Nubank was founded in 2013 by Colombian
David Vélez, Brazilian
Cristina Junqueira and American Edward Wible. The first transaction with a Nubank card was made on April 1, 2014. Four years later, Nubank became a
unicorn startup with its valuation of US$1 billion. In the company's first two years of existence, it raised 600 million
Brazilian reais. In September 2014, Nubank raised $14.3 million from
Sequoia Capital, along with Kaszek Ventures and
Nicolas Berggruen. Nubank launched its first financial product, an international
Mastercard credit card without annual fees that can be completely managed through a
mobile app, and then in June 2015, Nubank led a series B round of investment with
Tiger Global Management, along with existing backers Sequoia Capital, Kaszek Ventures and QED Investors. In 2017, Nubank launched its loyalty program, Nubank Rewards. The program's points (which never expire) can be redeemed for a product catalogue or discounts on services, travel and entertainment. Customers can try the program for free for 30 days, after which they will be charged a fee in order to further use it. In the same year, it also launched its digital account, NuConta. In October 2018,
Tencent bought a minority stake of Nubank worth $180 million ($90 million in capital increase, $90 million in shares). In late 2018, it began offering payments through debit. In 2018, after launching its new credit card design, Nubank was featured in the
Guinness Book of Records for making the world's largest
unboxing. In early 2019, the fintech started testing personal loans with a few of its digital account users. In May 2019, the company announced it would begin operations in Mexico through a subsidiary called Nu. This was the first time Nubank offered its services and products outside of Brazil. In January 2020, Nubank made its first acquisition with the purchase of Plataformatec, a company that specialized in software engineering and agile methodologies. In July of the same year, the company also acquired Cognitect, responsible for
Datomic and the
Clojure programming language. In September 2020, Nubank acquired Easynvest, an investment broker also from Brazil, for an undisclosed amount. In November 2020, Nubank announced that the company would begin operations in
Colombia. In April 2021, Edward Wible, who was
CTO of the company for eight years, left his position "to contribute more directly to the construction of the systems and infrastructure of the company" as the Director of Technological Platforms. The bank completed an
IPO in December 2021. After the IPO, Nubank's cofounder
Cristina Junqueira became the second woman in Brazil to reach the self-made billionaire status, since she held 2.9% stake of company stock ($1.3 billion). Before and after the IPO,
Berkshire Hathaway invested a total of $1 billion in Nubank stock. In 2022,
Forbes ranked Nubank #1 out of the fifteen best Brazilian banks. In October 2023, it was announced that the bank would use
generative artificial intelligence to offer credit to customers. It was announced that the
AI would function as a virtual assistant that would also give tips on how to use a credit card. It was developed using
OpenAI's
GPT-4 and other bank intelligence systems. Also in October 2023, the bank announced that it had requested, through its subsidiary Nu México, a license to operate as a bank in Mexico, with the aim of increasing its portfolio in the country. It also began the gradual offer of payroll loans for INSS retirees and pensioners. In May 2024, Nubank announced their own travel
eSIM in partnership with
Gigs. In March 2025, Nubank partnered with OpenAI to accelerate productivity with custom enterprise search, giving employees quick access to FAQs, brand guidelines, and internal policies. They were also reported to improve customer service experience by using GPT-4o to help agents answer customer queries. Following a late 2025 application to the
Office of the Comptroller of the Currency (OCC), Nubank was granted conditional approval to establish a national banking presence in the US in January 2026. On March 4, 2026, Nu, and
Inter Miami CF announced a multiyear partnership establishing Nu as a Main Partner of Inter Miami CF. It was also announced that Inter Miami CF’s new home stadium at
Miami Freedom Park will officially be named
Nu Stadium. ==Description==