Nubank, Revolut and Black Banx: Who Has The Most Diversified Customer Base Globally?


Nubank, Revolut, and Black Banx have become three of the most prominent businesses in the fintech industry with a total customer base of 158 million. But with each bank dominating certain regions of the world, which of these fintech services is the most globally diversified?


Since its establishment in Brazil in 2013, Nubank has swiftly increased the number of its clients throughout Latin America. With more than 90 million customers in Brazil, Colombia and Mexico, Nubank has solidified its position as one of the world’s fastest growing fintech services.

At an event for press and influencers in New York City, David Velez, Nubank’s founder and CEO said, “This new milestone is a source of great pride for us and a commitment we take very seriously. There are 90 million people who trust Nubank to manage their financial lives and for whom we work to offer solutions that make their daily lives easier. And this is just the beginning.” To put Nubank’s hold over Latin America into perspective, 1 in 2 Brazilians are a Nubank account holder.

However, what Nubank is yet to claim is a substantial user base in Europe, Asia and the Middle East. Their primary customer base is out of Brazil, Mexico and Colombia. So while the numbers are impressive, they are not very diversified.


UK-based fintech company Revolut has become well-known for its cross-border financial services. It serves a wide range of customers such as frequent travellers, expatriates, and digital nomads who value the convenience of international banking.

Although primarily focused on European operations, Revolut has expanded into the United States, Brazil, India and New Zealand over the last few years. The London-based fintech is eyeing global expansion as it pockets more users further afield. In July, Revolut had a 26,000 strong waitlist for the app to launch in New Zealand.

Speaking on the launch in the region, Matt Baxby, CEO of Revolut in Australia and New Zealand said: “We are incredibly excited to be launching Revolut in New Zealand to enable Kiwis access to a seamless and affordable global money management experience, secure budgeting, analytical features, and advanced physical and digital card control capabilities, in one seamless location.”

As of June 2023, Revolut’s largest geographical customer base was the United Kingdom with over 6.8 million customers, followed by Romania (2.8 million) and Poland (2.5 million). Note: These numbers are slightly outdated as we wait for Revolut to publish its third quarter geographical customer data.

While Revolut are impressively expanding into far-flung corners of the world, there are regions, such as the Middle East and Africa where they are yet to step their foot in.

Black Banx

Based in Toronto with operations spanning 180 countries, Black Banx is led by CEO and German billionaire Michael Gastauer. Its latest growth report revealed a customer base of 33 million (retail) and an onboarding rate of 1.8 million new customers a month.

Offering an accessible banking experience to individuals and businesses, Black Banx has become a global force. Its key regions are Asia Pacific (10.9 million customers), Latin America and Caribbean (9.2 million), North America (6.9 million), closely followed by the Middle East and Africa (4.6 million) and European Economic Area (990,900).

Black Banx serves approximately 2.5 million business customers in 82 countries and territories with demographics ranging from small-medium enterprises (SMEs) primarily focused on domestic markets to large corporations operating globally.

In its latest growth report, Black Banx highlighted a growth of SME clients by 21% globally and by 32% in the MEA area.

Last month, Gastauer announced plans to expand its services into the United States. In the running to purchase a FDIC member bank in California, this would allow Black Banx to operate a nationwide rollout of its financial services. Speaking on this potential US expansion he said, “With over 39 million people living in California, we [Black Banx Group] believe that the state is the ideal starting point for our US product launch. Initially starting Black Banx in Palo Alto more than eight years ago is another good reason to come back to California and start providing our services to the United States and the West Coast.”

Although Black Banx doesn’t have the customer base of Nubank, its customers can be found in more regions of the world. Revolut’s continued expansion is notable but lacks substantial development in the Middle East and Africa region, where Black Banx continues to grow, especially with its recent development in Liberia, West Africa. While all three banks are top players in digital banking, when it comes to being globally diversified, Revolut and Nubank have some catching up to do.


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