well as Brazil’s vast under- and unbanked population.
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Now, the challenger bank is expanding its product offerings to become LatAm consumers’ go-to resource for all things financial. For instance, the challenger bank’s acquisition of Easynvest in 2020 helped it bring investing to its customers, while it has opened new transaction channels by inking partnerships with e-commerce and payments leaders like Amazon and PayPal.
Using CB Insights data, we uncovered Nubank’s 3 most important strategic priorities, highlighted by its investments, acquisitions, and partnerships since 2019. We then categorized companies by their business relationships with the challenger bank across these priorities:
- Digital banking & lending
- Investment platforms & crypto