How would you measure the success of Nubank Ultravioleta?

Introduction

Nubank Ultravioleta is Nubank's premium offer for higher-income customers in Brazil. It bundles a Mastercard Black card with a monthly fee, 1.25% cashback on credit purchases, zero IOF on international card purchases, unlimited access to the Ultravioleta Lounge at Guarulhos airport, a global account, Mastercard Black insurance and services, and more. The fee can be waived for customers who meet spending or investment thresholds, and Nubank sometimes offers free periods by invitation.

Ultravioleta matters strategically because Nubank built its base with no-fee products for the mass market, while Brazil's big banks (Itaú Personnalité, Bradesco Prime, Santander Select) and premium digital players such as C6 Carbon and Inter Black dominate high-income customers. Winning those customers means more spending, more deposits and more investments. Measuring success requires looking beyond card sign-ups to whether Ultravioleta makes Nubank the customer's main bank.

Step 1

Product Context (3 minutes)

Key stakeholders:

• High-income customers: want rewards, travel benefits, status and excellent service.
• Nubank: wants larger share of wallet, deposits and investments, and higher revenue per customer.
• Mastercard: network partner for Black benefits.
• Partners: airlines (points transfers), lounges, streaming (Max through Nubank+).

Customer journey:

1. Invitation or application in the app.
2. Choose benefit option (cashback or points with airline partners).
3. Receive the metal card; activate.
4. Use for daily and travel spending; access lounge.
5. Meet waiver criteria or pay the monthly fee.
6. Over time, move salary, investments and other relationships to Nubank.

Product lifecycle: growth. The product is established, but its benefits were restructured in 2025 (for example, the end of the old CDI-linked cashback yield and the move to 1.25% cashback or points), so measuring how customers respond is important.

Economics: revenue from interchange (higher on Black cards), fees, interest on revolving and installments, and deposits and investment income; costs include cashback, lounge access, insurance and partner benefits.