Nu Holdings’ net income rose 49% year over year to over $1 billion
Nu Holdings, the digital bank behind the Nubank brand, reported a net income of over $1 billion for the first time. The company’s customer base in Brazil has reached 118 million, more than half of the country’s population of 213 million.
The company’s monthly activity rate in Brazil has surpassed 86%, indicating that accounts are being actively used. Nu Holdings added 4 million customers in the quarter, reaching a total of 138.9 million globally.
The company’s monthly average revenue per active customer reached $17.10, up 22% year over year. The monthly cost to serve an active customer held around $1, resulting in an annual revenue of $205 per active customer against a cost of $12.
The growth in revenue per customer is expected to drive the company’s future expansion, as the market in Brazil becomes increasingly saturated.