NuBank is the largest neobank in the world, with over 65 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 adding 15 million new customers in 2020 and 13 million new customers in the first nine months of 2021. It plans to launch in more South American countries in the next few months, which could see NuBank’s total customers rise to over 100 million within the next five years.
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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.
The past year has been difficult for neobanks all across the world, but NuBank has continued to improve revenue and usage, while reducing losses. It is expected to report a net profit in 2023, and may expand outside of South America in the next few years.
We have collected data and statistics on NuBank. Read on below to find out more.
NuBank key statistics
- NuBank reported $4.8 billion revenue in 2022, a 182% year-on-year increase
- It reported a net loss of $9.1 million in 2022, far lower than the $165 million the previous year
- Over 65 million people use NuBank, over 40 million of those are Brazilians
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 $4.79 billion revenue in 2022, the largest annual percentage increase NuBank has posted since 2016.
NuBank annual revenue 2016 to 2022 ($mm)
| Year | Revenue ($mm) |
|---|---|
| 2016 | 45 |
| 2017 | 149 |
| 2018 | 323 |
| 2019 | 523 |
| 2020 | 963 |
| 2021 | 1698 |
| 2022 | 4792 |
Sources: Company data, Crunchbase
NuBank profit
NuBank reported an annual net loss of $9.1 million, an impressive turnaround for the company which posted a $165 million loss the year before.
NuBank annual net loss 2016 to 2022 ($mm)
| Year | Net income/loss ($mm) |
|---|---|
| 2016 | -122 |
| 2017 | -177 |
| 2018 | -100 |
| 2019 | -92.5 |
| 2020 | -171 |
| 2021 | -165 |
| 2022 | -9.1 |
Source: Company data
NuBank users
NuBank had 65 million users in the second quarter of 2022, a 35% increase on 2021 figures.
NuBank annual users 2016 to 2022 ($mm)
| Year | Users (mm) |
|---|---|
| 2016 | 1.3 |
| 2017 | 4 |
| 2018 | 8 |
| 2019 | 15 |
| 2020 | 30 |
| 2021 | 48 |
| 2022 | 65 |
Source: Company data
NuBank valuation
NuBank reached a valuation of $30 billion before IPO, but has since dropped to $23 billion amid a wider tech stock selloff.
NuBank valuation 2018 to 2023 ($bn)
| Year | Valuation ($bn) |
|---|---|
| 2018 | 4 |
| 2019 | 10 |
| 2021 | 30 |
| 2022 | 23 |
| 2023 | 32 |
Note: 2023 figure was taken on 25 May. Source: Pitchbook
NuBank vs competitors: revenue
Want to learn more? Read our mobile banking sector profile
NuBank FAQ
How many new customers does NuBank add a month?
As of the third quarter of 2021, NuBank was adding 2.1 million customers a month
Where is NuBank available?
NuBank is available in Brazil, Mexico and Colombia
How many NuBank users are in Brazil?
Over 35 million NuBank customers are located in Brazil, which is where NuBank is based
What percentage of NuBank users are under 35?
70% of users are under 35, as of April 2021
How many NuBank users are active on the app?
About 80% of users are considered active, which is higher than in 2021 when only 72% of users were active
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