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NuBank succeeded in the high-risk underbanked population of Brazil by identifying it as a significant opportunity that traditional banks had overlooked. Despite the founder's lack of Portuguese language skills and banking knowledge, the company managed to acquire 1.3 million customers by 2016. By 2021, NuBank had over 40 million customers across Latin America, becoming the largest digital-only bank globally.
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The fintech company NuBank saw the "high risk" underbanked population of Brazil as a huge opportunity that Brazil's traditional banks had avoided. It was founded in 2013 by someone who didn't even speak Portuguese and knew very little about banking. By 2016, Nubank had acquired 1.3 million customers and five years later, it has over 40 million customers across all of Latin America and is now the largest digital-only bank in the world.
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