Nu Holdings Banks More Than Half the Adults in Brazil

Nu Holdings reported quarterly net income exceeding $1 billion for the first time, with 49% year-over-year growth. The digital bank serves 118 million customers in Brazil (over half the population) and 138.9 million globally. While Brazil market saturation is slowing customer growth to 4 million per quarter, the company is monetizing existing customers more effectively with revenue per active customer up 22% year-over-year. Growth prospects now depend on expansion in Mexico and Colombia, where early monetization metrics are encouraging.