Nubank announces record revenue as user count rises

Brazilian financial institution Nubank has revealed its record-breaking revenue for the second quarter, propelled by a surge in new customers for the digital banking company, which is backed by Warren Buffett.

Amid the global banking sector’s slowdown, Nubank has maintained a strong position due to consumer preference for its fundamental products, including credit cards, within the crucial domestic market.

David Vélez, the Founder and CEO, noted, “In Brazil, our growth trajectory continues as one in two adults is a Nu customer, and we have become the fourth largest financial institution in the country by the number of customers.”

During the quarter ending on June 30, Nubank attracted 4.6 million new customers, boosting the total worldwide customer count to 83.7 million—a remarkable 28% year-over-year growth.

This substantial increase contributed to a 60% surge in total revenue year over year, reaching $1.9 billion. Additionally, the average monthly revenue per active customer (ARPAC) rose to $9.30—an 18% increase when excluding the impact of exchange rate fluctuations.

Nubank, which made its debut on the New York Stock Exchange at the close of 2021, encountered a significant decrease in value last year, losing over half of its worth. However, the institution has since rebounded, demonstrating a notable 95% year-to-date increase.

Adjusting for factors, the bank reported a net income of $262.7 million for the quarter, while gross income on a constant currency basis saw a remarkable 113% year-over-year surge, reaching $782 million.