After cementing its dominance in Brazil’s retail banking with low-cost, digital-first offerings, Nubank is expanding its scope to serve the SME segment—specifically micro and small business owners who’ve long been underserved by traditional banks. This expansion is built on four tightly integrated offerings designed to address core operational pain points:

• Business Banking – The Foundation Layer: Launched in 2019, Nubank’s PJ (Pessoa Jurídica) account offers free, digital business banking tailored to sole proprietors and small entrepreneurs. As of 2023, Nubank onboarded over 3M PJ account holders, an indicator of the high demand for low-friction, no-fee accounts among Brazil’s SMBs, many of whom previously relied on personal accounts for business needs.
• Lending – Unlocking Credit Access Through Deposit-Backed and Hybrid Models: With over 1M business credit cards issued—600K of which represent customers accessing their first-ever business credit line—Nubank is bridging a major gap in SME financing. Products like Nu Limite Garantido (where users can lock deposits to secure credit) and the ability to transfer up to 99% of unused personal credit limits into business use are redefining creditworthiness for thin-file borrowers. Notably, 65% of SME borrowers were new to formal lending, and working capital loans saw a 150% QoQ growth in Q3 2024.
• 3. Payment Acceptance – Fee-Efficient Acceptance Without Hardware: In 2024, Nubank introduced Tap to Pay on iPhone, eliminating the need for POS hardware. The integration allows card and digital wallet acceptance via iPhones, reducing transaction costs by up to 30% compared to traditional card machines. This positions Nubank as a lean payments enabler for gig workers, street vendors, and mobile merchants.
• Financial Management – Simplified Tax Handling and Cash Flow Tools: Tools like Money Boxes (Caixinhas) let businesses allocate funds for specific goals while earning a 100% CDI return after 30 days—supporting disciplined cash flow management. Complementing this is the “My MEI Taxes” feature, enabling entrepreneurs to manage their formal tax filings directly from the Nubank app without external intermediaries. As of August 2024, these tools collectively held BRL 1.45B in assets under custody.