Nubank (NYSE: NU) has reportedly emerged as one of the preferred options for primary banking services among Brazilians, according to the latest Data Nubank report. The research findings, drawn from research by NPS Prism at Bain & Company covering the fourth quarter of 2025, show the digital bank leading in primary institution preference across the entire South American country.
In 17 states, roughly 30% of the population now identifies Nubank as its main financial provider.
This level of preference holds strong in every region. The North posted the highest rate at 34%, while the Northeast reached 31%—equivalent to about one in three residents in both areas.
Even in states with lower shares, Nubank still captured at least 23% of primary banking relationships, or nearly one in four people.
The report, titled “From North to South: Nubank’s Presence and Impact Across Brazil,” marks the eighth edition of Data Nubank.
It maps the company’s nationwide reach, including how many adults have gained access to banking services through the platform.
Nubank has banked 31.5 million people in Brazil—nearly one in five adults. In more than 15 states, this figure exceeds 20% of the local adult population.
David Vélez, Nubank’s founder and global CEO, highlighted the broader significance:
“When we founded Nubank, we wanted to transform a financial system that excluded more than it included. Seeing that today we lead Brazilians’ preference across every region of the country confirms that this change is real and has reached people’s lives. This drives us to deepen our presence in the financial lives of Brazilians, offering products and services that continue to challenge what the traditional system has always normalized.”
The data also underscores Nubank’s role in advancing financial inclusion, particularly in areas long underserved by traditional banks.
Nearly half of Brazilian municipalities lack physical bank branches, creating so-called “banking deserts.”
In states such as Paraíba, Piauí, and Tocantins, more than 80% of municipalities have no branches.
Nubank’s primary incidence tends to be higher precisely in states with greater concentrations of these deserts, demonstrating how digital channels fill critical gaps where brick-and-mortar options are scarce.
Bancarization rates through Nubank show an inverse relationship with regional GDP per capita.
Lower-income and historically underserved states have seen stronger adoption, helping expand access to financial services for populations previously left behind.
Credit provision follows a similar pattern. In the Northeast, Nubank’s lending reached 6.8% of the region’s GDP in 2025, with one state surpassing 8%.
This credit contribution aligns closely with primary incidence levels, reinforcing the bank’s economic footprint in areas where traditional credit access has been limited.
Beyond access and credit, the report estimates that Nubank customers collectively saved R$134.7 billion in fees and annual charges through 2025.
These resources stayed in consumers’ pockets rather than being paid to traditional banking services.
Eduardo Lopes, Nubank’s Director of Public Policy, noted:
“The data reveals something that goes beyond Nubank’s presence across the national territory. It shows that where the traditional financial system has always been most absent, financial inclusion has advanced at a faster pace. This pattern reinforces the structural role that digital models can play in reducing access inequality in Brazil.”
The Data Nubank findings illustrate how a digital-first approach has reshaped banking preferences and expanded financial access on a national scale, with particularly pronounced effects in regions and communities long overlooked by conventional institutions. As Nubank continues to grow its product offerings, these trends suggest its influence on everyday financial lives across Brazil could become more impactful.
