LatamList – Nubank, the Brazilian neobank, experienced significant growth in the first half of 2020 as more customers turned to online banking during the global pandemic. The fintech saw $3.6B (R$19.9B) in revenue, a 48% increase from December 2019.
The number of transactions on the platform more than doubled, compared to the same period in 2019. Nubank’s customer base now stands at 26 million, more than double compared to a year ago. The bank estimates that it receives an average of 41,000 new customers each day.
The bank has experienced increased numbers of transactions and withdrawals, with the balance of deposits in H1 at $3.2B (R$17.3B). Nubank’s financial intermediation revenues also more than doubled compared to the previous year.
Throughout the pandemic, Nubank worked to support its clients where possible with lower interest rates and a longer term to pay for personal loans. The startup also helped to distribute emergency aid to more than half a million people across Brazil.
“We chose to invest in the company, people, and the development of new technologies to continue delivering the best experience to our customers,” said the company.
Read more on the Nubank Blog.