Nubank

A no-fee card and free account that merchants and borrowers pay for: Nubank charges no annual fee on its core credit card because Mastercard interchange paid by merchants ($1.72B in 2025) covers it, but the real engine is lending: 85% of 2025 IFRS revenue of $15.8B was interest income, led by credit cards ($4.6B) and loans ($4.8B). Customers who arrive mostly by word of mouth bring cheap deposits ($45.3B in Q2 2026, at 88% of interbank rates) that fund a $39.4B credit book, while serving each active customer costs about $1 a month. That earned $2.87B net income in 2025 and a first billion-dollar quarter ($1.06B, Q2 2026) on 139M customers, and in 2026 Nu became a full bank in Mexico, agreed to buy a Brazilian bank license and launched in the US.

Click any of the 9 blocks below for a plain-language story of how that part of the model works for Nubank — and how it connects to the others.