Brazil’s digital challenger Nubank has now crossed a mark of 112 million customers, becoming the largest private financial institution in the country’s financial landscape and the most popular fintech in LatAm.
Illustrating a dramatic shift from traditional banking dominance to digital experiences in emerging economies, Nubank’s rapid growth has brought it into the top spot among private financial institutions in Brazil — a remarkable achievement for a company founded just over a decade ago.
According to the latest data from the Central Bank of Brazil, Nubank now stands above long-established names like Bradesco and Itaú Unibanco in total customer count. Only Caixa Econômica Federal, a state-owned bank with about 158 million customers, remains ahead overall.
Nubank’s ascent to 112 million customers is symbolic display of a transformation of the ways Brazilians interact with financial services. Many traditional banks that once dominated the country through physical branches and legacy systems are now pacing behind a digital first competitor that has grown exponentially by focusing on simplicity, transparency, and low costs.
In the latest customer ranking, Bradesco, a century-old Brazilian banking institution, trails with about 110.5 million, followed by Itaú Unibanco with around 100.3 million, and Banco do Brasil with roughly 81.9 million clients. Nubank’s customer surge underscores how digital disruption has entered the mainstream in the country.
Furthermore, Nubank isn’t transforming banking in Brazil alone. It’s one of the most notable fintech players across all of Latin America. The institution managed to reach its first major customer milestone of 1 million users in Brazil in just two years. Before crossing the 112 million mark, the company had rapidly expanded from about 90 million customers in 2023 across Brazil, Mexico, and Colombia to well over 100 million by early 2025.
Compared with peers in the region, such as PicPay’s roughly 40 million users or Mercado Pago’s large but payments-centric base, Nubank’s scale and breadth of services give it a standout position, reshaping expectations for financial services in Latin America.
Nubank’s success stems from a strategy that resonates with everyday users:
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Digital-first convenience: No branches, mobile-only access, and straightforward account management make banking frictionless.
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Transparent pricing: Simple, competitive rates with minimal fees help build trust, especially among consumers tired of opaque banking costs.
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Wide product suite: Beyond basic accounts and credit cards, Nubank offers loans, investments, insurance, and rewards, deepening customer engagement.
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Broad accessibility: Nubank’s app has brought many previously unbanked or underserved consumers into the financial system, a factor that has fueled rapid uptake — particularly among younger users and small businesses.
“More than growing in numbers, our focus is to have a meaningful presence in people’s financial lives. Our base of more than 112 million customers is the result of continuous work to offer products that make sense in everyday life, supported by human customer service and technology that removes daily complexity.”
Livia Chanes, CEO of Nubank Brazil
Customers do not simply sign up for Nu’s services, 85% of its customer base in Brazil remain active monthly. Besides, they spend more and more with the institution. Thus, Nubank’s average revenue per active customer (ARPAC) reached its highest historical level in the third quarter of 2025. Industry recognition and customer feedback reflect strong public loyalty to the already established brand. Meanwhile, awards from prestigious publications and high usage and activity rates showcase how many Brazilians now rely on Nubank as their primary financial hub.
