Profits at Brazilian Nubank surged by 50%, driven by an expanding customer base across Latin America.
The digital bank, which operates in Brazil, Mexico, and Colombia, is also eyeing expansion into the United States. In its quarterly earnings report released on February 25, the company announced a 15% increase in its customer count, now reaching 131 million.
“This growth solidifies Nu’s status as one of the largest and fastest growing digital financial services platforms worldwide,” Nubank mentioned during its earnings call.
Currently, Nubank ranks as Brazil’s largest private financial institution by customer numbers, catering to around 15% of Mexico’s adult population and leading in issuing new credit cards, the company added.
The total revenue for this quarter climbed 45% to $4.86 billion, with net income hitting $894.8 million, compared to $552.6 million for the same quarter in 2024.
In an interview with Reuters, Nubank’s CFO, Guilherme Lago, noted that the profit increase stemmed from both customer growth and higher revenue per active user, while the costs associated with servicing those customers remained stable.
“This will positively affect our bottom line,” Lago commented.
Just last month, Nubank’s parent firm, Nu, received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a new national bank in the U.S.
“This isn’t just about expanding our business; it’s a chance to validate that a digital-first, customer-focused model is the future of global financial services,” stated Nubank’s Founder and CEO, David Vélez.
The company also has plans to branch into Asia. Vélez recently talked with Bloomberg News regarding a forthcoming investment in Nu Corp’s digital banking sector, which includes ties with digital banking initiatives in South Africa and the Philippines as part of understanding the Asian market.
PYMNTS has previously reported about the growing acceptance of digital financial services in Latin America.
According to the PYMNTS Intelligence report, digital wallets, real-time payment platforms, and account-to-account transfers are increasingly replacing cash, modernizing commerce and widening access to formal financial services.
This trend appears to be more structural than short-lived, as noted by PYMNTS. Experts predict that by 2030, digital payments could represent about two-thirds of e-commerce transaction value and nearly half of point-of-sale value in the region, indicating a lasting change in consumer habits rather than a mere temporary shift.
