Nubank: The World’s Biggest Digital Bank

Brazilian Fintech Giant and its Ambitions in Latin America

My name is Mikal — I’m an early-stage tech investor and I was born in Asia, grew up in Africa and now live in the US. Every week I break down a fast-growing business in an emerging market to understand its product, market and growth strategy.

This week I’m breaking down Brazilian fintech giant Nubank. This piece was originally published here.

In emerging markets today a large minority or majority of citizens don’t have a bank account, don’t have a debit card, don’t have life insurance and much more. This pattern is a common feature in countries from Latin America to Africa and Asia. However, in recent years a wave of digital banks (banks with no physical locations that are accessed purely through the internet) have been founded hoping to solve this very problem. The largest and most successful digital bank in an emerging market today is Brazil’s Nubank.

Nubank is a digital bank offering its customers digital accounts, credit and debit cards, life insurance and more. Nubank was founded in 2013 and since then has grown to reach massive scale:

• 35 million customers
• Available in Brazil, Mexico and Colombia
• $5 billion in customer…