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Nu posted its Q3’25 results, registering another quarter of record revenues and net income. Both metrics grew by 39% year over year, FXN, driven by strong customer acquisition and sustained high engagement.

Also in this issue: LatinFinance awarded Nubank its top regional honor for financial excellence. Nu expanded its credit offering in Brazil and Colombia, and also announced partnerships with OpenAI's ChatGPT Go and Amazon Brazil, among other developments.

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Q3'25 Financial Results

In Q3'25, Nu continued to grow all of its metrics, reaching a record net income of US$783 million while expanding its customer base to 127 million. Revenues totaled US$4.2 billion, with an ARPAC of over US$13, reflecting a sustained strong engagement. The company demonstrated the strength of its business model beyond Brazil, with Mexico registering even stronger results earlier than Nubank’s first operation at the same stage of maturity.

“As we continue scaling across markets, we’re also building the next generation of our platform, redefining how we operate and how customers experience banking. Our vision is to become AI-first, which means integrating foundation models deeply into our operations to drive an AI-native interface to banking, while creating meaningful benefits for both our customers and our business”, highlighted David Vélez, founder and CEO of Nubank.

Results Highlights:

Operational and business:

Customers – 127 million

4.3 million added in Q3’25

ARPAC – US$13.4 (20% increase YoY FXN)
Monthly Average Cost to Serve per Active Customer: US$0.9
Activity rate: 83%+
Efficiency ratio: 27.7%
Consumer finance asset quality in Brazil: 4.2% for 15-90 NPL ratio (20 bps drop QoQ) | 6.8% for 90+ NPL

Financial:

Revenues: US$4.2 billion (+39% YoY FXN)
Net Income: US$783 million (+39% YoY FXN)
Annualized ROE: 31%
Interest-earning portfolio: US$17.7 billion (+54% YoY FXN)
Total deposits: US$38.8 billion (+34% YoY FXN)

Products and launches

Credit in Colombia... Nu Colombia is expanding its credit options with the launch of two new credit cards and two lines of personal loans, designed to facilitate the building of credit history and offer formal loan alternatives.

… and in Brazil. Customers can now use any Money Box (Caixinha) as collateral to increase the credit card limit. Nu also announced Limit Mission (Missão Limite), a gamified experience that encourages good financial habits to positively impact the credit card limit.

In case you missed it. Jessica Paul, Nubank’s Global GM of Lending, and Emilia Lopez, Nubank’s Global GM of Credit Cards and Collections, detail Nubank's cutting-edge strategy for credit underwriting in the latest episode of the Nu Videocast.

Insurance. Nubank launched Pix Protegido (Protected Pix) in Brazil, an insurance that provides coverage against scams and unauthorized transactions made after a card or cell phone is stolen.

OpenAI + Nu. OpenAI announced a new ChatGPT subscription plan in Brazil, offering exclusive benefits to Nubank customers in an unprecedented partnership with a financial institution in the country.

Amazon + Nu. Amazon Brazil and Nubank have formed a major partnership to integrate Nu's payment method, NuPay, into the Amazon store. The initiative aims to enhance access to credit for customers, leveraging the strengths of both platforms.

Shopee + Nu. Shopee and Nubank partnered to offer exclusive discounts to Nu's customers on 11/11, the main sales event of the year for the retail company.

Ultravioleta update. Nubank Ultravioleta is offering special cashback and points per dollar spent on the Nu Viagens (Nu Travel) platform throughout the month of Black Friday.

Corporate information

Awards and recognition. LatinFinance recognized Nubank with its highest regional honor for financial excellence. Nu is also the most valuable brand in Brazil according to InfoMoney and TM20 Branding, and offers the best global account, as awarded by Melhores Destinos, and the best credit card, based on Folha de S.Paulo's Top of Mind 2025.

In Mexico, Nu was recognized by Forbes as one of the companies leading the tech transformation in the country. In Colombia, it ranked #3 in the financial sector ranking by Merco, and David Vélez and Marcela Torres were named among the leaders with the best reputation. David was also listed by Forbes Colombia as one of the Most Influential CEOs in the country.

New working model. Nubank announced the implementation of a new hybrid work model starting in H2'26, combining remote flexibility with dedicated in-office time to foster collaboration, maintain culture, and adapt to the future of work.

Nu in the news

Nu’s Q3’25 financial results surpassed market expectations and demonstrated the strength of the business model beyond Brazil, with strong momentum in Mexico. During the earnings call, executives explained how AI has been instrumental in further enhancing credit underwriting capabilities and positively impacting the company’s balance sheet.

Nubank reached a new record market cap on October 28, becoming the most valuable company in Brazil and the second in Latin America.

At the Most Powerful Women Summit, Livia Chanes, CEO of Nubank Brazil, discussed how AI can enhance the customer experience, rather than just being a value proposition selling point.

At the Global Investors’ Symposium, Roberto Campos Neto stated that Pix has significantly boosted financial inclusion, and said that the integration of Open Finance, tokenization, and AI will generate numerous opportunities for the country.

Eduardo Lopes, Zetta's director, wrote an op-ed about how raising taxes for fintechs could slow competition and inclusion, thereby protecting the dominance of large banks in Brazil.

Zetta and the law firm VLK Advogados launched a guide with best practices for financial institutions on adopting authentication and fraud prevention technologies.

Oscar Cadena, Public Policy Director in Colombia, wrote about the importance of regulatory change for a more inclusive, competitive, and innovative financial system in the country..

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

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