Nu Holdings Ltd.
Company History
Nubank History: Founding, Growth & Key Milestones
Founded 2013 in São Paulo, Brazil
When was Nubank founded?
Nubank was founded in 2013 in São Paulo, Brazil by David Vélez Osorno, Cristina Helena Zingaretti Junqueira and Edward Wible, making it 13 years old.
- Founded
- 2013
- Founding place
- São Paulo, Brazil
- Founders
- David Vélez Osorno, Cristina Helena Zingaretti Junqueira and Edward Wible
- Headquarters today
- Sao Paulo, Brazil
- Milestones documented
- 13 (2013–2026)
- Current CEO
- David Vélez
- Acquisitions
- 4
| Year | Event |
|---|---|
| 2013 | Nubank founded in So Paulo |
| 2014 | Launch of the purple credit card |
| 2017 | Launch of digital account (NuConta) |
| 2019 | Expansion to Mexico |
| 2020 | Launch of NuInvest and expansion to Colombia |
| 2021 | IPO on the New York Stock Exchange |
| 2022 | Acquisition of Olivia AI and first annual profitability path |
| 2023 | First annual net profit and 85 million customers |
| 2024 | Record revenue and 114 million customers |
| 2025 | 131 million customers and ARPAC of $15 |
| 2026 | Conditional US national bank charter |
| 2026 | First $1 billion quarter and Mexican bank launch |
| 2026 | US product launch |
- Where was Nubank founded?
- Nubank was founded in São Paulo, Brazil in 2013.
- Who founded Nubank?
- Nubank was founded by David Vélez Osorno, Cristina Helena Zingaretti Junqueira and Edward Wible.
- When did Nubank start?
- Nubank was founded in 2013.
- How old is Nubank?
- Nubank is 13 years old as of 2026.
Founding Story
David Vélez, a Colombian-born Stanford MBA, moved to São Paulo to scout investments for Sequoia Capital. When Sequoia shelved its Brazil plans, he stayed on and saw how hard it was to open an account, the high card fees and the very high interest rates Brazilians paid. In 2013 he founded Nubank with Cristina Junqueira, a former Itaú credit card executive, and engineer Edward Wible. Seed money came from Sequoia and Kaszek Ventures, and the first product, a no-annual-fee Mastercard managed in an app, launched in 2014.
Founders
David Vélez Osorno
David Vélez was born in Medellín, Colombia, studied engineering and earned an MBA at Stanford, and worked at Morgan Stanley, Goldman Sachs, General Atlantic and Sequoia Capital before founding Nubank in 2013. He has been CEO since founding and also chairs the board of Nu Holdings. He and his wife Mariel Reyes signed the Giving Pledge in 2021.
Cristina Helena Zingaretti Junqueira
Cristina Junqueira co-founded Nubank in 2013 and helped design its early credit card and customer-service model. After the 2021 IPO she became one of Brazil's few self-made female billionaires. She moved to Miami to lead Nu's US business and was named CEO of the US operation, which won conditional OCC approval for a national bank in January 2026 and launched products in September 2026. (Exact birth year remains publicly undisclosed).
Edward Wible
Edward Wible co-founded Nubank in 2013 and served as its first CTO, choosing a cloud-based stack built largely in the Clojure language and the Datomic database. That architecture let Nubank add products and markets without a legacy core banking system. (Exact birth year remains publicly undisclosed).
Key Milestones
Nubank founded in So Paulo
David Vélez, Cristina Junqueira, and Edward Wible founded Nubank in a suburban house in So Paulo, Brazil, with the mission to fight complexity and democratize financial services in Latin America. The company raised its seed round from Sequoia Capital and Kaszek Ventures.
Source: en.wikipedia.orgLaunch of the purple credit card
Nubank launched its first product a no-annual-fee credit card managed entirely through a smartphone app on April 1, 2014. Initial adoption was slow until a viral online review triggered rapid growth and a waitlist strategy that made the purple card an aspirational product.
Source: en.wikipedia.orgLaunch of digital account (NuConta)
Nubank launched its digital account product, allowing customers to receive salaries, make transfers, and pay bills without fees. This product transformed Nubank from a credit card company into a full-service digital bank and significantly increased customer engagement.
Source: en.wikipedia.orgExpansion to Mexico
Nubank launched operations in Mexico, beginning with credit cards and later expanding to digital accounts. Mexico would become the company's second-largest market, reaching 10 million customers by 2024.
Source: en.wikipedia.orgLaunch of NuInvest and expansion to Colombia
Nubank launched NuInvest, a zero-fee brokerage platform for stocks and ETFs, and expanded operations to Colombia with the Cuenta Nu digital account. The company also reached 30 million customers globally.
Source: en.wikipedia.orgIPO on the New York Stock Exchange
Nubank completed its IPO on December 9, 2021, raising $2.6 billion at $9 per share and achieving a valuation of approximately $41-45 billion. The IPO made co-founder Cristina Junqueira one of only two self-made female billionaires in Brazil. The company had 48 million customers at the time of IPO.
Source: en.wikipedia.orgAcquisition of Olivia AI and first annual profitability path
Nubank acquired Olivia AI, an American startup providing AI-powered financial management services, to strengthen its data and personalization capabilities. The company also reduced losses significantly as it moved toward profitability.
Source: en.wikipedia.orgFirst annual net profit and 85 million customers
Nubank reported its first annual net profit of $1.03 billion in FY2023, with revenue of $8.03 billion. The company reached 85 million customers and demonstrated that its digital-only model could generate sustainable profitability.
Source: en.wikipedia.orgRecord revenue and 114 million customers
Nubank reported FY2024 revenue of $11.52 billion and net income of $1.97 billion, crossed 100 million customers in May 2024, acquired AI startup Hyperplane, and invested $150 million in South Africa's Tyme Group as part of its $250 million Series D.
Source: sec.gov131 million customers and ARPAC of $15
Nubank added about 17 million customers in 2025, ending the year with 131 million, while quarterly ARPAC reached about $15. FY2025 IFRS revenue was $15.77 billion and net income was $2.87 billion.
Source: nasdaq.comConditional US national bank charter
In January 2026, the US Office of the Comptroller of the Currency granted Nu conditional approval to establish a national bank, with Cristina Junqueira leading the US business.
Source: secure.businesswire.comFirst $1 billion quarter and Mexican bank launch
Nu reported Q2 2026 net income of $1.061 billion on gross revenue of $5.88 billion and 139 million customers. In August 2026 it launched its bank in Mexico with 16 million customers.
Source: businesswire.comUS product launch
On September 10, 2026, Nubank launched US products in Miami, including a credit card, high-yield savings and remittances, through sponsor bank Lead Bank while its own charter is pending.
Source: bankingdive.comMajor Acquisitions
Olivia AI
2022Nubank acquired Olivia AI, an American startup providing AI-powered financial management services, to strengthen its data analytics and personalization capabilities. The acquisition supported the development of the NuX Credit Engine and customer-facing AI features.
Hyperplane
2024Nubank acquired Hyperplane, an AI infrastructure company, to accelerate its 'Act Three' strategy of AI-driven banking. The acquisition provided advanced machine learning infrastructure and talent for scaling the NuX Credit Engine and developing new AI-powered products.
Spin Pay
2021Nubank acquired Spin Pay, a Brazilian instant payments platform, to facilitate integration with Pix Brazil's government instant payment system and strengthen its payments infrastructure.
Easynvest
2020Nubank acquired Easynvest, a Brazilian online stock trading app, to create NuInvest the company's zero-fee brokerage platform for stocks, ETFs, and fixed income products.
Keep researching Nubank
Nubank Company History FAQ
What was Warren Buffett's Berkshire Hathaway investment in Nubank in 2021?
In June 2021, Warren Buffett's Berkshire Hathaway invested $500 million in Nubank's Series G extension round (and purchased an additional $250 million in Nubank's NYSE IPO), providing a large institutional endorsement of Nubank's digital banking model.
What inspired David Vélez to create Nubank in São Paulo in 2013?
In 2012, Colombian venture capitalist David Vélez spent four frustrating months attempting to open a basic checking account in São Paulo, forced to endure bulletproof security doors, armed guards, unhelpful staff, and exorbitant fees. Recognizing that Brazil's top five banks controlled over 80% of all banking assets and charged world-record interest rates, Vélez partnered with Cristina Junqueira and Edward Wible to create a customer-first digital alternative.
How did Nubank's iconic purple no-fee credit card disrupt the Brazilian financial system in 2014?
Nubank launched its flagship purple Mastercard credit card in 2014 with zero annual fees, an intuitive mobile app, and instant customer service. Because Brazilian banks charged hefty annual maintenance fees, Nubank went viral via word-of-mouth, building an organic waiting list of over 1 million Brazilians within its first two years.
What was the significance of launching the NuConta digital savings account in 2017?
In 2017, Nubank introduced NuConta, a free digital savings account that automatically yielded 100% of the CDI benchmark interest rate from day one. NuConta allowed millions of unbanked and underbanked Brazilians to receive salaries, make free electronic transfers, and avoid exploitative bank maintenance charges.
How did Nubank expand internationally into Mexico and Colombia?
Leveraging its technological architecture and brand equity, Nubank launched "Nu México" in 2019 and "Nu Colombia" in 2020. Offering localized zero-fee credit cards and high-yield savings accounts ("Cuenta Nu"), Nubank rapidly captured millions of digital accounts, becoming the leading digital financial institution across Spanish-speaking Latin America.
When did Nubank complete its landmark NYSE IPO and what was its market valuation?
Nubank completed its initial public offering on the New York Stock Exchange (ticker: NU) on December 9, 2021, raising $2.6 billion at a $41 billion valuation, briefly surpassing Itaú Unibanco to become the most valuable financial institution in Latin America.
How did Nubank reach the historic milestone of 100 million customers in 2024?
In May 2024, Nubank surpassed 100 million active customers across Brazil, Mexico, and Colombia, serving over 56% of Brazil's adult population. This cemented Nubank as the largest digital banking platform outside of China and demonstrated the massive scalability of product-led financial inclusion.
How did Nubank evolve from a monoline credit card issuer to a multi-product financial ecosystem?
Between 2018 and 2024, Nubank expanded its platform from credit cards into unsecured personal loans, payroll loans (crédito consignado), micro-business banking (PJ accounts), digital insurance (NuSeguros), investments (NuInvest), and cryptocurrency trading (NuCripto).
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