@stewaj1 since you’re just starting to research Nubank, FYI I had also posted an overview last year; hope you find it helpful.
Yes and no - while they started with the underserved population, they also attracted more affluent young adults, who prefer the digitally-native experience over the “legacy banks.” Similar to how young adults use neo-bank alternatives for day-to-day banking in the US/Europe (e.g., CashApp, Revolut, etc.)
From speaking to friends in Brazil/Mexico, the majority of this customer base only holds a subset of their deposits at Nubank (e.g., for day-to-day use) while maintaining a larger account with the legacy bank. Nubank will try to lure these customers to use their account more and more through cross-selling different products, such as its investment product. That’s why tracking the “# of products p/active customer” is an imperative metric; similar to how we want to see the module/product adoption of our SaaS companies expand!
-RMTZP