Founded in 2013, São Paulo-based Nubank was one of Latin America’s earliest digital banks. The firm rose to unicorn status within four years after launching and went public on the New York Stock Exchange in 2021. Now it’s amassed 65 million customers in Brazil, Mexico, and Colombia and established itself as one of the world’s largest digital banks.
Here’s what fintech builders can take away from its revenue model.
- Nubank's journey began with no-fee credit cards in Brazil
Nubank started out with a singular focus on no-fee credit cards in 2014, which helped the company to build its brand. Despite a low credit card penetration rate in Latin America, Nubank has positioned itself as the top issuer of new credit cards in both Mexico and Colombia and derives a significant portion of its revenue from its credit card business, earning money through interchange fees and interest rates.
- Nubank aims to increase client engagement by building a multi-product platform
The company's goal is to become a multi-product, multi-country platform. Since its credit card launch, the company has diversified and expanded its offerings into crypto, insurance, SME and personal loans. To support its growth efforts, Nubank has leveraged acquisitions to target complementary businesses–including but not limited to EasyInvest, Juntos, Creditas, SpinPay, and Olivia.
More insights are published in our report How Does Nubank Make Money? Nubank’s Revenue Model Explained.
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