# Nubank

> Source: https://docs.barcoder.ai/docs/wallets/nubank
> research date 2026-05-29 · extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Nubank — official](https://www.nubank.com.br/)
- [Nubank — Wikipedia](https://en.wikipedia.org/wiki/Nubank)

## Overview

**Nubank** is **Latin America's largest neobank**, operated by **Nu Holdings Ltd** (NYSE: NU) <sup>[1][1], [2][2], [Brazil report](https://docs.barcoder.ai/docs/payments/BR)</sup>. By end of **2025**, Nubank served **131 million total customers** across **Brazil (110M, 60%+ of adult population), Mexico (13M+, 14% of adult population), Colombia (4M+)**. **2025 revenue: $15.8 billion (+37% YoY); net income: $2.9 billion (+45% YoY); total deposits: $41.9 billion (+29% YoY)** — record profitability. Nubank rides on **[Pix](https://docs.barcoder.ai/docs/standards/pix)** Brazilian instant-payment rail + operates as full retail bank across all three markets.

Geographic risk mitigation strategy: **Mexico + Colombia become Nubank's "shield" amid Brazil's risk** — customer base + deposits surge reduces single-country exposure.

## History

**May 2013 — Nubank founded** <sup>[2][2]</sup> by **David Vélez (CEO, Colombian-American)** + **Cristina Junqueira (Brazilian)** + **Edward Wible (American)** in São Paulo.

**2014 — Roxo card (NuConta credit card) launched** <sup>[2][2]</sup>: First product — purple no-fee credit card, distinctive brand.

**2017 — NuConta (digital bank account) launched** <sup>[2][2]</sup>: Full bank account.

**2018 — Mexico expansion** <sup>[2][2]</sup>: First non-Brazil market.

**2020 — Colombia expansion** <sup>[2][2]</sup>: Third market.

**December 2021 — IPO on NYSE (ticker NU)** <sup>[2][2]</sup>: ~$2.6B raised, valued ~$45B at IPO.

**2024-2025 — Continued growth + record profitability** <sup>[3][3]</sup>: 131M customers by end 2025.

**2025 — Revenue $15.8B + net income $2.9B (records)** <sup>[1][1], [5][5]</sup>: Major profitability milestone for a neobank.

## Ownership & operator

**Operating entity**: **Nu Holdings Ltd** (NYSE: NU) — Cayman-incorporated public company.

**Major shareholders**: Berkshire Hathaway (Warren Buffett — $500M investment 2021), Tencent, Sequoia, DST Global, Founders Fund + public float.

**Founders + CEO**: **David Vélez** (CEO, co-founder, Colombian-American Stanford MBA).

**Subsidiaries per market**:
- **Nu Pagamentos S.A.** (Brazil).
- **Nu México Financiera S.A.** (Mexico).
- **Nu Colombia S.A.S.** (Colombia).

**Regulators**:
- **Brazil**: **BCB** (Banco Central do Brasil) — full banking license.
- **Mexico**: **CNBV** (Comisión Nacional Bancaria y de Valores).
- **Colombia**: **Superintendencia Financiera de Colombia**.

## Technical integration

Nubank is **a multi-country digital-bank + wallet on Brazilian Pix instant-payment rail** <sup>[1][1], [pix-cro]</sup>:

| Layer | Description |
|---|---|
| **Channel** | Nubank mobile app (iOS + Android) + Nubank Roxo physical/virtual credit card |
| **Identifiers** | CPF (Brazilian tax ID), email, phone, card number, Pix keys |
| **Brazilian rail** | **[Pix](https://docs.barcoder.ai/docs/standards/pix)** instant payment (Nubank's primary domestic rail) |
| **Card networks** | **Mastercard** (Roxo credit card issuer) |
| **Cross-border** | Limited consumer cross-border; cross-Latin-America via per-country licenses |
| **Crypto** | Bitcoin trading (NuCripto, Brazil) |

## Users & growth

**End 2025** <sup>[1][1], [3][3]</sup>:
- **Total customers**: 131 million
- **Brazil**: 110 million (60%+ of Brazilian adult population)
- **Mexico**: 13+ million (14% of Mexican adult population)
- **Colombia**: 4+ million

**Financial (2025)** <sup>[1][1], [5][5]</sup>:
- **Revenue**: $15.8 billion (+37% YoY)
- **Net income**: $2.9 billion (+45% YoY)
- **Total deposits**: $41.9 billion (+29% YoY)
- **Interest-earning portfolio**: $18.5 billion (+47% YoY)

**Brazil revenue split**: $11.0B BR + $0.8B MX + $0.24B Colombia + other.

## Use cases

**Full retail banking** <sup>[1][1]</sup>: Cardinal — Pix transfers, deposits, savings, credit.

**Roxo no-fee credit card** <sup>[2][2]</sup>: Original product, distinctive purple branding.

**Pix instant transfers** [[pix-cro]]: Dominant Brazilian payment use.

**Personal loans + credit lines (NuConsignado, Nu Crédito Pessoal)** <sup>[2][2]</sup>: Lending products.

**Investments (NuInvest)** <sup>[2][2]</sup>: Brazilian brokerage.

**Bitcoin trading (NuCripto, Brazil)** <sup>[2][2]</sup>: Crypto-asset access.

**Insurance distribution (Nu Vida)** <sup>[2][2]</sup>: Multi-product.

**Banking-as-a-service (Nubank for businesses)** <sup>[2][2]</sup>: SME + corporate accounts.

## Implementations & partners

**Operating entities**: Nu Pagamentos (BR) + Nu México + Nu Colombia.

**Card-network partner**: **Mastercard** (Roxo credit card issuer).

**Cloud infrastructure**: AWS.

**Major LATAM competitors**:
- **Inter** (Brazil), **C6 Bank** (Brazil), **Banco Original** (Brazil).
- **Klar, Hey Banco** (Mexico).
- **Bancolombia + Davivienda** (Colombia incumbent banks).

**Brazilian Pix rail (NPCI of Brazil): Banco Central do Brasil**.

## Fun facts

- **Founded 2013 by David Vélez** (Colombian-American Stanford MBA), Cristina Junqueira, Edward Wible.
- **Roxo (purple) no-fee credit card** — defining brand element; one of LATAM's most-recognized fintech brands.
- **December 2021 NYSE IPO at ~$45B valuation** — at the time, one of the largest LATAM tech IPOs.
- **Berkshire Hathaway $500M pre-IPO investment** — Warren Buffett's vote of confidence.
- **131M customers across BR + MX + CO (end 2025)** — Latin America's largest neobank.
- **60%+ of Brazilian adult population** — substantial domestic dominance.
- **$2.9B net income + $15.8B revenue (2025 records)** — among the most profitable neobanks globally.
- **Mexico + Colombia "shield"** — geographic diversification mitigates Brazil concentration risk.
- **+45% YoY net income (2025)** — high-growth phase.

## Comparison

| Feature | Nubank | [Revolut](https://docs.barcoder.ai/docs/wallets/revolut) | [Monzo](https://docs.barcoder.ai/docs/wallets/monzo) (UK) | [N26](https://docs.barcoder.ai/docs/wallets/n26) (DE) | Inter (BR competitor) |
|---|---|---|---|---|---|
| Operator | **Nu Holdings Ltd (NU)** | Revolut Ltd + bank subsidiaries | Monzo Bank Ltd | N26 GmbH | Inter & Co (INTR) |
| Country footprint | **3 (BR + MX + CO)** | 160+ | UK + US + EU | EU | Brazil (+ US) |
| Customers (2025) | **131M** | 70M+ | 10M+ | 8M+ | 30M+ |
| Annual revenue | **$15.8B** | $6B | n/a | n/a | n/a |
| Annual net income | **$2.9B (record)** | $2.3B pre-tax | Approaching profit | Loss-making | Profitable |
| Banking licenses | **BR + MX + CO** | UK + EU + Mexico | UK | EU | BR |
| Listed | **NYSE (Dec 2021)** | Private ($75B Nov 2025) | Private | Private | B3 + NASDAQ |

## Status

**Active, dominant LATAM neobank** <sup>[1][1], [3][3], [5][5]</sup>:
- **Nu Holdings Ltd operator** (NYSE: NU) since Dec 2021 IPO.
- **131M customers across BR (110M) + MX (13M) + CO (4M)**.
- **$15.8B revenue + $2.9B net income + $41.9B deposits (2025 records)**.
- **+37% YoY revenue + +45% YoY net income** — high-growth + profitable phase.
- **Geographic diversification via MX + CO** mitigates Brazil concentration.

## Sources

[1]: https://www.stocktitan.net/sec-filings/NU/20-f-nu-holdings-ltd-files-annual-report-foreign-issuer-c6bf7bb401dd.html "Nu Holdings 2025 20-F"
[2]: https://en.wikipedia.org/wiki/Nubank "Nubank — Wikipedia"
[3]: https://international.nubank.com.br/100m/nubank-surpasses-100-million-customers/ "Nubank 100M customers — Nu International"
[4]: https://www.pymnts.com/earnings/2026/nubank-profits-jump-as-customer-base-grows-15percent/ "Nubank profits jump — PYMNTS"
[5]: https://www.ainvest.com/news/nubank-drives-40-revenue-growth-q2-2025-digital-expansion-cost-efficiency-2508/ "Nubank 40% Q2 revenue growth — AInvest"
[6]: https://en.clickpetroleoegas.com.br/Mexico-and-Colombia-become-Nubank's-shield-amid-risk.-Brazil:-Increase-in-customers-and-deposits-reduces-exposure.-GLS89/ "Mexico + Colombia shield — CPG"
[br-cro]: https://docs.barcoder.ai/docs/payments/BR
[pix-cro]: https://docs.barcoder.ai/source/standards/pix

- [1] [Nu Holdings 2025 20-F][1]
- [2] [Nubank — Wikipedia][2]
- [3] [Nubank 100M customers][3]
- [4] [Nubank profits jump — PYMNTS][4]
- [5] [Nubank 40% Q2 revenue growth — AInvest][5]
- [6] [Mexico + Colombia shield — CPG][6]
- <sup>[Brazil report](https://docs.barcoder.ai/docs/payments/BR)</sup> In-corpus: `reports/countries/BR-brazil.md`
- [pix-cro] In-corpus: `reports/standards/pix.md`

## Source

Biography extracted from [nubank.md](https://docs.barcoder.ai/source/wallets/nubank). See `matrix.md` for standards-support matrix if present.