← State of Embedded Finance 2026

Nubank Team

“Can Nubank convert its 131M+ customer base from a low-fee card and banking platform into a high-margin AI-native financial OS spanning credit, investments, insurance, and SME finance across Latin America?”

Founded2013
HQSão Paulo, Brazil
FoundersDavid Vélez, Cristina Junqueira, Edward Wible
Total raised$2.86B+ (IPO) plus $2B+ pre-IPO private rounds
Latest roundPost-IPO Debt
Valuation$40B+ at IPO (December 2021)
IndustryFintech / Neobank
The story

Founded in 2013 as a credit-card challenger with zero fees and a mobile-first UX targeting Brazil's underbanked, Nubank progressively built a full-stack consumer financial platform — adding a digital payment account (NuConta), personal loans, investments (Nu Invest), insurance (Nu Vida via Chubb), and SME banking (Nu Empresas). After its 2021 IPO it shifted focus to monetization depth and geographic expansion (Mexico, Colombia), graduating from card issuer to a full-service digital bank. Its 2026 AI-first strategy — articulated as rebuilding finance 'around AI rather than adding AI on top' — signals a third architectural shift: from product bundling toward AI-native financial orchestration across 131M+ customers.

Last 12 months
2024-06
2026-03
2026-05
2026-05
2026-05
2026-05
Product timeline
2013
Nubank founded in Brazil and launched its first product: a no-fee Mastercard credit card managed entirely via mobile app.· card
2017
Launched NuConta, a digital payment account offering instant transfers (TED/TEF) and 100% CDI yield on balances.· banking
2019
Expanded to Mexico and launched personal loans in Brazil, broadening the credit portfolio.· lending
2020
Launched Nu Vida, a fully digital life insurance product co-created with Chubb, entering the insurance market.· insurance
2021
Dual-listed IPO on NYSE (NU) and B3 at $40B+ valuation, raising $2.86B; also expanded to Colombia.· ipo
2022
Launched Nu Invest (investment brokerage) and NuPay, a native payment method for merchants.· banking
2024
Surpassed 100 million customers across Brazil, Mexico, and Colombia; reached 2 million active insurance policies with Chubb.· banking
2026
Expanded Nu Empresas credit portfolio with Receivables Financing and FGI-PEAC Working Capital for SMEs; launched FinConnect internal global connectivity platform; partnered with PPRO to distribute NuPay globally; partnered with Circle to boost digital dollar access in Brazil.· lending
Regulated entities
Instituição de Pagamento
Brazil (Banco Central do Brasil)
Nu Pagamentos S.A.
Sociedade de Crédito, Financiamento e Investimento (SCFI)
Brazil (Banco Central do Brasil)
Nu Financeira S.A.
Instituição de Pagamento
Brazil (Banco Central do Brasil)
NuPay For Business Instituição de Pagamento LTDA.
Corretora de Valores
Brazil (CVM / Banco Central do Brasil)
Nu Invest Corretora de Valores S.A.
The stack
Payments / PSP
NuPay (self-operated)PPRO (distribution partner for NuPay)
Banking / BaaS
Nu Pagamentos S.A. (in-house)
Card issuing
Nu Pagamentos S.A. (self-issued)
Lending
Personal credit card revolving creditEmpréstimo Pessoal (personal loan)Capital de Giro — SME working capital loanAntecipação de Recebíveis — receivables financingFGI-PEAC Working Capital — BNDES-backed SME credit lineNu Limite Garantido (credit limit backed by guarantee deposit)
Insurance
Chubb
Crypto
Circle
Accounting gap: minor