
Survey shows that across all regions of the country, around 30% of the population chose Nubank to concentrate their salary, payments, and financial products, highlighting the company&#39;s role in financial

<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Survey shows that across all regions of the country, around 30% of the population chose Nubank to concentrate their salary, payments, and financial products, highlighting the company&#39;s role in financial inclusion</i>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Nubank, one of the largest digital financial services platforms in the world, led primary institution incidence across Brazil in the fourth quarter of 2025, according to research conducted by NPS Prism by Bain &amp; Company. In 17 states, roughly 30% of the population chose Nubank as their primary institution. This means that, across every region of the country, millions of Brazilians rely on Nubank to manage their salary, payments, and financial products.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The data is part of Data Nubank, a study mapping the company&#39;s presence and impact in the country, now in its eighth edition. The report &#34;From North to South: Nubank&#39;s Presence and Impact Across Brazil&#34; details the institution&#39;s reach across all Brazilian regions, covering bancarization, GDP participation, and Nubank&#39;s primary incidence.

</p><p xmlns="http://www.w3.org/1999/xhtml">
According to NPS Prism by Bain &amp; Company, the period&#39;s highlights were the North region, with a primary incidence of 34%, and the Northeast, with 31%. In these regions, roughly one in three Brazilians chose Nubank as their primary financial institution. Even in states with lower primary incidence, Nubank&#39;s presence remains significant, with all registering at least 23%, or nearly one in four people.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Data Nubank also shows that the institution has already banked 31.5 million people in Brazil, a number equivalent to nearly one in five adults in the country. In more than 15 states, this figure represents over 20% of the population.

</p><p xmlns="http://www.w3.org/1999/xhtml">
&#34;When we founded Nubank, we wanted to transform a financial system that excluded more than it included. Seeing that today we lead Brazilians&#39; preference across every region of the country confirms that this change is real and has reached people&#39;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,&#34; says David Vélez, Founder and Global CEO of Nubank.

</p><p xmlns="http://www.w3.org/1999/xhtml">
&#34;The data reveals something that goes beyond Nubank&#39;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,&#34; says Eduardo Lopes, Director of Public Policy at Nubank.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Banking deserts and financial inclusion</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Nubank plays an especially significant role in municipalities without physical bank branches, known as &#34;banking deserts.&#34; Today, nearly half of Brazilian cities fall into this category, with states such as Paraíba, Piauí, and Tocantins standing out, where over 80% of municipalities have no physical branch.

</p><p xmlns="http://www.w3.org/1999/xhtml">
This scenario highlights the importance of digital channels in expanding access to financial services. The data shows that the higher the percentage of municipalities without bank branches in a state, the greater Nubank&#39;s primary incidence — demonstrating that where traditional alternatives are most limited, digital models become increasingly relevant in people&#39;s lives and, consequently, in promoting financial inclusion.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Bancarization, GDP weight, and savings in Brazilians&#39; pockets</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Data Nubank also reveals an inverse correlation between GDP per capita and the proportion of the adult population banked by the institution. In lower-income states, historically underserved by the traditional financial system, bancarization through Nubank has been higher, contributing significantly to expanding the population&#39;s access to financial services.

</p><p xmlns="http://www.w3.org/1999/xhtml">
This pattern extends to credit. In the Northeast, Nubank&#39;s credit reached 6.8% of the region&#39;s GDP in 2025. In one state in the region, the figure exceeded 8%. These figures underscore Nubank’s role as a key agent in the supply of credit to the local economy.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Nubank&#39;s share of regional GDP credit is directly associated with the degree of primary incidence in each region. As an example, in the fourth quarter of 2025, Nubank&#39;s average primary incidence in the Northeast was 31%, and its credit participation in the region&#39;s GDP was 6.8%.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The survey also estimates that, through 2025, Nubank customers accumulated savings of R$ 134.7 billion in fees and annual charges. This represents resources that were no longer spent on banking services and remained with consumers.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260701654738r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260701654738/en/" rel="nofollow">https://www.businesswire.com/news/home/20260701654738/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Media contact:</b> <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:press@nubank.com.br" shape="rect">press@nubank.com.br</a>

</p>

Data Nubank: Nubank Leads as Brazilians' Primary Financial Institution and Has Already Banked 31.5 Million People

Nubank expands financial inclusion footprint; primary incidence near 30% across Brazil

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Survey shows that across all regions of the country, around 30% of the population chose Nubank to concentrate their salary, payments, and financial products, highlighting the company&amp;#39;s role in financial</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>A Bain Prism study shows Nubank led Brazil&#039;s primary financial institution incidence in Q4 2025, with about 30% of residents across 17 states using Nubank as their main bank. The Data Nubank findings emphasize its role in banking deserts and regional GDP credit, underscoring expansion potential in under-served areas and potential long-term revenue growth from fees and credit.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Nubank led Q4 2025 primary bank incidence in Brazil per Bain Prism.</li><li>In 17 states, ~30% of adults chose Nubank as primary institution.</li><li>Data Nubank: 31.5 million Brazilians banked, ~20% of adults.</li><li>Banking deserts amplify Nubank&#039;s relevance; digital channels broaden inclusion.</li><li>Northeast credit share 6.8% of GDP in 2025; some states &gt;8%.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Nubank (NU)</strong>: Core beneficiary of data; expanding financial inclusion and credit exposure in Brazil.</li><li><strong>Bain &amp; Company (N/A)</strong>: Source of Prism data; not a public stock; potential indirect sentiment impact.</li></ul>
  </section>

  <section data-block="category">
    <h3>Research Analysis</h3>
    <p>Industry news with data-driven industry analysis highlighting Nubank&#039;s ongoing market expansion and financial inclusion impact in Brazil.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Data Nubank shows ~31.5 million banked, about 20% of Brazilian adults, signaling TAM expansion.</li><li>Northeast region credit share hits 6.8% of regional GDP in 2025, signaling scalable lending.</li><li>Banking-desert dynamics support continued user growth via digital channels.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Q4 2025: Nubank led primary incidence across Brazil; 17 states around 30%.</li><li>North region primary incidence 34%, Northeast 31% per Bain Prism.</li><li>31.5 million Nubank customers; over 15 states with &gt;20% population banked.</li><li>134.7 billion BRL saved in fees/annual charges by 2025.</li><li>Northeast credit share 6.8% of regional GDP; one state &gt;8%.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish over 6–12 months as Brazil penetration and credit reach expand.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Survey shows that across all regions of the country, around 30% of the population chose Nubank to concentrate their salary, payments, and financial products, highlighting the company&#39;s role in financial inclusion</i>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Nubank, one of the largest digital financial services platforms in the world, led primary institution incidence across Brazil in the fourth quarter of 2025, according to research conducted by NPS Prism by Bain &amp; Company. In 17 states, roughly 30% of the population chose Nubank as their primary institution. This means that, across every region of the country, millions of Brazilians rely on Nubank to manage their salary, payments, and financial products.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The data is part of Data Nubank, a study mapping the company&#39;s presence and impact in the country, now in its eighth edition. The report &#34;From North to South: Nubank&#39;s Presence and Impact Across Brazil&#34; details the institution&#39;s reach across all Brazilian regions, covering bancarization, GDP participation, and Nubank&#39;s primary incidence.

</p><p xmlns="http://www.w3.org/1999/xhtml">
According to NPS Prism by Bain &amp; Company, the period&#39;s highlights were the North region, with a primary incidence of 34%, and the Northeast, with 31%. In these regions, roughly one in three Brazilians chose Nubank as their primary financial institution. Even in states with lower primary incidence, Nubank&#39;s presence remains significant, with all registering at least 23%, or nearly one in four people.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Data Nubank also shows that the institution has already banked 31.5 million people in Brazil, a number equivalent to nearly one in five adults in the country. In more than 15 states, this figure represents over 20% of the population.

</p><p xmlns="http://www.w3.org/1999/xhtml">
&#34;When we founded Nubank, we wanted to transform a financial system that excluded more than it included. Seeing that today we lead Brazilians&#39; preference across every region of the country confirms that this change is real and has reached people&#39;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,&#34; says David Vélez, Founder and Global CEO of Nubank.

</p><p xmlns="http://www.w3.org/1999/xhtml">
&#34;The data reveals something that goes beyond Nubank&#39;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,&#34; says Eduardo Lopes, Director of Public Policy at Nubank.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Banking deserts and financial inclusion</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Nubank plays an especially significant role in municipalities without physical bank branches, known as &#34;banking deserts.&#34; Today, nearly half of Brazilian cities fall into this category, with states such as Paraíba, Piauí, and Tocantins standing out, where over 80% of municipalities have no physical branch.

</p><p xmlns="http://www.w3.org/1999/xhtml">
This scenario highlights the importance of digital channels in expanding access to financial services. The data shows that the higher the percentage of municipalities without bank branches in a state, the greater Nubank&#39;s primary incidence — demonstrating that where traditional alternatives are most limited, digital models become increasingly relevant in people&#39;s lives and, consequently, in promoting financial inclusion.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Bancarization, GDP weight, and savings in Brazilians&#39; pockets</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Data Nubank also reveals an inverse correlation between GDP per capita and the proportion of the adult population banked by the institution. In lower-income states, historically underserved by the traditional financial system, bancarization through Nubank has been higher, contributing significantly to expanding the population&#39;s access to financial services.

</p><p xmlns="http://www.w3.org/1999/xhtml">
This pattern extends to credit. In the Northeast, Nubank&#39;s credit reached 6.8% of the region&#39;s GDP in 2025. In one state in the region, the figure exceeded 8%. These figures underscore Nubank’s role as a key agent in the supply of credit to the local economy.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Nubank&#39;s share of regional GDP credit is directly associated with the degree of primary incidence in each region. As an example, in the fourth quarter of 2025, Nubank&#39;s average primary incidence in the Northeast was 31%, and its credit participation in the region&#39;s GDP was 6.8%.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The survey also estimates that, through 2025, Nubank customers accumulated savings of R$ 134.7 billion in fees and annual charges. This represents resources that were no longer spent on banking services and remained with consumers.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260701654738r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260701654738/en/" rel="nofollow">https://www.businesswire.com/news/home/20260701654738/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Media contact:</b> <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:press@nubank.com.br" shape="rect">press@nubank.com.br</a>

</p>

A Bain Prism study shows Nubank led Brazil's primary financial institution incidence in Q4 2025, with about 30% of residents across 17 states using Nubank as their main bank. The Data Nubank findings emphasize its role in banking deserts and regional GDP credit, underscoring expansion potential in under-served areas and potential long-term revenue growth from fees and credit.

Data Nubank: Nubank Leads as Brazilians' Primary Financial Institution and Has Already Banked 31.5 Million People

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Research Analysis

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