Nubank Climbs to No. 2 in Brazil by Customers, Overtaking Bradesco

Overview

• Central Bank data for Q4 2025 show Nubank with 112.0 million customers, surpassing Bradesco's 110.5 million and trailing only Caixa's 158.1 million.
• The fintech added 11.2 million customers in 2025, while Mercado Pago posted the second‑largest gain with 8.7 million new customers.
• The published counts include individuals and businesses, and Nubank says its total equals about 61% of Brazil's adult population.
• A November 28 decision by the Central Bank and National Monetary Council bars fintechs from using “banco” or “bank” publicly, with a 120‑day adaptation period.
• Nubank plans to apply for a full banking license in 2026 to retain its branding, as investors still rank Itaú first by market value, with Bloomberg data showing US$88.2 billion for Itaú and US$85.9 billion for Nubank.