Nubank Strengthens Its Leadership Across Brazil, Becoming the Primary Financial Institution for 31.5 Million People
Nubank has reinforced its position as one of the world’s leading digital financial services platforms, with new research highlighting the company’s growing influence across Brazil’s banking landscape. According to findings from the latest Data Nubank report, the digital bank emerged as the leading primary financial institution across the country during the fourth quarter of 2025, demonstrating how digital banking continues to reshape financial services and expand access for millions of Brazilians.
The study, which incorporates research conducted by NPS Prism by Bain & Company, illustrates Nubank’s remarkable reach throughout Brazil. Millions of customers now rely on the platform as their primary banking provider, using it to receive salaries, make payments, access credit, manage savings, and utilize a wide range of financial products. The report further underscores Nubank’s contribution to financial inclusion, particularly in regions where traditional banking infrastructure has historically been limited.
A Nationwide Presence Across Brazil
The eighth edition of the Data Nubank report, titled “From North to South: Nubank’s Presence and Impact Across Brazil,” presents a comprehensive overview of the company’s footprint throughout the country. Rather than focusing solely on customer growth, the report evaluates Nubank’s broader economic and social influence by examining indicators such as bancarization, primary banking relationships, regional credit participation, and contributions to local economies.
One of the study’s most notable findings is Nubank’s dominance as the preferred primary financial institution in every region of Brazil. During the final quarter of 2025, approximately 30% of the population in 17 Brazilian states selected Nubank as their main banking partner.
This milestone reflects a significant shift in consumer behavior. Instead of maintaining digital accounts merely as secondary banking options, millions of Brazilians now depend on Nubank for their everyday financial activities, including salary deposits, bill payments, transfers, investments, and borrowing.
The data demonstrates that Nubank has successfully transitioned from being viewed as an innovative fintech challenger to becoming a central pillar of Brazil’s modern financial system.
Strongest Growth in Northern and Northeastern Brazil
The report identifies Brazil’s North and Northeast as the regions where Nubank’s adoption has been particularly impressive.
In the North, the company achieved a primary institution incidence of 34%, meaning that more than one in every three residents identified Nubank as their principal financial institution.
Similarly, the Northeast recorded a primary incidence rate of 31%, reflecting widespread adoption of the digital banking platform throughout the region.
These figures are especially meaningful because both regions have historically faced lower levels of banking penetration and fewer physical financial institutions than wealthier parts of the country. Nubank’s digital-first model has enabled residents to access banking services without depending on traditional branch networks.
Even in states where Nubank recorded comparatively lower primary institution rates, the platform maintained a substantial presence. Every state included in the report registered at least 23% primary institution incidence, indicating that nearly one in four residents relied primarily on Nubank for managing their finances.
Such consistency across Brazil’s diverse regions highlights the company’s ability to serve customers regardless of geography or local banking infrastructure.
Reaching 31.5 Million Brazilians
Another key milestone highlighted in the report is Nubank’s expanding customer base.
According to Data Nubank, the company has now banked 31.5 million people across Brazil.
This figure represents nearly one-fifth of the country’s adult population, illustrating the scale at which Nubank has grown since its launch.
In more than 15 Brazilian states, customers banked by Nubank account for over 20% of the total population, emphasizing the company’s widespread adoption throughout the nation.
The achievement reflects years of investment in user-friendly digital banking experiences, transparent pricing, and customer-centric financial products that have appealed to consumers seeking alternatives to traditional banking institutions.
As Nubank continues expanding its portfolio—including checking accounts, savings products, credit cards, loans, insurance, investments, and business banking—it has become increasingly integrated into the daily financial lives of millions of households.
Leadership Reflects a Changing Financial Landscape
David Vélez, Founder and Global CEO of Nubank, said the latest findings demonstrate how dramatically Brazil’s financial ecosystem has evolved since the company’s establishment.
He explained that Nubank was created with the goal of transforming a banking system that often excluded large portions of the population from accessing affordable financial services.
According to Vélez, becoming the preferred financial institution for millions of Brazilians across every region validates the company’s original mission of democratizing banking.
He noted that this milestone encourages Nubank to continue deepening its relationship with customers by developing products and services that challenge traditional banking practices and improve financial experiences for consumers.
His comments reflect Nubank’s long-standing strategy of leveraging technology to reduce bureaucracy, simplify financial management, and eliminate many of the fees historically associated with banking in Brazil.
Advancing Financial Inclusion
Beyond customer growth, the report emphasizes Nubank’s broader contribution to financial inclusion.
Eduardo Lopes, Director of Public Policy at Nubank, noted that the findings reveal more than simply geographic expansion.
Instead, they demonstrate how digital banking models are helping reduce longstanding inequalities in access to financial services.
According to Lopes, areas that historically experienced limited access to traditional banking have seen faster progress toward financial inclusion through digital platforms like Nubank.
This trend highlights the growing importance of technology-driven financial services in creating a more inclusive banking ecosystem, particularly in regions where physical bank infrastructure remains sparse.
Addressing Brazil’s Banking Deserts
One of the report’s most compelling findings concerns Nubank’s role in municipalities classified as “banking deserts.”
These communities lack physical bank branches, making access to traditional financial services significantly more challenging.
The report indicates that nearly half of all Brazilian municipalities currently fall into this category.
Certain states—including Paraíba, Piauí, and Tocantins—face particularly limited physical banking infrastructure, with more than 80% of municipalities lacking traditional bank branches.
For residents living in these areas, digital financial platforms have become essential rather than optional.
Without the need to travel long distances to visit bank offices, customers can open accounts, transfer money, apply for credit, make payments, invest, and manage finances entirely through mobile devices.
The research found a strong relationship between the absence of physical banking infrastructure and Nubank’s growing prominence.
States with higher percentages of municipalities lacking bank branches also tended to report higher primary institution incidence for Nubank.
This correlation illustrates how digital banking can effectively bridge infrastructure gaps by delivering financial services wherever internet connectivity is available.
Expanding Access in Underserved Markets
The report also identifies a noteworthy relationship between regional income levels and Nubank’s customer reach.
Data Nubank reveals an inverse correlation between GDP per capita and the percentage of adults banked by the institution.
In practical terms, this means Nubank has achieved particularly strong penetration in lower-income states.
Historically, these regions have often received less attention from conventional financial institutions due to lower profitability and limited branch networks.
By eliminating many of the costs associated with physical banking infrastructure, Nubank has been able to extend services to customers who previously faced significant barriers to financial access.
This expansion has enabled millions of individuals to participate more fully in Brazil’s formal financial system, gaining access to digital payments, savings tools, credit products, and financial management resources.
Growing Influence in Regional Credit Markets
Credit availability represents another area where Nubank has established an increasingly important role.
The report highlights the company’s expanding contribution to regional lending markets, particularly in Brazil’s Northeast.
During 2025, Nubank’s credit portfolio represented 6.8% of the Northeast’s GDP, underscoring the company’s significance in financing households and supporting economic activity.
In at least one state within the region, Nubank’s credit participation exceeded 8% of GDP, reflecting particularly strong demand for its lending products.
These figures demonstrate how digital banking institutions have evolved beyond offering basic transactional services.
Today, they also serve as major providers of consumer credit, enabling individuals and small businesses to finance purchases, manage expenses, and invest in future opportunities.
The report further notes that regions with higher levels of Nubank primary institution incidence also tended to exhibit greater shares of GDP represented by Nubank’s credit portfolio.
This relationship suggests that stronger customer engagement naturally translates into broader utilization of lending products and deeper participation in regional economies.
Delivering Savings to Consumers
One of the report’s most significant consumer benefits involves the financial savings generated through Nubank’s pricing model.
According to Data Nubank, customers collectively saved approximately R$134.7 billion in fees and annual banking charges through 2025.
These savings represent funds that consumers did not have to spend on maintenance fees, service charges, or annual costs commonly associated with traditional banking products.
Instead, these resources remained available for household spending, savings, investments, education, or other personal financial priorities.
The magnitude of these savings illustrates how digital banking competition has helped reshape Brazil’s financial services industry by placing greater emphasis on affordability and transparency.
Reduced banking costs not only improve individual financial well-being but also increase disposable income throughout the broader economy.
Technology Continues to Reshape Brazilian Banking
Nubank’s continued expansion reflects broader trends transforming financial services worldwide.
Consumers increasingly expect convenient mobile experiences, rapid digital onboarding, transparent pricing, and seamless access to financial products.
Digital-first institutions have responded by leveraging cloud technology, automation, artificial intelligence, and data analytics to streamline operations while improving customer experiences.
As smartphone adoption continues to expand throughout Brazil, digital banking platforms are well positioned to reach populations that traditional branch networks have struggled to serve economically.
This transformation is particularly impactful in geographically dispersed countries like Brazil, where vast distances and uneven infrastructure have historically complicated access to banking services.
The latest Data Nubank report paints a picture of a financial institution that has evolved far beyond its origins as a fintech startup.
With 31.5 million people now relying on Nubank as their banking provider and approximately 30% primary institution incidence across numerous Brazilian states, the company has become an integral part of the country’s financial ecosystem.
Its success extends beyond customer acquisition, encompassing meaningful contributions to financial inclusion, expanded access to credit, reduced banking costs, and improved financial accessibility for underserved communities.
The report also reinforces the growing role digital financial institutions can play in addressing longstanding structural challenges, particularly in regions with limited physical banking infrastructure.
As Nubank continues expanding its products, investing in technology, and strengthening relationships with customers across Brazil, its influence is likely to remain a defining force in the country’s ongoing digital banking transformation. The latest findings suggest that the future of Brazilian banking will increasingly be shaped by technology-driven institutions capable of delivering accessible, affordable, and customer-focused financial services on a nationwide scale.
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