Nubank delivered another clean quarter and finally entered the US market:
139 million customers
Revenue $5.9 billion, up 39% year over year
Net income $1.1 billion (first time over a billion)
ROE 33%
ARPAC $17
Efficiency ratio still around 20%
Brazil is still the core with 118 million customers. Mexico is strong with 16 million, Colombia at 5 million. The “machine” in Latin America continues to work nicely.
The bigger story this month is the US launch. On September 10 they started offering products through a partner bank (Lead Bank) while waiting for their own national bank charter. High-yield savings at 3.5% APY, no-fee credit card, remittances, and a new multi-currency product called Nu Global that uses stablecoins. Management is clear that the first target group is the Hispanic/ LaTam community in the US.
On paper the numbers look bullish and the US entry is a great expansion move.
Full thesis and trade action below for paid members only.
I updated my previous research (Early 2025, one of the first companies I covered here) and looked at the competitive position again with fresh eyes.