Build story · Brazil · 2013–2024
Nubank: a purple card against Brazil's big banks
Nubank launched a no-fee credit card managed entirely by app in a market dominated by a few expensive banks. It grew to about 100 million customers and became one of the world's largest digital banks.
By Shivam Bhandari · Reviewed 31 October 2026 · How we write
by the numbers
- Founded
- 2013
- Card launch
- 2014, no annual fee
- IPO valuation (2021)
- about $41 billion
- Customers (2024)
- about 100 million
What happened
Colombian investor David Vélez was frustrated by Brazilian banks' long queues, fees, and high interest rates. A handful of big banks dominated the market. He co-founded Nubank in São Paulo in 2013 with Cristina Junqueira and Edward Wible.
In 2014 Nubank launched a purple credit card with no annual fee, managed entirely through an app with clear information and responsive customer service. Customers invited friends, and the waiting list grew rapidly. It later added a digital account, loans, investments, and insurance, and expanded to Mexico and Colombia.
Nubank listed on the NYSE in December 2021 at a valuation of about $41 billion. It became profitable and passed about 100 million customers in 2024.
Timeline
- 2013
Founded in São Paulo.
- 2014
Credit card launches.
- 2017
Digital account launches.
- 2021
NYSE IPO.
what made it work
- Attacked high fees and poor service in a concentrated market.
- App-first design with transparency.
- Referral-led growth with low acquisition costs.
the lesson
Concentrated markets with high fees and poor service are ripe for a simpler, cheaper, friendlier challenger.
Apply it to your business
- 1Find industries customers dislike dealing with.
- 2Make pricing transparent and fees low.
- 3Let delighted customers do your marketing.
Laws at work in this story
Figures are rounded and drawn from public reports, company filings and widely cited coverage at the time. Check the company's latest filings before relying on any number.