Nubank

Brazil-based Nubank offers banking products and services via a web portal and a mobile app, with the application process being done entirely online. The company serves both B2C and B2B segments and operates in Brazil, Mexico, Colombia, and Argentina.

The company initially entered the neobanking space in 2014 by offering credit cards and focused on providing it at low interest rates, compared to established banks. Since then, the company has grown to offer the full spectrum of banking services, which includes checking accounts, debit cards (with ATM access), credit cards (with credit limits as low as USD 10 per month), and loans, following the receipt of its own banking license in Brazil in 2017. Checking accounts and debit cards are offered free of charge, and the company therefore solely generates income from these accounts from ATM and interchange fees.

In addition to its banking products, the company also offers life and mobile insurance products and Peer to Peer (P2P) payment options via Pix (a payment platform introduced by Brazil’s Central Bank). The company also offers in-app shopping at retailers such as AliExpress, Dafiti, and Magalu, as well as a rewards program that enables customers to earn and redeem points at selected merchants.

Nubank also provides a trading app–NuInvest–through which its Brazilian customers can trade stocks and cryptocurrency, with the company charging ~0.02% per transaction. In addition, it launched its loyalty program, backed by its native cryptocurrency Nucoin, to customers in Brazil in March 2023 . Members will receive a fixed amount of Nucoins for every BRL spent with their debit or credit card as well as on any cryptocurrency purchases through its app. The Nucoins can be converted into cash or frozen and used to advance in the loyalty program and gain access to future incentives such as coinback rewards and lottery tickets. Moreover, Nubank was selected by the Central Bank of Brazil in August 2023, to test Drex , a central bank digital currency (CBDC); the pilot phase is expected to be complete by the end of 2024.

The company has also expanded its footprint to Mexico and Colombia. In Mexico, it provides both credit cards and savings accounts, however in Colombia, it only offers credit cards. It also had plans to launch digital checking accounts in Colombia by the end of 2023 after it received the Colombian banking license in August 2022.

Key customers and partnerships

As of February 2024, the company served more than 90 million customers, with the majority located in Brazil.

The company partnered with Brazilian lending platform Creditas ( in September 2021 ) to allow its customers gain access to the latter’s platform to obtain loans, and EBANX (in July 2023) to launch a new alternative payment service for international purchases called NuPay. In addition, it collaborated with insurance provider Chubb to offer life and home insurance offerings on its platform.

Funding and financials

In December 2021, Nubank was listed on the New York Stock Exchange (NYSE) under the trading symbol NJ, raising nearly USD 2.6 billion, at a valuation of USD 41.5 billion, making it the most valuable listed financial institution in South America. The fresh funds were expected to be funneled into Nubank’s expansion into Mexico and Colombia.

In addition, it secured a three year USD 150 million loan from the International Finance Corp (the private lending arm of the World Bank) in January 2023, to expand its operations and improve access to financial services in Colombia.

For the full year 2022, the company generated a total revenue of USD 4.8 billion (up 182.2% YoY), while it incurred net losses of USD 364.6 million.