Nu Holdings Hits 122.7 Million Customers, Up 17% YoY

Nu Holdings posted strong second-quarter results with solid customer growth, higher revenues, and improved profitability, according to its financial report released Wednesday.

The digital financial services platform added 4.1 million customers in the quarter, a 17% year-over-year increase, bringing its global total to 122.7 million. In Brazil, Nu is now the third-largest financial institution by customer base, according to the Brazilian Central Bank.

Quarterly revenue reached US$3.7 billion, up 40% year-over-year on an FX-neutral basis. Net income climbed 42% to US$637 million, while adjusted net income hit US$694.5 million. The annualized return on equity stood at 28%.

Average revenue per active customer exceeded US$12 for the first time, reaching US$12.2, with a monthly activity rate of 83.2%. Operating costs remained stable, with an average monthly cost to serve per active customer at US$0.80.

In Brazil, Nu’s customer base grew to 107.3 million, over 60% of the country’s adult population, with 60% using Nu as their primary financial institution. Deposits totaled US$27.8 billion.

Internationally, Nu serves 12 million customers in Mexico (13% of adults) and 3.4 million in Colombia (10% of adults). Deposits in Colombia soared 841% year-over-year FX-neutral to US$2.1 billion.

The credit card portfolio in Mexico expanded to 6.6 million cards, up 52%, while Colombia reached 1.4 million, up 34%. Across all markets, Nu reported 55 million active credit customers, 13.6 million active unsecured loans, and 6.8 million active secured loans.

Nu also saw growth in its investment and cryptocurrency segments, with 36.2 million and 6.6 million customers, respectively.