Nu Becomes Largest Credit Card Issuer in Mexico, ColombiaBy Sofía Hanna | Tue, 08/16/2022 - 16:37
The Brazilian neobank Nu said it became Mexico’s leading credit card issuer, surpassing traditional financial institutions such as Banco Azteca, Banorte, HSBC, Inbursa, Scotiabank and others. Nu added 5.7 million customers in 2Q22, reaching 65.3 million customers in Brazil, Mexico and Colombia. This represents a year-on-year growth of 57 percent.
“We posted record revenues and are making great strides in becoming a multi-product, multi-country platform. Our largest operation, Brazil, is now profitable, posting a net income of US$13 million in the first half of 2022, driven by customer growth to 65 million and our ability to launch and cross-sell new products. We are the fourth largest credit card player. Nearly a quarter of all PIX transactions go through our digital accounts (NuContas), and we are a leader in the investment segment with 5 million active customers,” said David Velez, Founder and CEO, Nu.
Nu said that the Mexican market was its second-largest as its customer base increased sixfold year-over-year to 2.7 million, consolidating the company’s position as the top issuer of new credit cards in the country. In Colombia, Nu has also become the fastest growing credit card issuer, reaching 314,000 customers in the quarter. “Internationally, we are now the No. 1 issuer of new credit cards in Mexico and Colombia, where we have just received approval for our license to continue expanding,” said Velez. Across all of its markets, the financial institution added 5.7 million customers in the quarter, reaching a total of 65.3 million customers in Brazil, Mexico and Colombia, representing 57 percent year-over-year growth. These results point to the acquisition of more active customers and relevance and allow it to reduce operative costs, according to Nu’s official report.