Nu Holdings (NYSE: NU) is an all-digital bank based in Brazil, but it’s expanding into new markets, including the U.S.
It’s most exciting growth story right now, though, is Mexico
It recently topped 15 million customers in the country and is now a top-three financial institution, but the growth is far from over. Here’s why Nu Mexico is the real story right now, and why Nu stock looks priced to buy. Disrupting traditional banking in Mexico Nu began in Brazil, where it’s headquartered and where it has already established itself as a major force in finance.
While it’s still adding new users at a steady pace and sees continued opportunity in upselling, its major growth is happening in Mexico. The bank started operating in Mexico in 2019, five years after its launch in Brazil. Over the past seven years, the user base has increased sevenfold, and average revenue per active user (ARPAC) has doubled.