Nu Holdings Ltd. Surpasses 100 Million Customers, Sets New Milestone In Digital Banking

$NU

Nubank (NYSE:NU), a leading digital banking platform in Latin America, continues to make headlines with its impressive growth and innovative financial solutions. Recently, Nubank announced a significant milestone, surpassing 70 million customers across Brazil, Mexico, and Colombia. This rapid expansion highlights the company’s commitment to providing accessible and user-friendly banking services in underserved markets. Additionally, the strategic partnerships and technological advancements are positioning it as a formidable player in the global fintech landscape, attracting considerable attention from investors and industry analysts alike.

Nu Holdings Ltd. has recently achieved a significant milestone by surpassing 100 million customers across Brazil, Mexico and Colombia. This accomplishment marks the company as the first digital banking platform outside of Asia to reach this landmark. The achievement follows record financial results, with over $1 billion in net profit and more than $8 billion in revenues, underscoring the robustness and scalability of the business model. The company, known for its customer-centric approach, has leveraged technology and innovation to drive competition in the financial sector and enhance financial inclusion. Nu Holdings’ digital model has enabled customers to save over $11 billion in banking fees and avoid more than 440 million hours of waiting in service queues over the past seven years.

In Brazil alone, the company facilitated the financial inclusion of 5.7 million people in the credit card market within a twelve-month period. CEO David Vélez expressed pride in the company’s growth, stating, “In 2013, we set an ambitious goal to reach one million customers in five years. Surpassing 100 million customers in a decade is a testament to the trust our customers place in us and the power of a truly customer-centric business model.” To celebrate this milestone, Nu Holdings launched a campaign titled “You at the center of everything,” featuring real customer journeys on the Exosphere, the largest LED screen in the world, located in Las Vegas. The recent trading session ended at $11.76, reflecting a slight decrease of -0.25% from the previous day’s closing price. The shares have gained 2.08% over the past month, outperforming the Business Services sector’s loss of 2.38% and the S&P 500’s gain of 0.17% during the same period.

Analysts are closely monitoring the company’s upcoming earnings report, with expectations of quarterly earnings of $0.09 per share and revenues of $2.51 billion, marking a year-over-year growth of 125% and 55.2%, respectively. The company’s performance has been bolstered by positive estimate revisions, indicating a favorable business outlook. The Zacks Consensus Estimate for the quarter has been revised 12.5% higher over the last 30 days, reflecting analysts’ bullish sentiment. Nu Holdings currently holds a Zacks Rank of #3 (Hold), with an Earnings ESP (Expected Surprise Prediction) of +3.85%, suggesting a strong likelihood of surpassing earnings expectations. The journey began in 2013 in Brazil with a mission to simplify financial services and empower people through technology.

The company initially launched a no-fee credit card, targeting the lending market and later expanded its product portfolio to include personal loans, SME solutions, investments and crypto. The cloud-native platform has enabled scalable growth and efficient operations, contributing to its rapid expansion. In recent years, Nu Holdings has expanded internationally, entering the Mexican and Colombian markets. The company’s customer base in Mexico is growing faster than in Brazil at similar stages and it is in the process of obtaining a banking license to expand its product offerings. In Colombia, the corporation recently introduced a savings product, which has already attracted over 500,000 customers.

Co-founder and Chief Growth Officer Cristina Junqueira emphasized the company’s commitment to its customers, stating, “Being customer-centric has been guiding us since the very beginning. Today, we want our customers to see themselves the way we see them: at the center of everything.” The firm’s focus on customer satisfaction is reflected in its high Net Promoter Score (NPS), which is nearly three times higher than that of incumbents and other major local fintechs. As Nu Holdings continues to grow and innovate, it remains committed to its mission of fighting complexity and empowering people through financial inclusion and improved financial management.

Nu Holdings Ltd. has achieved a significant milestone by surpassing 100 million customers, driven by its innovative and customer-centric approach. The robust financial performance, positive estimate revisions and strategic expansion into new markets underscore its potential for continued growth and success in the digital banking sector. The company continues to innovate and expand, it remains focused on its mission to empower people and simplify financial services through technology.

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