In 2013, David Velez, Cristina Junqueira and Edward Wible founded one of the first Fintechs in the market in Sao Paulo. In 2014 they debuted with a credit card that did not charge annuities or additional fees and whose transactions could be controlled from the cell phone. 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 managed to surpass the barrier of 80 million users in Brazil, becoming the fourth largest bank in that country behind Itaú, Bradesco and Caixa, and the largest digital bank in Latin America. And second quarter results have surprised analysts, with net income of US$224.9 million in the period, well ahead of expectations and a world of difference to the US$29.9 million loss reported in the first half of 2022. The bank had US$18 billion in deposits at the end of the quarter, a growth of 35% over the previous year.

Its growth bet? In Brazil it is developing the payroll loans business, where the bank seeks to take advantage of falling interest rates, the ease of use of its platform and its ability to offer a lower rate than other competitors. At the end of the second quarter, Nubank had a consumer loan portfolio of US$14.8 billion, including both credit cards and personal loans, 48% more than the previous year.