NuBank is the largest neobank in the world, with over 90 million customers in Brazil, Mexico and Colombia. Built as an alternative bank without the extortionate fees Brazilian’s regularly faced, NuBank quickly drew a large community of unbanked customers.
Co-founder David Vélez had worked as a partner at Sequoia Capital and co-founder Cristina Junqueira was previously employed by the largest bank in Brazil. In the first few years, NuBank struggled to meet the demand, with a waiting list of over 20 million in 2017 while it only had four million customers.
Demand has not slowed either, with the app becoming the most popular in Brazil, surpassing the regular banks in terms of total customers. Plans to launch in more countries in South America could push NuBank above the 100 million customer mark.
NuBank’s IPO happened in the fourth quarter of 2021, with a valuation of over $40 billion on opening day. Berkshire Hathaway was one of the largest investors in the company before it went public, having funded over $1 billion into the startup.
Since IPO, NuBank has worked on making the business profitable and expanding its portfolio of banking services. With the growth of NuBank and Pix, the government’s instant payments platform, Brazil is fast becoming one of the leading global fintech markets.
We have collected data and statistics on NuBank. Read on below to find out more. Want to dive deeper into mobile banking? Check out our finance app report.
NuBank Key Statistics
- NuBank reported $8 billion revenue in 2023, a 67% year-on-year increase
- It reported annual net income of $1 billion in 2023, its first year of annualized profits
- Over 90 million people use NuBank, over 70 million of those are Brazilians
Finance App Report 2024
Want to learn more about the finance app industry? In our Finance App report, we cover financials, forecasts, usage, downloads, demographics and benchmarking data.
NuBank Overview
| Title | Title 2 |
|---|---|
| Launch date | May 2013 |
| HQ | São Paulo, Brazil |
| People | David Vélez (co-founder, global CEO), Cristina Junqueira (co-founder, Brazil CEO), Edward Wible (co-founder, director technological platforms), |
| Business type | Private |
| Industry | Mobile banking |
NuBank Revenue
NuBank reported $8 billion revenue in 2023, making it the largest neobank in the world by revenue.
NuBank revenue 2016 to 2023 ($mm)
| Year | Revenue ($mm) |
|---|---|
| 2016 | 45 |
| 2017 | 149 |
| 2018 | 323 |
| 2019 | 523 |
| 2020 | 963 |
| 2021 | 1698 |
| 2022 | 4792 |
| 2023 | 8028 |
Sources: Finance App Report, Company data, Crunchbase
NuBank Profit
NuBank reported an annual net income of just over $1 billion. It has dedicated the past 24 months to cost saving measures.
NuBank net income / loss 2016 to 2023 ($mm)
| Year | Net income/loss ($mm) |
|---|---|
| 2016 | -122 |
| 2017 | -177 |
| 2018 | -100 |
| 2019 | -92.5 |
| 2020 | -171 |
| 2021 | -165 |
| 2022 | -364 |
| 2023 | 1030 |
Sources: Finance App Report, Company data
NuBank Users
NuBank had 93 million users in the second quarter of 2023, a 43% increase on 2022 figures.
NuBank users 2016 to 2022 ($mm)
| Year | Users (mm) |
|---|---|
| 2016 | 1.3 |
| 2017 | 4 |
| 2018 | 8 |
| 2019 | 15 |
| 2020 | 30 |
| 2021 | 48 |
| 2022 | 65 |
| 2023 | 93 |
Source: Company data
NuBank Valuation
NuBank reached a valuation of $30 billion before IPO, but its value dropped amid a tech wide selloff. Its valuation has grown consistently since 2022.
NuBank valuation 2018 to 2023 ($bn)
| Year | Valuation ($bn) |
|---|---|
| 2018 | 4 |
| 2019 | 10 |
| 2021 | 30 |
| 2022 | 23 |
| 2023 | 32 |
| 2024 | 72 |
Note: 2023 figure was taken on 25 May. Source: Pitchbook
NuBank vs Competitors: Revenue
NuBank is far ahead of rival neobanks in revenue. Even Cash App, which is the closest, makes most of its revenue from Bitcoin and not from banking services.
Neobank revenue by app 2023 ($mm)
Want to learn more? Check out our Finance App Report
NuBank FAQ
How many new customers does NuBank add a month?
NuBank was adding over two million customers a month in 2023
Where is NuBank available?
NuBank is available in Brazil, Mexico and Colombia
How many NuBank users are in Brazil?
Over 60 million NuBank customers are located in Brazil, which is where NuBank is based
What percentage of NuBank users are under 35?
40% of users are under 35, as of April 2024
How many NuBank users are active on the app?
About 80% of users are considered active, which is to say actively checking their account at least once per week
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