Nubank Listed Among World’s Most Innovative Companies of 2023

Nubank, with nearly 75 million customers across Latin America and a growing portfolio, is being recognized for “changing the way banking is done in Brazil” and for launching its Caixinhas (Money Boxes). The company is now being included among the world’s most innovative companies for 2023, according to Fast Company. Nubank ranked in the Top 5 globally and won first place in Latin America. 

This is the third time Nubank has appeared on Fast Company’s list of the world’s most innovative companies globally and the second time it has ranked first in Latin America. “Over the past decade, Nubank’s obsession with serving customers has helped reshape the financial industry in Latin America. We have come a long way to offer the best products and services to our growing customer base, and we are now redoubling our efforts to offer an even broader portfolio to reduce bureaucracy in many more areas of their lives while being able to demonstrate the strength, scalability and profitability of our business model,” says David Vélez, Founder and CEO, Nubank.

Among the many recent launches, Fast Company highlights the development of Caixinhas, which allow users to save money in an organized and personalized way. The Caixinhas can be customized according to the user’s goals, as users can separate the amount of money for each of their goals and define how to save for each of them. By December 2022, over 4.2 million customers were using the product. Other highlights include NuTap, a solution that enables small businesses and entrepreneurs to take payment from credit or debit cards without a POS machine, and NuPay, an integrated solution for e-commerce payment. In addition, 2022 was the year Nubank entered the crypto space. 

Vélez told Fast Company that Latin America’s banking industry still presents many challenges, as regulations and lack of access to services make innovation difficult. Despite the challenges, “Nubank’s goal to remove the complexity behind money has changed the picture, especially for supporting small businesses,” says Vélez. In 2022, Nubank’s revenue grew to US$4.8 billion and customer deposits rose 63% to US$15.8 billion. The company registered a US$$58 million profit in the fourth quarter of 2022.