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From a startup driven by frustration with traditional banks to a financial giant with more than 100 million customers, Nubank has redefined the market in Latin America and continues to expand.
Nubank was founded in 2013 with the mission of combating the complexity of the banking system and empowering people. Founded by David Vélez, Cristina Junqueira and Edward Wible, the fintech challenged the status quo, especially in Brazil, and grew exponentially, becoming one of the largest digital financial services platforms in the world.
Nubank's trajectory is marked by constant innovation, focus on customer experience and an expansion that today encompasses Brazil, Mexico and Colombia, with more than half of the Brazilian adult population among its more than 114 million customers. But what happened to Nubank since its creation until it became this powerhouse?
The origin of Nubank: dissatisfaction that generated disruption
The idea for Nubank was born out of David Vélez’s frustration with the bureaucracy and high fees of Brazilian banks. This widespread consumer dissatisfaction with a concentrated market created the opportunity for a fairer and more transparent alternative.
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The multicultural founding team combined external vision, knowledge of the local banking system and technical expertise to overcome initial challenges, including regulatory hurdles. The first seed investment of US$2 million came in July 2013, led by Sequoia Capital and KaszeK Ventures.
“Purple” and NuConta
The first product, the purple credit card (“roxinho”) with no annual fee, was launched in 2014, revolutionizing the market. Full control via the app and personalized service generated strong adoption, driven by word of mouth. Successive rounds of investment (Series A, B, C and D) sustained growth.
In 2017, Nubank launched NuConta (currently Nubank Account), a digital account with no fees and a higher yield than savings accounts, consolidating its transformation into a digital banking platform. In 2019, Personal Loans and Corporate Accounts were introduced, expanding the range of services.
Expansion and IPO
With significant investments, including one from Tencent in 2018 and the Series F in 2019 that valued Nubank at US$10 billion, the company accelerated its expansion. It acquired Plataformatec, Cognitect and Easynvest (which became NuInvest), strengthening its technological capabilities and entering the investment market.
The company's internationalization began in Mexico (2019) and Colombia (2020). In December 2021, Nubank held its IPO on the New York and São Paulo stock exchanges, reaching a valuation of US$41,5 billion and raising US$2,6 billion to finance its growth.
Profitability, new products and Nubank's next steps
Nubank's post-IPO phase is marked by the search for sustainable profitability, already achieved with robust results in 2023 and 2024. The company surpassed 114 million global customers, with a high activity rate (83,1% at the end of 2024).
Nubank's product ecosystem kept growing with insurance, the global account, the NuCel telephone service, NuTag for tolls and, in 2025, the Payroll Loan for the private sector and the Caixinha Turbo. The expansion in Mexico and Colombia also gained momentum, with the obtaining of banking and financing licenses.
Great bank, just missing vehicle and property financing
A good bank is one that helps you in difficult times. Nubank is this bank, or rather, your friend in difficult times in the palm of your hand.