Brazilian digital bank Nu swung from a net loss in 2022 to a net profit of $1 billion in 2023 on revenue of more than $8 billion.
Nubank added nearly 20 million customers in 2023, reaching a total of 94 million, up from 54 million just two years ago.
Fourth quarter profit was $360.9 million, representing an annual return on equity of 23%, compared to a profit of $58 million in the fourth quarter of 2022.
Founded in 2013, Nubank has become a fintech giant and is expanding beyond Brazil into Mexico, where it has around five million customers, and Colombia, where it just received approval from authorities to operate as a financing company.
In late 2021, the company raised $2.6 billion in an IPO on the New York Stock Exchange, valuing the digital lender at more than $40 billion.
David Vélez, CEO of Nubank, says: “As we work towards exceeding the 100 million customer milestone in 2024, we are investing heavily in new growth avenues to continue turning potential into profit.”
“We are unlocking the untapped opportunities of our secured and unsecured loan portfolio, gaining share in the upscale segment in Brazil and strengthening our presence in Mexico and Colombia with new products and features.”
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