Fast Company Names Nu the Most Innovative Company in the World in Finance and Personal Finance
Third in the overall global ranking, this is the fifth time Nu makes the list
Nubank, one of the largest digital financial services platforms in the world, was included for the fifth time in Fast Company's prestigious World's Most Innovative Companies list. Nu is #1 in the Finance and Personal Finance category and 3rd place in the overall ranking, gaining 19 positions from last year. The annual list recognizes businesses at the forefront of their industries, driving innovative solutions and shaping the future.
"At Nu, we have always tied innovation to impact and purpose. We anticipate customers' needs to create solutions that simplify their lives and help them make better decisions. We are proud to have sparked a revolution in financial services that has created a new standard in Latin America -- digital, efficient, and with best-in-class customer service. This is just the beginning of what Nu can accomplish, impacting the lives of millions more," says David Vélez, CEO and Founder of Nu.
This year, Fast Company highlights how Nubank is transforming financial services, empowering young adults to take control of their finances from as early as 10 years old. At Nu, under-18s are able to have an account, their own debit card, and create "Caixinhas" (Money Boxes) to save and make their money grow, with high yields that compound over time. The magazine recognized the notable innovation of the under-18 new features, centered around teenagers' autonomy coupled with parents' insight and oversight into their kids' financial lives.
"Our products for under-18 aim to foster financial education, combining autonomy for the young, while giving parents the necessary tools to gain oversight and insight for constructive financial conversations. This approach has yielded encouraging results: 27% of our under-18 customers save money through Caixinhas, for example, with 81% of those making more than one deposit, which indicates that they're building healthy financial habits. We're proud of the recognition and encouraged to keep on innovating with purpose," says Vélez.
Among the features mentioned is the shared balance for Ultravioleta customers. The tool was developed to assist in the payment and management of shared accounts within the Family Space (Espaço Família), bringing more efficiency to splitting expenses. This allows customers to use the shared balance to make deposits, payments, and transfers, such as electricity bills, groceries, and any other group needs. NuCel, Nubank's mobile phone service, is also mentioned as an innovative launch from 2024.
This is the fifth time that Nu has been ranked on Fast Company's lists, thanks to prioritizing financial solutions while developing features based on customers' needs and suggestions. Last year, Nu was recognized for its innovative security features, such as Modo Rua (Street Mode, in English), Me Roubaram (I was robbed, in English), and Alô Protegido.
About the list
Fast Company's World's Most Innovative Companies list showcases organizations that are transforming their respective industries and reshaping the business landscape. The comprehensive list recognized 609 companies across 58 sectors and regions, ranging from early-stage startups to renowned global enterprises
"Our list of the Most Innovative Companies offers both a comprehensive look at innovation today and a playbook for the future," said Fast Company editor-in-chief Brendan Vaughan. "This year, we recognize companies that are harnessing AI in deep and meaningful ways, brands that are turning customers into superfans by overdelivering for them, and challengers that are introducing bold ideas and vital competition to their industries. At a time when the world is rapidly shifting, these companies are charting the way forward."
About Nu
Nu is one of the largest digital financial services platforms in the world, serving over 114 million customers across Brazil, Mexico, and Colombia. The company has been leading an industry transformation by leveraging data and proprietary technology to develop innovative products and services. Guided by its mission to fight complexity and empower people, Nu caters to customers' complete financial journey, promoting financial access and advancement with responsible lending and transparency. The company is powered by an efficient and scalable business model that combines low cost to serve with growing returns. Nu's impact has been recognized in multiple awards, including Time 100 Companies, Fast Company's Most Innovative Companies, and Forbes World's Best Banks.
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