Podcast consensus

Points of consensus

▶Multiple sources confirm Nubank has surpassed 100 million total customers, with several specifying 91 million are monthly active users, indicating high engagement.Apr 2026

▶Nubank is recognized for its extreme operational efficiency, operating with significantly fewer employees (6,000) for its 100 million customers compared to traditional Brazilian banks (100,000).Apr 2026

▶The company has achieved exceptionally high customer satisfaction, evidenced by Net Promoter Scores (NPS) of 90 for its initial credit card in Brazil and 94 in Mexico.Apr 2026

▶Experts view Nubank as a leading, high-performance fintech company, citing it as an indicator of an AI-driven fintech revival and a public market stock pick.Apr 2026

Points of debate

▶There is a minor discrepancy in the total customer count, with most sources citing 100 million customers while one claims the figure is closer to 120 million.Apr 2026

▶While Nubank is praised for its efficiency and growth, its competitive performance is not universally dominant, as competitor Revolut is cited as having a higher Return on Equity (ROE).Apr 2026

▶The company's valuation trajectory is viewed with high optimism by some, who predict a path to a $100 billion market capitalization, but this is a speculative forecast not universally substantiated across the claims.Apr 2026

▶Nubank's efficiency is presented as a key advantage, with a cost structure 20 times more efficient than traditional banks, though it is also noted that other startups like Imprint are now approaching these efficiency levels, suggesting it is a benchmark but not an insurmountable one.Apr 2026

Key themes

▶Hyper-Growth and Market PenetrationApr 2026

Nubank has demonstrated explosive growth, surpassing 100 million customers and capturing 60% of the adult population in Brazil. This rapid scaling was fueled by significant organic demand, evidenced by a credit card waiting list that exceeded one million people at its peak.

The company's success in achieving deep market penetration in its core markets showcases a powerful product-market fit, but also raises questions about its ability to replicate this viral growth model in new, potentially more saturated international markets.

▶Extreme Operational and Capital EfficiencyApr 2026

A core tenet of Nubank's strategy is its lean operational model, which is claimed to be 20 times more efficient than traditional banks. This is achieved through a dramatically smaller workforce and a consistently low customer acquisition cost of $2-$3, driven primarily by word-of-mouth.

This efficiency is Nubank's primary competitive moat, allowing it to scale profitably and offer competitive products; maintaining this advantage will be critical as it expands and faces new regulatory and competitive pressures.

▶Customer-Centricity as a Growth EngineApr 2026

Nubank entered a Brazilian market where the top five most hated companies were banks, and differentiated itself through customer experience. This resulted in world-class Net Promoter Scores (NPS) of 90 and 94 for its credit card products in Brazil and Mexico, respectively.

The high NPS is not just a vanity metric; it directly fuels the company's low-cost, word-of-mouth acquisition strategy, creating a virtuous cycle where customer satisfaction drives scalable growth.

▶Future Ambitions and Market ExpectationsApr 2026

Experts and company leadership project a bullish future for Nubank, with predictions of it reaching a $100 billion market capitalization and concrete plans to expand beyond its current markets within 5-10 years. Its performance is seen as a leading indicator for a broader AI-driven revival in the fintech sector.

While the forward-looking sentiment is overwhelmingly positive, the mention of competitors like Revolut outperforming on metrics like ROE indicates that Nubank's path to market leadership will be contested, requiring sustained innovation and execution.

Source episodes

Timeline

Launch Period

Upon launching its first credit card, Nubank achieved a Net Promoter Score of 90, disrupting a Brazilian market where traditional banks were deeply unpopular.

Early Growth

Demand for its product was so high that at its peak, the waiting list for its credit card surpassed one million people.

Regulatory Maturation

The company navigated significant regulatory hurdles, as it took over four years to obtain a full banking license in Brazil.

Sustained Scaling

Over its 12-year history, Nubank maintained a highly efficient growth model, keeping its customer acquisition cost between $2 and $3, primarily through organic growth.

Present (2024-2025 Discourse)

Discourse centers on Nubank having surpassed 100 million customers with 91 million monthly active users, being cited as a top public stock pick and a key indicator of a potential AI-driven fintech revival.

Future Outlook

CEO David Vélez states the company plans to expand its geographic footprint beyond Brazil, Mexico, and Colombia within the next five to ten years.

Suggested prompts

How can Nubank maintain its extremely low customer acquisition cost as it expands into new countries beyond Latin America? &nearr;What specific strategies is Nubank using to close the Return on Equity (ROE) gap with competitors like Revolut? &nearr;Given its operational efficiency, what are the primary risks to Nubank's cost structure as it scales and potentially faces new regulatory requirements? &nearr;How will the integration of AI, as predicted by Sebastian Shamiakowski, specifically impact Nubank's product offerings and operational efficiency in the next 3-5 years? &nearr;

Key concepts

Customer Growth 3 ep Operational Efficiency 2 ep Competitive Landscape 3 ep Net Promoter Score (NPS) 1 ep User Engagement (MAUs) 1 ep Market Expansion 1 ep Customer Acquisition Cost (CAC) 1 ep Valuation & Market Cap 1 ep Regulatory Environment 1 ep Stock Performance 1 ep

Notable quotes

“David Veles is the co-founder and CEO of Nubank, one of the world's largest digital banks, serving something like nearly 120 million customers in Brazil, Mexico and Colombia.”

Nikolaj Tangen · David Vélez - CEO of Nubank | Podcast | In Good Company | Norges Bank Investment Management

Report last updated: Apr 20, 2026

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