Nu Holdings Banks More Than Half the Adults in Brazil

Nu Holdings (NU) posted quarterly net income above $1 billion for the first time, marking 49% year-over-year growth. The Brazilian digital bank now serves 118 million customers in Brazil—more than half the country's adult population—and 138.9 million customers globally.

Brazil customer acquisition is decelerating to 4 million per quarter as the market approaches saturation. NU is offsetting slower growth by extracting more revenue from existing users: revenue per active customer climbed 22% year-over-year.

The company's growth trajectory now hinges on Mexico and Colombia, where it faces less saturated markets. Early monetization metrics in both countries show promise, though the company did not disclose specific figures for those regions.

The $1 billion quarterly profit milestone represents a significant inflection point for NU, which has shifted from customer acquisition at any cost to optimizing profitability from its massive installed base.