- Nubank has surpassed 123 million customers, reflecting a 17% year-on-year increase driven by expansion in Brazil, Mexico, and Colombia.
- Deposits rose 45% year-on-year to $36.6 billion on a foreign exchange neutral basis, indicating robust trust in the platform despite regional volatility.
- Average revenue per active customer reached $12.2 per month, supported by product diversification and cross-selling strategies.
- Interest income climbed 31% to $2.1 billion, buoyed by a disciplined lending approach and stable credit quality.
- The company exceeded earnings expectations in Q2 2025, posting $3.7 billion in revenue and $637 million in net income.
Nu Holdings Ltd, the digital banking powerhouse operating under the Nubank brand, has demonstrated remarkable resilience and expansion in Latin America’s fintech landscape, with recent figures highlighting sustained growth in customer base, deposits, and key revenue metrics. As of the latest quarterly results, the company has surpassed significant milestones, underscoring its ability to scale operations amid economic headwinds in the region.
Customer Growth Fuels Expansion
The company’s customer acquisition strategy continues to yield impressive results, with a reported 17% year-on-year increase in its user base. This growth has propelled Nubank past the 100 million monthly active customers mark, a testament to its appeal in underserved markets across Brazil, Mexico, and Colombia. Such expansion is not merely numerical; it reflects deeper penetration into demographics traditionally overlooked by legacy banks, including younger users and those in lower-income brackets.
Analysts attribute this surge to Nubank’s user-centric model, which emphasises low-cost, transparent financial services delivered via a seamless mobile app. In Brazil alone, Nubank now serves over 60% of the adult population, while in Mexico and Colombia, it has captured around 13% and 10% respectively. This broad reach positions the firm to capitalise on the region’s digital adoption trends, where smartphone penetration and internet access are rising rapidly.
Deposits Surge Amid Economic Volatility
Deposits have seen an even more pronounced uptick, climbing 45% year-on-year on a foreign exchange neutral basis. This growth, reaching approximately $36.6 billion, highlights customer trust in Nubank’s platform for everyday banking needs. The increase is particularly noteworthy given the fluctuating interest rate environments in Latin America, where central banks have navigated inflation and currency volatility.
Historically, Nubank’s deposit growth has outpaced broader market trends. For instance, from 2024 to 2025, deposits expanded from $28 billion to over $36 billion, driven by competitive yields on savings accounts and the convenience of instant transfers. This influx provides a stable, low-cost funding source for the company’s lending activities, enhancing its net interest margins.
Revenue Per Active Customer on the Rise
A key indicator of Nubank’s monetisation efficiency is the 9% year-on-year rise in average revenue per active customer (ARPAC), now standing at a record $12.2 per month. This metric illustrates the company’s success in cross-selling products, from credit cards and personal loans to insurance and investment options, within its ecosystem.
Compared to earlier periods, such as Q3 2024 when ARPAC grew 25% to $11, the latest figures suggest a maturing user base that engages more deeply with multiple services. Analysts project that as Nubank expands its product suite—potentially including more advanced wealth management tools—ARPAC could sustain mid-single-digit growth annually, contributing to overall revenue stability.
Interest Income Drives Profitability
Interest income, a core component of Nubank’s revenue stream, has advanced 31% year-on-year, reaching $2.1 billion in the most recent quarter. This performance stems from a robust lending portfolio, with credit outstanding at $27.3 billion, and a net interest margin stabilising at 17.7%—a slight improvement from the previous quarter’s 17.5%.
The uptick in interest income aligns with broader trends in Latin America’s credit markets, where demand for consumer financing remains strong despite higher borrowing costs. Nubank’s disciplined risk management is evident in its non-performing loan ratios, with 15–90 day delinquencies at 4.4%, indicating controlled credit quality even as the portfolio expands.
Financial Performance and Market Position
In its Q2 2025 earnings, released on 14 August 2025, Nubank reported revenues of $3.7 billion, a 40% increase year-on-year on a FX-neutral basis, and net income of $637 million, up 42%. These figures surpassed analyst expectations, with revenues beating forecasts of $3.19 billion. The company’s return on equity stood at 28%, reflecting efficient capital utilisation.
From a valuation perspective, as of 15 August 2025, Nu Holdings trades at $12.01 per share on the NYSE, with a market capitalisation of approximately $57.9 billion. This places its forward price-to-earnings ratio at 19.37 based on estimated EPS of $0.62 for the year. The stock has experienced a 2.91% decline in the session, closing amid broader market volatility, but remains within its 52-week range of $9.01 to $16.14.
| Metric | Q2 2025 | Year-on-Year Growth |
|---|---|---|
| Customers | 123 million | 17% |
| Deposits (FXN) | $36.6 billion | 45% |
| ARPAC | $12.2 | 9% |
| Interest Income | $2.1 billion | 31% |
| Revenue (FXN) | $3.7 billion | 40% |
| Net Income | $637 million | 42% |
Looking ahead, analyst consensus, as compiled by sources such as Investing.com, points to continued expansion. Models suggest customer growth could moderate to 15–20% annually through 2026, supported by geographic diversification. Revenue forecasts indicate a compound annual growth rate of around 30%, driven by higher engagement and product uptake.
Challenges and Opportunities
While Nubank’s trajectory is upward, risks persist. Regulatory scrutiny in Brazil, including potential caps on interchange fees, could pressure margins. Additionally, macroeconomic factors such as Brazil’s Selic rate fluctuations may impact deposit costs and lending demand.
Investor sentiment, as gauged by recent analyst ratings averaging a ‘Buy’ with a score of 2.2, remains positive. Firms such as Bloomberg have noted Nubank’s ability to maintain credit growth without significant quality deterioration, positioning it well for the remainder of 2025.
In summary, Nubank’s blend of rapid customer acquisition, deposit inflows, and revenue optimisation per user underscores a compelling growth narrative in Latin American fintech. For investors eyeing emerging market opportunities, these metrics signal a company not just surviving but thriving in a competitive arena.
References
- Bloomberg. (2025, August 14). Nubank sees credit growth continuing as quality gauges hold up. https://www.bloomberg.com/news/articles/2025-08-14/nubank-sees-credit-growth-continuing-as-quality-gauges-hold-up
- BusinessWire. (2025, May 13). Nu Holdings Ltd. Reports First Quarter 2025 Financial Results. https://www.businesswire.com/news/home/20250513584596/en/Nu-Holdings-Ltd.-Reports-First-Quarter-2025-Financial-Results
- BusinessWire. (2025, August 14). Nu Holdings Ltd. Reports Second Quarter 2025 Financial Results. https://www.businesswire.com/news/home/20250814615852/en/Nu-Holdings-Ltd.-Reports-Second-Quarter-2025-Financial-Results
- Investing.com. (2025). Nu Holdings earnings call transcript Q2 2025. https://www.investing.com/news/transcripts/earnings-call-transcript-nu-holdings-q2-2025-sees-strong-revenue-growth-93CH-4194325
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- MarketScreener. (2025). Earnings flash: NU reports Q2 revenue of $3.70b vs estimate of $3.19b. https://www.marketscreener.com/news/earnings-flash-nu-nu-holdings-ltd-reports-q2-revenue-3-70b-vs-factset-est-of-3-19b-ce7c51d9de89f222
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- AI Journal. (2025). Nu Holdings Ltd reports second quarter 2025 financial results. https://aijourn.com/nu-holdings-ltd-reports-second-quarter-2025-financial-results/
- Nubank International. (2025). Company press releases archive. https://international.nubank.com.br/company/nu-holdings-ltd-reports-first-quarter-2025-financial-results/
- Nubank International. (2024). Fourth quarter and full year 2024 results. https://international.nubank.com.br/company/nu-holdings-ltd-reports-fourth-quarter-and-full-year-2024-financial-results/
- Nubank International. (2024). Third quarter results. https://international.nubank.com.br/company/nu-holdings-ltd-reports-third-quarter-2024-financial-results/
- Stock Titan. (2025). Nu Holdings Ltd. reports Q2 2025 financials. https://www.stocktitan.net/news/NU/nu-holdings-ltd-reports-second-quarter-2025-financial-sa0di5dbk08x.html
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