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With 112 Million Customers, Nubank Surpasses Bradesco to Become the Second Largest Bank in Brazil in Number of Customers, Behind Only Caixa Econômica Federal.
Few people notice, but the Brazilian financial system has just recorded a milestone that redefines the logic of competition between traditional banks and fintechs: Nubank, known for its 100% digital operations, has surpassed Bradesco in the number of customers and is now officially the second largest financial institution in Brazil in this regard, with 112 million users, compared to 110.5 million of the traditional bank.
This data is part of the latest quarterly edition of the customer ranking compiled by the Central Bank of Brazil, which often also includes the complaints report, a methodology that directly involves counting active customers at institutions.
The achievement comes after years of accelerated expansion of the digital bank, which had already surpassed major private names such as Itaú Unibanco and Banco do Brasil in terms of account numbers in recent years. Today, the only institution ahead of Nubank in this regard is Caixa Econômica Federal, which maintains leadership with around 158 million customers.
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How Nubank Got So Far
The accelerated growth of Nubank did not happen by chance. Since joining the group of the top five financial institutions in the country by customer base in 2022, the fintech has shown an expansion speed unmatched by traditional banks.
Between 2024 and 2025, for example, the fintech’s customer base increased by tens of millions, while those of the major private banks grew much more modestly. By mid-2025, Nubank was already very close to Bradesco and Itaú — even before surpassing the current 110 million.
The growth reflects some converging trends: the accelerated digitalization of banking services, the preference for hassle-free experiences, and a technology-centered model that removes complexity from the daily financial lives of millions of Brazilians. The bank has also expanded its products beyond the digital account and credit card, such as investments, insurance, and loyalty programs, increasing the utility of its platform.
The Meaning of Surpassing a “Big Bank”
Surpassing Bradesco — one of the largest private banks in Brazil by assets, branches, and physical presence — is a powerful symbol. Traditionally, banks like Bradesco, Itaú, and Banco do Brasil dominated the national financial system since the second half of the 20th century, in a model centered on branches, personnel, and in-person operations.
The rise of Nubank shows that this paradigm has changed in just over a decade. The digital bank — founded in 2013 — has managed to reach and retain a customer base larger than that of century-old institutions with a nationwide physical network.
Another point of highlight is that the pace of growth of Nubank is not only numerical but also qualitative: according to the institution itself, about 85% of the customer base in Brazil remains active monthly, an important engagement indicator in terms of monetization and retention.
Comparison in the Customer Ranking
The latest ranking released by the Central Bank updates the new order of institutions with the highest number of customers in Brazil:
- Caixa Econômica Federal: ~158 million
- Nubank: ~112 million
- Bradesco: ~110.5 million
- Itaú Unibanco: ~100.3 million
- Banco do Brasil: ~81.9 million
This configuration reflects not only the popularity of digital platforms but also profound changes in consumer preferences — especially among younger generations and users who have migrated to financial solutions with less bureaucracy and more flexibility.
The Competitive Impact for Traditional Banks
The advancement of Nubank pressures the traditional sector to accelerate its digital transformation. Banks that have relied on physical branches, service networks, and traditional credit for decades now face a competitor operating with significantly lower costs per customer, thanks to technology and automation.
This change has forced strategic adjustments, such as increased investment in digital platforms, revisions of products and services, and, at some institutions, the creation of internal structures or partnerships with fintechs to maintain relevance in the market.
Moreover, emerging digital banks like Nubank, Mercado Pago, and PicPay also figure close to major private institutions in terms of customer base, indicating that the trend of deep digitalization is still far from saturating.
What This Says About Financial Inclusion
The position gained by Nubank also highlights a broader transformation: the increase of financial inclusion in Brazil. Today, millions of people who were previously underbanked or had no relationship with a formal financial institution have access to banking services through digital platforms.
The intensive use of smartphones and applications has facilitated this process, reducing barriers such as minimum income requirements, proof of address, or visits to branches. The base of 112 million customers — which represents a significant portion of the Brazilian adult population — is an indicator of how this model has expanded access to the financial system in the country.
What’s Next for Nubank
Surpassing Bradesco is just a milestone; Nubank’s next strategic step may be to challenge Caixa’s leadership, especially as it expands its products and strengthens the engagement of active customers. There are also expectations that the institution will intensify its operations in credit, investments, and business financial services.
Globally, Nubank already operates outside Brazil and has plans for growth in other Latin American markets, which could further blur the distinction between traditional banks and digital banks globally.
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