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 in April 1st, 2014. Four years later, the fintech became a unicorn startup by reaching a valuation of US$ 1 billion.
Some of Nubank's investors are Sequoia Capital, Founders Fund, Kaszek Ventures, Tiger Global Management, Goldman Sachs, QED Investors and DST Global. In the company's first two years of existence, it raised 600 million Brazilian reais.
In 2014, Nubank launched its first financial product, an international Mastercard credit card that has no annuity fees and can be completely managed through a mobile app.
In 2017, Nubank also 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 late 2018, it began offering payments through debit and, in early 2019, the fintech started testing personal loans with a few of its digital account users.
In May 2019, the company announced it was beginning operations in Mexico[ through a subsidiary called Nu. This will be the first time Nubank offers its services and products outside Brasil.