Nubank Explained: Brazil's Digital Bank, Customer Base and Global Expansion
Nubank is a branchless digital bank headquartered in São Paulo and listed through Nu Holdings. By June 2026 it had 138.9 million customers across Brazil, Mexico and Colombia, and in the second quarter of 2026 it posted its first quarterly profit above US$1 billion. Its founders started the company in 2013, and it now also operates in the United States.
Nubank began in São Paulo in May 2013, founded by David Vélez, Cristina Junqueira and Edward Wible. Its first product was a credit card without an annual fee, managed through a mobile app, aimed at a market then accustomed to branches and fees. The company now provides accounts, cards, loans, insurance and investments, and also serves small businesses.
By June 2026, it reported 138.9 million customers: nearly 118 million in Brazil, 15.8 million in Mexico and more than 5 million in Colombia. In Q2 2026, lending contributed 41% of gross profit, fees 25% and float 34%. It reports in US dollars while earning most income in Brazilian reais.
Nubank’s branchless model may widen access to basic financial services for people in Brazil, Mexico and Colombia who find traditional banks costly or distant. Its growth could push incumbents to lower fees and improve digital tools. Small businesses and lower-income users may gain easier credit, though rapid lending expansion could raise concerns about debt burdens if borrowers overextend. Investors and regulators may monitor profitability, licensing and cross-border expansion.