Nubank

A Reuters investigation published September 18, 2026 profiled Alice de Queiros, a 30-year-old Brazilian public servant earning close to minimum wage (~$300/month), whose Nubank credit card limit was raised twentyfold between 2022 and 2025 without any request for proof of income. She told Reuters 'they didn't even ask for proof that I had the income to repay it'; she now owes roughly $1,500, nearly her entire paycheck goes to repayment, and she has had to move in with her mother. Reuters situated the case within a broader pattern of high-cost Brazilian fintech lending -- Central Bank data from late August 2026 put unsecured consumer loan rates at 103.37% annualized for Nubank, versus 178.69% for Mercado Credito and 213.69% for PicPay -- against a backdrop where 82% of Brazilian households carry debt and revolving credit-card rates reach roughly 440% annualized. Fundacao Getulio Vargas economist Lauro Emilio Gonzalez Farias told Reuters 'we have a predatory lending model,' and the IMF's July 2026 review flagged fintechs for targeting low-income customers. Nubank responded that its credit decisions account for existing debt and income-commitment ratios, citing privacy rules on individual cases.

Nubank co-founder and CEO David Velez has publicly and repeatedly urged the Colombian government to eliminate or dismantle the country's 'tasa de usura' (usury rate cap), which limits maximum interest rates lenders can charge. Velez reiterated the call in September 2026 alongside Nubank's announcement of a 5-trillion-peso (~$1.3B) Colombia investment through 2030, arguing the cap is 'the biggest obstacle' to financial inclusion and that controlling prices limits credit markets. Economic-policy group ANIF opposed the proposal, warning that removing the cap would strip legal protection from vulnerable borrowers and could push more Colombians toward illegal 'gota a gota' lenders charging 382-666% annual rates. As Colombia's largest digital lender, Nubank would benefit financially from a higher or unregulated rate ceiling.

On July 10, 2026 a Sao Paulo labor court (first instance) ordered Nubank to pay R$40,000 in moral damages to a former employee, finding three abusive practices: routine exposure to explicit images in photo-verification work without adequate safeguards; a 2018 internal campaign involving simulated-nudity photos; and the June 7, 2023 dismissal of roughly 300 employees via a five-minute videoconference with microphones and chat disabled, treatment the judge called 'inhumane and cold' ('desumano e frio'). The court also reclassified the employee as a financial-sector worker with corresponding benefits. The ruling is subject to appeal; Nubank said the 2018 campaign materials were discontinued and that photo screening is now fully automated.

A Brazilian labor judge nullified an outsourcing arrangement used to staff a worker with autism spectrum disorder, recognizing a direct employment relationship with Nu Pagamentos S.A. (Nubank) for the full contract period, and found the subsequent dismissal discriminatory. The ruling ordered doubled back wages plus R$15,000 in moral damages, and separately found Nubank's legal defense had engaged in bad-faith litigation conduct during proceedings.

In late March 2026, data belonging to more than 30,000 Nubank Colombia customers -- including full names, national ID (cedula) numbers, phone numbers, overdue amounts, payment histories and internal collection notes -- was exposed and offered for sale on a dark web forum (asking price ~$200 USD) by a seller using the handle 'Petro_Escobar.' Nubank confirmed the breach occurred not in its own systems but at two third-party debt-collection vendors it contracted with, EmergiaCC and Conalcreditos, and stated no passwords, encryption keys, or account/deposit information were exposed. The same threat actor reportedly also compromised BBVA Colombia collections data, suggesting a wider campaign against financial-sector collection vendors in Colombia.

In October 2020, co-founder Cristina Junqueira made controversial comments in a TV interview, saying Nubank could not 'lower its standards' when asked about including Black people in leadership. She said 'It doesn't work to allow in someone who will not be able to work with our team.' The remarks triggered customer backlash with many saying they would cancel accounts. Nubank issued a letter titled 'Nubank failed' promising to set racial inclusion goals.