Latinul
American financial technology firm Nubank announced strong growth in customers,
revenue, and profitability in its financial year of 2023. The FinTech company added
19.3 million customers in 2023 to reach nearly 94 million total customers
across Brazil, Mexico, and Colombia.
customer base expanded over 50% year-over-year (YoY), with Brazil operations
hitting 87.8 million customers. This represents over half of Brazil’s adult
population and makes Nubank the fourth-largest financial institution in the
country by customers.
Puterea
customer count fueled a revenue increase of 57% on a constant currency basis to
$2.4 billion in Q4 2023. For the full year, Nubank generated $8 billion in
total revenue. Thanks to this rapid growth, Nubank earned $1 billion in net
profit and $1.2 billion in adjusted net profit for 2023, a significant
turnaround from the $9.1 million net loss in 2022.
Rezultatele
confirm the words of David Vélez, the Founder and CEO of Nubank, who earlier
this month stated in an interview with the Financial Times that his compania este
aiming to achieve annual profits of $1 billion.
Not sure yet what is happening with the stock, but Nubank’s $ NU 2023 results are impressive! 👇 pic.twitter.com/KUdKOA5Lud
— Jevgenijs Kazanins (@jevgenijs) 22 Februarie 2024
Compania
remains well-capitalized with capital adequacy ratios about twice regulatory
minimums across its markets. Nubank also grew its interest-earning portfolio
91% YoY to $8.2 billion, funded by an increase of 38% in low-cost deposits to $23.7
miliard.
"Noi
are building the largest consumer platform in Latin America, with strong
earnings-generating capabilities,” added Vélez. “As we work towards
surpassing the 100 million customers milestone in 2024, we are investing
heavily in new growth avenues.”
Becoming the Biggest Bank
în America Latină
In Brazilia
specifically, Nubank more than doubled lending originations with new products
like secured loans, payroll loans, and credit cards. The company also made
progress in increasing wallet share among higher-income customers.
Pe plan internațional,
Nubank’s Mexico customer base expanded to 5.2 million, with growth accelerating
after the launch of its Cuenta Nu deposit account. Colombia also saw
accelerating growth, surpassing 800,000 customers before the upcoming launch of
a savings product.
Cu aproape
100 million customers and new products across lending, deposits, investments
and insurance, Nubank believes it can consolidate as Latin America’s largest
financial services platform.
Sub
guidance of David Vélez, Nubank has defied traditional banking standards,
achieving notable financial results in an industry known for slow growth and
modest profits. In the initial quarter of 2023, Nubank disclosed a net profit
of $142 million and revenues of $1.6 billion, marking an YoY increase of 87%. This performance has propelled the company’s valuation to $37
billion, with Vélez’s stake valued at approximately $8 billion.
Latinul
American financial technology firm Nubank announced strong growth in customers,
revenue, and profitability in its financial year of 2023. The FinTech company added
19.3 million customers in 2023 to reach nearly 94 million total customers
across Brazil, Mexico, and Colombia.
customer base expanded over 50% year-over-year (YoY), with Brazil operations
hitting 87.8 million customers. This represents over half of Brazil’s adult
population and makes Nubank the fourth-largest financial institution in the
country by customers.
Puterea
customer count fueled a revenue increase of 57% on a constant currency basis to
$2.4 billion in Q4 2023. For the full year, Nubank generated $8 billion in
total revenue. Thanks to this rapid growth, Nubank earned $1 billion in net
profit and $1.2 billion in adjusted net profit for 2023, a significant
turnaround from the $9.1 million net loss in 2022.
Rezultatele
confirm the words of David Vélez, the Founder and CEO of Nubank, who earlier
this month stated in an interview with the Financial Times that his compania este
aiming to achieve annual profits of $1 billion.
Not sure yet what is happening with the stock, but Nubank’s $ NU 2023 results are impressive! 👇 pic.twitter.com/KUdKOA5Lud
— Jevgenijs Kazanins (@jevgenijs) 22 Februarie 2024
Compania
remains well-capitalized with capital adequacy ratios about twice regulatory
minimums across its markets. Nubank also grew its interest-earning portfolio
91% YoY to $8.2 billion, funded by an increase of 38% in low-cost deposits to $23.7
miliard.
"Noi
are building the largest consumer platform in Latin America, with strong
earnings-generating capabilities,” added Vélez. “As we work towards
surpassing the 100 million customers milestone in 2024, we are investing
heavily in new growth avenues.”
Becoming the Biggest Bank
în America Latină
In Brazilia
specifically, Nubank more than doubled lending originations with new products
like secured loans, payroll loans, and credit cards. The company also made
progress in increasing wallet share among higher-income customers.
Pe plan internațional,
Nubank’s Mexico customer base expanded to 5.2 million, with growth accelerating
after the launch of its Cuenta Nu deposit account. Colombia also saw
accelerating growth, surpassing 800,000 customers before the upcoming launch of
a savings product.
Cu aproape
100 million customers and new products across lending, deposits, investments
and insurance, Nubank believes it can consolidate as Latin America’s largest
financial services platform.
Sub
guidance of David Vélez, Nubank has defied traditional banking standards,
achieving notable financial results in an industry known for slow growth and
modest profits. In the initial quarter of 2023, Nubank disclosed a net profit
of $142 million and revenues of $1.6 billion, marking an YoY increase of 87%. This performance has propelled the company’s valuation to $37
billion, with Vélez’s stake valued at approximately $8 billion.
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- Sursa: https://www.financemagnates.com//fintech/payments/nubank-sets-sights-on-becoming-latin-americas-largest-fintech/
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