The Nu Era of Banking

Nu Holdings (“Nubank”) is one of the world’s largest digital financial services platforms, operating in Latin America with over 127 million customers as of Q3’25 (growing at a 27% CAGR over the last 4 years). Nubank has an impressive activity ratio of 83% and like many neobanks, has no physical branches. Below we show Nu’s customer growth and activity ratio (% of active customers) over the last 5 years.

Nubank’s primary regions of focus are currently Brazil, Mexico, and Colombia. Nubank is the leader in Brazil, with 61% of the adult population. In Mexico and Colombia, their market share is 14% and 10% respectively. 

Along with this steady growth, highly active user base, and deep market penetration, the company’s model blends a very low cost‑to‑serve (~$0.90 per active customer/month) with growing monetization (~$13 per active customer/month). That’s a 14.4x return per customer (many banks struggle to hit 3x). This highlights the advantage of self-owned technology, a branchless servicing model, and broad product coverage, including cards, accounts, lending, investments, insurance, and crypto.  

In Q3’25, Nubank recorded over $4.1B in revenue, a record for the company, bringing the nine-month revenue to over $11B. We project Nubank to end the year with $15.4B in total net revenue (34% YoY), growing to ~$19.5B in FY2026 (26% YoY) and ~$24B by 2027 (23% YoY).