Nu started the year strong. In Q1’25, the company added over 4 million customers, totaling 118.6 million. Of those, 104.6 million are in Brazil, where nearly 30% of adults have their primary banking relationship with Nu. The company also reached 11 million customers in Mexico and almost 3 million in Colombia.

Deepened engagement (83.2% activity rate) drove up the average revenue per active customer (ARPAC), which, combined with a low cost-to-serve and a 62% expansion in the interest-earning portfolio, made revenues surge 40% YoY, to US$3.2 billion in the quarter.

“With disciplined boldness, we're capitalizing on vast growth opportunities by responsibly expanding, strategically reinvesting, and scaling our proven flywheel model. We are confident that by continuously enhancing our offerings and market position, Nubank will capitalize on the long runway of growth ahead of us and deliver enduring value to both customers and shareholders," says David Vélez, founder and CEO of Nubank. 

Results Highlights:

Operational and business:

• Customers – 118.6 million
  • 4.3 million added in Q1’25 
     
• ARPAC – US$11.2 (17% increase YoY FXN), with more mature cohorts at US$26
• Monthly Average Cost to Serve per Active Customer: US$0.7
• Activity rate: 83.2%
• Efficiency ratio: 24.7% (including a one-off impact that, if disregarded, would have resulted in a 26.7% ratio)
• Consumer credit portfolio in Brazil: 4.7% for 15-90 NPL ratio (in line with expectations and below historical seasonal increase) | 6.5% for 90+NPL (50 basis-points drop)

Financial:

• Global revenues: US$3.2 billion (+40% YoY FXN)
• Net Income: US$557.2 million (+74% YoY FXN)
• Annualized ROE: 27%
• Interest-earning portfolio: US$13.8 billion (+62% YoY FXN)
• Total deposits: US$31.6 billion (+48% YoY FXN)

Nu turned 12 in May as the favorite financial institution in Brazil. With an almost 30% share of PBR, the company is now doubling down on investments to further delight and engage this base.

Three customers tell the stories of how they were impacted by “wow moments” when contacting Nu’s customer service.

Management update. Roberto Campos Neto, former President of the Brazilian Central Bank, is expected to join Nu upon completion of his garden leave in July. The executive will serve as Vice Chairman of Nubank, global Head of Public Policy, and a non-independent member of the Board of Directors of Nu Holdings.

Awards and recognition. American Banker awarded Nu with Best Innovation of the Year in the Digital + Mobile-First Banking category for its Under-18 products, and Nu Colombia was recognized with two gold medals at the CX Interaction Awards for its customer service strategy centered on human connection. Co-founder and Chief Growth Officer Cristina Junqueira was considered one of the five most influential executives in Brazil. Additionally, Brazil CEO Livia Chanes is among Fortune’s Most Powerful Women, and Forbes listed Colombia Country Manager Marcela Torres as one of the 100 most powerful women in Colombia in 2025.

Tap-to-pay Pix. Through NFC technology available on Android phones, Nubank customers in Brazil can now make Pix payments faster by simply tapping their phones on an enabled POS terminal. The feature allows payments using the account balance or credit, in up to 12 installments.

Updated yield. Turbo Money Boxes in Brazil now yield up to 120% of the CDI – one of the best in the market. The highest returns are available for Nubank+ and Ultravioleta tiers, while other customers can reach 115% of the CDI. Nu has recently expanded the package of exclusive advantages for Nubank+ customers.

Crypto expansion. Nu doubled its crypto portfolio available for customers in Brazil. In celebration of Bitcoin Pizza Day, the company also eliminated all fees in crypto exchanges for 24 hours.

OXXO partnership. Nu Mexico launched cash deposits at OXXO locations nationwide. The milestone expands the collaboration between the companies announced earlier this year, in a country where the population relies heavily on cash.

“Cajitas para mi gente”. In a new campaign led by local star Jorge Barón, Nu Colombia is offering an incentive for new customers to start saving. To participate, people must send a text message talking about their saving goals, and open an account. Nu will provide them with a $10.000 Colombian Pesos (~US$3) as a head start in Cajitas (Money Boxes).

Nu released its Q1’25 Financial Results, highlighting a surge to $3.2 billion in revenue and 119 million customers, with an 83.2% activity rate. David spoke about the company's intention to continue investing in growth opportunities to create enduring value for customers and shareholders. 

Former Brazilian Central Bank president Roberto Campos Neto is expected to join Nu’s Management Team and Board of Directors to strategically support the company’s expansion. 

To celebrate Nu’s 12th anniversary, Livia Chanes wrote an article for Veja about how customer-centricity is relevant to the business.

In an interview with Valor Econômico, David Vélez explained how the company has been structuring itself to gain more efficiency.

During the Banking Convention, Nu Mexico’s Country Manager, Iván Canales, spoke to El Economista (video and website) about the trajectory of the local operations, including the recent approval of the banking license. 

At the Web Summit Rio, Livia Chanes and Rodrigo Marques, CEO of Claro, talked about how Nucel combines Nubank's digital expertise with Claro's infrastructure to enhance user experience in telecom.
 

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