In 2013, David Velez, Cristina Junqueira, and Edward Wible founded one of the first fintech companies in the market in São Paulo. In 2014, they launched a credit card that charged no annual fees or additional fees and allowed users to manage their transactions from their cell phones. In the following years, they added digital accounts, personal loans, and other financial services, while expanding into Mexico, Argentina, and Colombia.

Ten years later, Nubank has surpassed the 80-million-user mark in Brazil, becoming the country’s fourth-largest bank behind Itaú, Bradesco, and Caixa, and the largest digital bank in Latin America. And its second-quarter results have surprised analysts, with net income of US$224.9 million for the period—well above expectations and a world of difference from the US$29.9 million loss reported in the first half of 2022. At the end of the quarter, the bank held US$18,000 million in deposits, a 35% increase from the previous year.

Its growth strategy? In Brazil, it lies in expanding its payroll loan business, where the bank aims to capitalize on falling interest rates, the ease of use of its platform, and its ability to offer lower rates than its competitors. At the end of the second quarter, Nubank had a consumer credit portfolio of US$14.8 billion, including both credit cards and personal loans—a 48% increase from the previous year.