In Q2’25, Nu achieved another quarter of robust growth. The customer base expanded to nearly 123 million, with an activity rate above 83%. This drove revenues to US$3.7 billion (85% annualized growth rate since 2021), which, combined with a stable cost to serve (US$0.8), drove net income to US$637 million – nearly tripling in two years. 

“These results come despite our ongoing investments in growth and, most importantly, in keeping our customers loving us fanatically, proving that it's possible to scale efficiently, with discipline, and still generate strong earnings while building the foundation for the long-term”, says David Vélez, founder and CEO.

Results Highlights:

Operational and business:

• Customers – 122.7 million
• 4.1 million added in Q2’25 
• ARPAC – US$12.2 (18% increase YoY FXN), with more mature cohorts at US$27.3
• Monthly Average Cost to Serve per Active Customer: US$0.8
• Activity rate: 83.2%
• Efficiency ratio: 28.3% (impacted by RSU expenses from the initial vesting of our 2025 annual grant and marketing investments)
• Consumer finance asset quality in Brazil: 4.4% for 15-90 NPL ratio (30 bps drop QoQ) | 6.6% for 90+NPL (reflecting the rise in early delinquency observed in Q1'25 and following the usual seasonal pattern)

Financial:

• Global revenues: US$3.7 billion (+40% YoY FXN)
• Net Income: US$637 million (+42% YoY FXN)
• Annualized ROE: 28%
   
• Interest-earning portfolio: US$15.7 billion (+55% YoY FXN)
• Total deposits: US$36.6 billion (+41% YoY FXN)

Nu Mexico already serves one in four banked Mexicans and has impacted the country’s financial behavior, fomenting financial inclusion and the digitalization of transactions. In a new episode of the Nu Videocast, Guilherme Lago talks about this revolution and the long-term plans for Nu’s operations in Mexico. Available on YouTube and Spotify.

In case you missed it: In July, David and Roberto Campos Neto, Vice Chairman and Global Head of Public Policy, discussed the present and future of financial services in another episode of the Nu Videocast.

New CTO. Eric Young has been appointed as Nu’s new Chief Technology Officer (CTO). He assumes this position as Vitor Olivier departs to pursue a new entrepreneurial endeavor. Young served as Senior VP of Engineering at Snap Inc., and has previously held leadership roles at Google and Amazon.

Internship program. Nubank announced its 4th internship program in Brazil, which will welcome over 140 students to the company in 2026. The program encompasses two different fields (tech and corporate roles), which can be combined as areas of interest for the one-year experience.

Recognition. Nubank is the most influential Brazilian Brand, according to Design Bridge and Partners (WPP) research with over 18.000 consumers. Four pillars based the ranking: differentiation, relevance, esteem, and admiration. 

“Littlefoot” campaign. Nu introduced a new character of the “Wednesday” universe, called Littlefoot. This is part of a new marketing campaign that showcases the company’s portfolio in both Brazil and Mexico, and was created in partnership with Netflix, with involvement of Tim Burton, Gandja Monteiro, and Victor Dorobantu, the official actor for Thing.

Nu’s financial results beat consensus in Q2’25, with 42% growth YoY in net income to US$637 million. Customer growth was also a highlight, with 4.1 million net additions in the quarter.

David analyzed the Latam fintech scenario and traced Nu’s history in a feature for the five-year edition of Startups. 

David and Roberto Campos Neto discussed the importance of Pix for Brazil and as a global example of innovation in a recent episode of the Nu Videocast. Roberto also wrote about macroeconomics in his first article as a Folha de S.Paulo columnist, and spoke to Expansión about his experience and motivations to join Nu.

An IMF report confirmed that the emergence of fintechs in the Brazilian market has increased competition and reduced interest rates in the banking sector.

Fernando Campos, Nu Mexico CFO, highlighted the importance of the Mexican market for Nu's strategy on financial inclusion.

Fast Company mentioned Nu as one of the fintechs that have brought financial access to rural zones in Mexico, with 78% of its customers living outside major cities.

Moody's reaffirmed Nu Holdings’ and Nubank Brazil’s ratings, highlighting the company's strong performance as one of Brazil's largest credit card issuers.

Bloomberg Intelligence identified Nu among the 27 international stocks with the highest earnings growth rates, best profitability, and lower multiples than the average of the so-called Magnificent Seven.

Nu Colombia announced the new 60-day Nu CDT at a rate of 9.90%, one of the most competitive available in the market.
 

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