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With 112 Million Customers, Nubank Surpasses Bradesco, With 110 Million, and Becomes the Second Largest Financial Institution in Brazil, Behind Only Caixa, With 158 Million. In a Country of 213.4 Million Inhabitants, More Than Half Already Have Accounts in the App Created in 2013 Without Agencies and Fees
The fintech Nubank surpassed the mark of 112 million customers and now occupies the second position among financial institutions in Brazil in terms of customer numbers, surpassing Bradesco, which totals 110 million. Leadership remains with Caixa, which reports 158 million.
The leap reinforces an increasingly digital banking competition based on scale, sustained by operation without agencies, a policy of reducing fees, and rapid adoption via app, including users seeking quick access to services like Pix.
Nubank Surpasses Half of the Country and Redefines the Weight of a Fintech in the System
With the Brazilian population estimated at 213.4 million inhabitants, the level of 112 million indicates that more than half of Brazilians have an account with Nubank. The data highlights the contrast between a fintech founded in 2013 and traditional banks that have historically dominated the customer relationship through a physical network.
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Recent evolution is also evident in the temporal comparison reported by the institution itself. In September 2025, Nubank had 105 million customers. In just a few months, the base advanced to 112 million, which repositioned the fintech in the national ranking and pushed Bradesco to third place in terms of customers.
Growth Without Agencies and With Fewer Fees Has Become Structural Traction
Nubank, described as an institution that does not have bank branches, expanded its base over time by not charging various banking fees. This combination of a lean structure and lower cost friction appears as a direct vector to attract users, especially compared to more traditional service and pricing models.
Another highlighted point is the user experience. The intuitive interface of the app contributed to the adoption of unbanked individuals who needed a Pix key, reinforcing the app’s role as an entry point into the financial system for part of the audience.
Complaints at the Central Bank: 14th Position and Comparison with PicPay
In the quality cut perceived by the regulator, Nubank appears in the complaints list released by the Central Bank in 14th place, with 1,350 complaints registered in the fourth quarter. The comparative reference presented is PicPay, which leads the list with 3,718 complaints, having 33.4 million customers.
The practical interpretation of these numbers is that the volume of complaints and the size of the base go together, but not in a linear way. A bank with tens of millions of customers gains permanent regulatory visibility, and complaint rankings become a public thermometer of the user experience on a large scale.
What Changes in the Competition with Bradesco and in the National Customer Ranking
Nubank’s turnaround over Bradesco occurs in a context of competition for critical mass of customers, where the second position has symbolic and strategic effects. The reported ranking is as follows: Caixa with 158 million, Nubank with 112 million, and Bradesco with 110 million.
With this structure, the competition tends to focus on three fronts already made explicit by the data: capacity to acquire customers without agencies, perceived offer of lower costs, and conversion via the app, especially for those looking for essential functionalities like Pix. The result is a banking map more sensitive to digital scale than to physical presence, with a direct impact on how institutions compete for relationships.
In your view, what better explains this Nubank’s advance: lower fees, absence of branches, or the need for Pix that accelerated account openings?
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