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Nubank

From Wikipedia, the free encyclopedia
Nu Holdings Ltd.
TypePublic
IndustryFinancial services
Founded6 May 2013; 13 years ago (6 May 2013)
Founders
Headquarters
São Paulo
,
Brazil
Area served
Worldwide
Key people
David Vélez (CEO)
Products
RevenueIncrease US$16.3 billion (2025)[1]
Increase US$2.87 billion (2025)[1]
Total assetsIncrease US$74.89 billion (2025)[2]
Total equityIncrease US$11.3 billion (2025)[2]
Number of employees
10,027 (2025)[2]
Websitenubank.com.br
Footnotes
[1] [2]

Nubank, doing business outside of Brazil as Nu,[3][4] is a Brazilian neobank headquartered in São Paulo, Brazil. Although it is not formally part of Brazil’s National Financial System (Sistema Financeiro Nacional), Nubank operates as a financial and payment institution regulated and supervised by the Central Bank of Brazil.[5] It is the largest fintech bank in Latin America, with around 131 million customers between Brazil, Mexico and Colombia and a revenue of $16 billion.[1] At its initial public offering in December 2021, Nubank was valued at $45 billion.[6][7]

History

[edit]

Nubank was founded in 2013 by Colombian David Vélez to disrupt the banking industry in Brazil.[8] After developing a business plan, Vélez raised a seed round from Sequoia Capital with the intention of launching a credit card company that would expand into other financial services. On advice from his investors, he recruited Brazilian Cristina Junqueira and American Edward Wible.[9] In 2018, Nubank became a unicorn startup with its valuation of US$1 billion.[10]

In the company's first two years of existence, it raised 600 million Brazilian reais[11] and an additional $14.3 million from Sequoia Capital, along with Kaszek Ventures and Nicolas Berggruen.[12] Nubank launched its first financial product, an international Mastercard credit card without annual fees that can be completely managed through a mobile app. The first transaction with a Nubank card was made on April 1, 2014. In June 2015, Tiger Global Management led Nubank's Series B, along with existing backers Sequoia Capital, Kaszek Ventures and QED Investors.[13]

In 2017, Nubank launched its loyalty program,[14] Nubank Rewards. The program's points can be redeemed for a product catalogue or discounts on services, travel and entertainment. Customers can try the program for free for 30 days, after which they will be charged a fee in order to further use it. In the same year, it also launched its digital account, NuConta.

In October 2018, Tencent bought a minority stake of Nubank worth $180 million ($90 million in capital increase, $90 million in shares).[15] In late 2018, it began offering payments through debit.[16] In 2018, after launching its new credit card design, Nubank was featured in the Guinness Book of Records for making the world's largest unboxing.[17] In early 2019, the fintech started testing personal loans[18] with a few of its digital account users. In May 2019, the company announced it would begin operations in Mexico through a subsidiary called Nu.[19] This was the first time Nubank offered its services and products outside of Brazil.[20]

The CEO of Nubank, David Vélez, representing the company in 2023

In January 2020, Nubank made its first acquisition with the purchase of Plataformatec, a company that specialized in software engineering and agile methodologies.[21] In July of the same year, the company also acquired Cognitect, responsible for Datomic and the Clojure programming language.[22] In September 2020, Nubank acquired Easynvest, an investment broker also from Brazil, for an undisclosed amount.[23]

In November 2020, Nubank announced that the company would begin operations in Colombia.[24] In April 2021, Edward Wible, who was CTO of the company for eight years, left his position "to contribute more directly to the construction of the systems and infrastructure of the company" as the Director of Technological Platforms.[25]

The bank completed an IPO in December 2021.[6][26] After the IPO, Nubank's cofounder Cristina Junqueira became the second woman in Brazil to reach the self-made billionaire status, since she held 2.9% stake of company stock ($1.3 billion).[27] Before and after the IPO, Berkshire Hathaway invested a total of $1 billion in Nubank stock.[28][29] In 2022, Forbes ranked Nubank #1 out of the fifteen best Brazilian banks.[30] In October 2023, it was announced that the bank would use generative artificial intelligence to offer credit to customers.[31][32] It was announced that the AI would function as a virtual assistant that would also give tips on how to use a credit card.[33] It was developed using OpenAI's GPT-4 and other bank intelligence systems.[34]

Also in October 2023, the bank announced that it had requested, through its subsidiary Nu México, a license to operate as a bank in Mexico, with the aim of increasing its portfolio in the country.[35][36][37] It also began the gradual offer of payroll loans for INSS retirees and pensioners.[38] In May 2024, Nubank announced their own travel eSIM in partnership with Gigs.[39]

In March 2025, Nubank partnered with OpenAI to accelerate productivity with custom enterprise search, giving employees quick access to FAQs, brand guidelines, and internal policies. They were also reported to improve customer service experience by using GPT-4o to help agents answer customer queries.[40] Following a late 2025 application to the Office of the Comptroller of the Currency (OCC), Nubank was granted conditional approval to establish a national banking presence in the US in January 2026.[41]

On March 4, 2026, Nu, and Inter Miami CF announced a multiyear partnership establishing Nu as a Main Partner of Inter Miami CF. It was also announced that Inter Miami CF’s new home stadium at Miami Freedom Park will officially be named Nu Stadium.[42]

Description

[edit]

Among the company's products are NuConta (a digital account), an international credit card, both without fees,[43][44] personal loans, life insurance and investments. The company's differentiating factor is to offer a credit card which is controlled completely through the means of a mobile app. The app allows its users to track transactions in real time, block their respective credit card, apply for a limit raise and contact customer support.

Some of Nubank's investors are Sequoia Capital, Founders Fund,[45] Kaszek Ventures, Tiger Global Management, Goldman Sachs, Berkshire Hathaway, QED Investors and DST Global.

References

[edit]
  1. 1 2 3 4 "Nu Holdings Ltd. 2025 Q4 (Form 6-K)". U.S. Securities and Exchange Commission. 2026-02-25.
  2. 1 2 3 4 "Nu Holdings Ltd. Annual Report (Form 20-F)". U.S. Securities and Exchange Commission. 2026-04-08.
  3. ↑ Nu Holdings (January 3, 2024). "Nu Colombia has received formal approval to operate a financing company in the country". Nu International. Nu Holdings Ltd. Retrieved April 9, 2026.
  4. ↑ Nu Holdings (February 24, 2026). "Nu Mexico's total investments expected to reach US$4.2 billion by 2030 as banking launch approaches". Nu International. Nu Holdings Ltd. Retrieved April 9, 2026.
  5. ↑ "Nubank é o terceiro unicórnio brasileiro" [Nubank is the third Brazilian unicorn]. Estadão (in Brazilian Portuguese). Retrieved 2026-02-09.
  6. 1 2 Kauflin, Jeff. "Shares Of Digital Bank Nubank Rise 15% In IPO, Valuing The Company At $45 Billion And Minting A New Female Billionaire Cofounder". Forbes. Archived from the original on 2021-12-09. Retrieved 2021-12-09.
  7. ↑ Caparroso, José (9 December 2021). "Nubank sale a bolsa como el banco más valioso de América Latina" [Nubank goes public as the most valuable bank in Latin America]. Forbes (in Spanish). Archived from the original on 2021-12-10. Retrieved 2021-12-09.
  8. ↑ Cancel, Daniel. "Nubank's Velez Channels Munger in Race for Long-Term Domination". Bloomberg. Retrieved 2026-05-29.
  9. ↑ Kauflin, Jeff. "How David Vélez Built The World's Most Valuable Digital Bank And Became A Billionaire". Forbes. Retrieved 2026-07-07.
  10. ↑ "Nubank é o terceiro unicórnio brasileiro - Link" [Nubank is the third Brazilian unicorn - Link]. Estadão (in Brazilian Portuguese). Retrieved 2019-05-30.
  11. ↑ Zogbi, Paula. "Nubank levanta R$ 271 milhões em nova rodada de investimentos" [Nubank raises R$ 271 million in new investment round]. www.infomoney.com.br (in Brazilian Portuguese). Retrieved 2019-05-30.
  12. ↑ Lunden, Ingrid (2014-09-25). "Finance Startup Nubank Nabs $14.3M In Sequoia's First Brazil Investment". TechCrunch. Retrieved 2026-07-05.
  13. ↑ Lunden, Ingrid (2015-06-02). "Brazil's Nubank Raises $30M Led By Tiger To Build Out Its Mobile-Based Credit Card Business". TechCrunch. Retrieved 2026-07-05.
  14. ↑ "Nubank prepara programa de milhagem" [Nubank prepares mileage program]. Estadão (in Brazilian Portuguese). Retrieved 2019-05-30.
  15. ↑ Mandl, Carolina. "China's Tencent invests $180 million in Brazil fintech Nubank". U.S. Archived from the original on 2022-12-01. Retrieved 2026-07-05.
  16. ↑ "Nubank lança funções débito e saque para clientes da NuConta" [Nubank launches debit and withdrawal functions for NuConta customers]. Valor Econômico (in Brazilian Portuguese). 2018-12-11. Retrieved 2019-05-30.
  17. ↑ "Nubank quebra recorde mundial e entra para o Guinness World Records" [Nubank breaks world record and enters the Guinness World Records]. EXAME (in Brazilian Portuguese). Retrieved 2019-05-30.
  18. ↑ "Nubank começa a oferecer empréstimo pessoal – Negócios". Tecnoblog (in Brazilian Portuguese). 2019-02-08. Retrieved 2019-05-30.
  19. ↑ "Digital bank Nubank arrived in Mexico". Developerz.software. 2019-05-08. Retrieved 2022-02-18.
  20. ↑ "Com escritório no México, Nubank inicia ofensiva internacional" [With an office in Mexico, Nubank begins international offensive]. G1 (in Brazilian Portuguese). Retrieved 2019-05-30.
  21. ↑ "En busca de ingenieros, Nubank realiza su primera adquisición". Retrieved 2020-01-07.
  22. ↑ "Nubank adquire empresa norte-americana de tecnologia Cognitect". Valor Investe (in Brazilian Portuguese). Retrieved 2020-11-19.
  23. ↑ Mandl, Carolina. "Brazil's Nubank buys Advent-backed broker Easynvest". U.S. Archived from the original on 2023-08-03. Retrieved 2026-07-05.
  24. ↑ Wilson, Tim (2020-11-02). "Nubank Plants a Flag in Colombia - Nearshore Americas". Retrieved 2026-07-05.
  25. ↑ "Nubank Hires Former Amazon Executive as New Chief Technology Officer". Olhar digital. Retrieved 2026-07-05.
  26. ↑ Pooler, Michael; Megaw, Nicholas (2021-12-09). "Nubank hits $41.5bn valuation as it plans growth in Mexico and Colombia". Financial Times. Retrieved 2021-12-09.
  27. ↑ Haverstock, Eliza. "Brazil's Nubank Cofounder Cristina Junqueira No Longer A Billionaire As Nu Holdings Stock Cools". Forbes. Retrieved 2026-07-05.
  28. ↑ "Warren Buffett's Berkshire invests $1 billion in crypto-friendly Nubank - CNBC TV18". CNBCTV18. 2022-02-17. Retrieved 2026-07-05.
  29. ↑ Agarwal, Reshab (2022-02-16). "Warren Buffet invests $1B in bitcoin-friendly Nubank". TechStory. Retrieved 2026-07-05.
  30. ↑ "Brazil's 15 best banks in 2022 - Nubank leads for the fourth time - Forbes Ranking". The Rio Times. 2022-04-14. Retrieved 2026-07-05.
  31. ↑ Agarwal, Reshab (2022-02-16). "on 68". Retrieved 2026-07-05.
  32. ↑ "Nubank lança ferramenta que usa inteligência artificial para personalizar vida financeira dos clientes" (in Brazilian Portuguese). Archived from the original on 2025-02-07. Retrieved 2026-07-05.
  33. ↑ Rubinstein, Leonardo (2023-10-18). "Nubank usará Inteligência Artificial do ChatGPT em seus serviços". BlockTrends - Blockchain Notícias | Investimentos | Economia (in Brazilian Portuguese). Retrieved 2023-10-20.
  34. ↑ "Nubank e ChatGPT? Banco lança ferramenta de IA para uso de crédito no app". TechTudo (in Brazilian Portuguese). 2023-10-18. Retrieved 2023-10-20.
  35. ↑ "Nubank solicita licença para atuar como banco no México". Valor Investe (in Brazilian Portuguese). 2023-10-19. Retrieved 2023-10-20.
  36. ↑ "Nubank (ROXO34) pede licença bancária no México para expandir oferta de produtos no país". Estadão E-Investidor - As principais notícias do mercado financeiro (in Brazilian Portuguese). 2023-10-19. Retrieved 2023-10-20.
  37. ↑ "México: Nubank solicita licença bancária para expandir quantidade de produtos". Estadão (in Brazilian Portuguese). Retrieved 2023-10-20.
  38. ↑ "Nubank libera consignado para aposentados e pensionistas do INSS. Veja". Estadão E-Investidor - As principais notícias do mercado financeiro (in Brazilian Portuguese). 2023-10-24. Retrieved 2023-11-27.
  39. ↑ Sawers, Paul (2024-05-28). "More neobanks are becoming mobile networks — and Nubank wants a piece of the action". TechCrunch. Retrieved 2026-07-05.
  40. ↑ "Nubank elevates customer experiences with OpenAI". openai.com. 2025-03-06. Retrieved 2025-03-10.
  41. ↑ Mary, Brenda (2026-01-30). "Nubank Secures Conditional US Bank Approval to Offer Crypto Custody and Traditional Banking Services". Blockonomi. Retrieved 2026-02-01.
  42. ↑ "The Heartbeat of Miami Comes Alive: Introducing Nu Stadium, Inter Miami CF's New World-Class Home". Inter Miami CF. 2026-03-04. Retrieved 2026-03-04.
  43. ↑ Higa, Paulo. "Nubank finalmente vira um bank • Tecnoblog". Tecnoblog (in Brazilian Portuguese). Retrieved 2026-07-05.
  44. ↑ "Nubank aprimora plataforma digital e cria a NuConta". EXAME (in Brazilian Portuguese). Archived from the original on 2020-03-01. Retrieved 2026-07-05.
  45. ↑ Tagiaroli, Guilherme (2016-01-07). "Nubank passa a valer US$ 500 milhões com nova rodada de investimentos". Giz Brasil (in Brazilian Portuguese). Archived from the original on 2025-08-04. Retrieved 2026-07-05.
[edit]
  • Official website
  • Business data for Nu Holdings Ltd.:
Retrieved from "https://en.wikipedia.org/w/index.php?title=Nubank&oldid=1365020403"