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In this issue of NuHeadlines: Nu Q2’22 Earnings Release – a quarter of growth, efficiency, and significant progress towards building the largest digital platform in Latin America. You will also read about our new Operating Model, Thuan Pham being appointed to our Board of Directors, our latest product launches, highlights of the press coverage, and more.

Nu released its Second Quarter 2022 financial results, which were driven by our strong customer growth and our ability to cross-sell and up-sell our expanding product portfolio in all markets. Some highlights are the record-high revenue surpassing the US$1 billion mark, with an Adjusted Net Income of US$17 million for the quarter, and a net profit of US$13 million in the first half of 2022 in our Brazil operation. 

"We had another very strong quarter, with growth and profitability in our core business. We registered record revenues and are making huge strides towards becoming a multi-product and multi-country platform”, said David Vélez, founder and CEO.

Q2’22 main highlights:

Customers: We added 5.7 million customers in the quarter, reaching over 65 million globally, and registering a record activity of 80%.

Products: We are launching and scaling in new verticals.

• NuConta: 45 million active customers.
• Personal loans: 4 million customers.
• Insurance: 700,000 customers, with a leading NPS (launched in 2021). 
• NuInvest: 5 million active investor customers.
• Nubank Cripto: 1 million customers (three weeks after launch).
• PJ: 2 million customers.
• Card: We are now the fourth largest player in Brazil in terms of Purchase Volume.

International Expansion: We are now the #1 issuer of new credit cards in Mexico and Colombia. Our customer base grew to 2.7 million in Mexico and to 314,000 in Colombia.   

Board updates. Nubank is to appoint Thuan Pham as member of its Board, and Anitta is transitioning to a new role as Global Ambassador. Pham is the CTO of Coupang and has held the same position at Uber. As a Board member, he will help the company scale its technology platform to execute the next decade of growth.

Operating Model. To support future growth and internationalization in the next decade, Nu is designing and implementing a new operating model, focusing on customer centricity, product scalability, and platform efficiency. At the management level, Youssef Lahrech, Chief Operating Officer, is also appointed President, reporting to David Vélez, founder and CEO.
 

License granted to Nu Colombia. The Financial Superintendence of Colombia (SFC) formally approved the license for Nu Colombia to establish a Financing Company in the country. This milestone will allow the expansion of our product portfolio in the future.

Educational impact. Instituto Nu, our ESG social impact initiative, has partnered with Descomplica, the largest EdTech company in Latin America, to offer an online technology education program to 10,000 low-income students in Brazil. The initiative is part of the Nu Impact pillar to make a lasting, positive, and significant impact on people's lives.

Recognitions. 

• Nu was once again among the best institutions in the quarterly Complaints Ranking by  the Brazilian Central Bank.
• Nubank is the company that grew the most in brand strength in Brazil during the last year, according to Brand Finance.

More autonomy. Customers in Brazil can now use their credit card limit to make wire transfers through Pix no Crédito. With fair and transparent fees, customers can finance these transfers in up to 12 installments. This new feature follows the recent launch of recurrent Pix.

Further personalization. The Nubank app is now organized into three tabs – transactions, planning, and shopping – to further simplify the navigation and fit our growing product portfolio. In addition, customers can now upload a profile picture, personalizing their experience even more.

Podcast. Nu partnered with Emicida to launch Chamaê, a podcast in which the rapper, writer, and entrepreneur invites Brazilian personalities to discuss social impact, entrepreneurship, references, and career in the country in a relaxed and informative way. 

Customer love. Our first brand campaign in Mexico brings real customers to talk about Nu’s differentiators in the market. We also launched Comunidad Nu, an open forum for people to exchange ideas, following a successful case in Brazil with more than 300,000 customers in the local NuCommunity.

• ​Reuters highlighted Nu’s Q2’22 Earnings Results reinforcing how “revenue surges on strong customer growth”. In Brazil, Estadão highlighted our adjusted net income of $17 million, and Valor, our record-high revenue.
   
• David spoke about Nu’s history and impact and addressed how technology is rewriting the rules of financial inclusion, during an interview with Morgan Stanley. 
   
• David talked to Reuters about the impressive performance of Nu Mexico and the opportunities to keep growing in that market. 
   
• Cristina Junqueira, co-founder and Chief Growth Officer, was interviewed by GloboNews about the growth of digital accounts in the country and Nu’s customer-centric business model.
   
• Matt Swann, Chief Technology Officer, talked about how Nubank leverages technology to make faster and smarter decisions in credit underwriting, in a feature in El Economista, from Mexico.
   
• Customer growth milestones and scalability in new product verticals were highlighted in Neofeed, covering Cripto, and in Estadão, covering Investments.

 (Articles in this section may be subject to a paywall and available to subscribers only, depending on the news outlet.)

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