Approximately 29 million customers gained access to their first-ever credit card through Nubank

Nubank has redefined access to credit in Latin America, driven by a strategy that combines proprietary technology, data from a base of nearly 123 million customers, and a focus on resilience for both the company and its users. According to recent company data, approximately 29 million customers gained access to their first-ever credit card through Nu.

Nubank was founded as a credit-focused institution, offering a no-fee, digitally managed credit card, in 2014. Today, the company still defines itself as “credit-first,” but its portfolio has become far more extensive — ranging from cards for various income segments to secured and unsecured loans, and expanding into new countries with recent launches like personal loan products in Colombia.

The advancement of Nubank, which ranks first in the number of customers with credit products in Brazil, is driving a broader transformation in the Latin American landscape. According to a report from the International Monetary Fund (IMF), Brazilian bank credit grew by 11.5% in 2024, even with the Selic rate at 15%, boosted by greater financial inclusion and the role of fintechs. The IMF highlights that these innovations not only expand access but also foster competition and efficiency in the financial system, thereby modernizing the market and reducing costs for the customer.

Diversification

Nubank’s portfolio expansion has also led to an increasing balance in its revenue streams. Emilia Lopez, Global GM of Credit Cards and Collections, said that six years ago, credit cards were the company’s sole source of credit revenue. In the second quarter of 2025, it accounted for 67%. “This doesn’t mean the credit card business isn’t growing. In fact, we are growing about 24% year-over-year (YoY) FXN*,” she added.

Meanwhile, in just one year, the share of personal loans in the institution’s total credit portfolio has evolved from 25% to approximately one-third today, reports Jessica Paul, Global GM of Lending. This progress was mainly driven by secured loans, which registered a 200% YoY FXN* increase, while unsecured loans grew by about 70% YoY FXN*.

“The expansion of our product portfolio, both in cards and loans, also brings a lot of resilience to the portfolio. This is because secured products tend to have a much lower risk, making them safer for both Nubank and the customers,” emphasizes Paul.

In total, the institution has over 20 million active contracts in the lending segment. “We believe there is a huge path ahead as we continue to evolve the product, expand our offerings, and make the experience even better for our customers.”

Sustainable growth and global products

One of the cornerstones of Nubank’s credit-granting philosophy is what the company calls “low and grow,” which involves gradually increasing a customer’s card limit based on their engagement and ability to pay.

Lopez emphasized that the strategy is adapted to different income segments, ensuring each customer’s initial limit corresponds to their financial reality. She added that Nubank continues to refine its models for product innovation across all income levels, from the Ultravioleta card, for the high income segment, to the “limit-building” card for those starting or rebuilding their financial history.

Nubank’s international expansion is guided by a global credit platform that adapts to the specifics of each market. “Our credit philosophy doesn’t change, but we need to adapt our products to the regulatory requirements and consumer behavior in each market,” Jessica explained. One example is Nu Control, which officially launched in October 2025, a Colombian product that works within the local interest rate cap, expanding access to credit. Emilia concluded that this solution serves as a model: “Now we have a product that we can take to other countries that also have an interest rate ceiling.”