nubank officially has 25 million customers, we review the reasons why it’s hot
Contxto – On Monday (1), fintech Nubank announced it hit 25 million customers divided among the two countries where it operates: Brazil and Mexico.
In a press release, the startup stated it snagged on average 42,000 new users a day during the first quarter of 2020. Moreover, the startup has mentioned before that 80 percent of its Brazilian customers were acquired by word of mouth.
Pretty big numbers, huh? Just why do Nubank customers find the fintech so irresistible? We’ll give you our take here.
The sweet spots of a Nu card
Its core: A killer credit card
Most traditional banks will mail you the bill only when it’s time to pay up. However, Nubank’s app and credit card combo offer users more visibility to better manage that purple piece of plastic and their personal finances.
Through the app, a person can view their credit card limit, receive updates on expenses, even set limits on how much they’re allowed to spend. Thus avoiding that uncomfortable moment where a cashier tells you your card was declined.
Moreover, unlike a traditional credit card, the fintech charges no fees for having it. As of its 2014 launch, this particular product has 13 million customers.
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Research and design on my mind
Any worthwhile product needs a killer design team.
In the Brazilian fintech’s case, it has around 40 people in its product design team. But within this mass of talent, cross-functional teams or “squads” are commonplace to better brainstorm and explore projects. Needless to say, tons of research goes into every interface.
After prototypes are built, the fintech soaks in feedback both from tests within the startup and outside of it.
For example, last year, it launched a pilot for pre-paid phone recharges among users in Brazil. At the time, it stated it would not release the service publicly until it gathered more data from its pilot test.
Know your audience
The fintech through the years has developed additional products and services that ring well with its user base.
For example, knowing that Brazilians are still cash-reliant, it enabled an ATM withdrawal feature in 2018. It also released a debit function where users can make payments. More recently, it launched a feature to let its users split large purchases among multiple users, at no cost of course.
Ultimately, Nubank understands that the best relationship a customer can have with a bank is at a distance, but while retaining a fantastic customer experience.
Related articles: Tech and startups from Brazil!
-ML
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