Nu Holdings, the digital monetary companies platform working throughout Brazil, Mexico and Colombia, elevated its buyer base by 22% in 2024 to achieve a complete of 114.2 million.
The corporate added 4.5 million clients within the fourth quarter and 20.4 million within the full 12 months 2024, Nu Holdings mentioned in a Thursday (Feb. 20) earnings launch.
“2024 was a metamorphosis 12 months for Nu as we superior our mission to empower hundreds of thousands throughout Latin America with accessible, clear and low-cost monetary companies,” Nubank Founder and CEO David Vélez mentioned within the launch.
Nu Holdings additionally noticed its income enhance 58% 12 months over 12 months to achieve $11.5 billion for the total 12 months 2024, based on the discharge.
The corporate is pursuing a “Three Act Technique” that features constructing “the biggest and most beloved” retail banking franchise in Latin America, increasing past monetary companies, and turning into “a world AI-driven digital banking mannequin,” based on an earnings presentation launched Thursday.
In Brazil, Nu Holdings is constructing its buyer base and buy quantity amongst high-income shoppers, based on the earnings launch. The corporate earned a Web Promoter Rating (NPS) of 84 amongst these clients in 2024.
By way of its worldwide growth, the corporate noticed 91% year-over-year development of its buyer base in Mexico, reaching 10 million clients within the nation by the tip of 2024, the discharge mentioned.
Nu Holdings additionally diversified its choices and expanded its addressable market in 2024 by launching its in-app journey planning service referred to as NuTravel and its cell digital community operator (MVNO) service referred to as NuCel, per the discharge.
“We superior in all of our priorities with important strides in our Excessive-Revenue technique in Brazil, expanded our footprint in Mexico, and broadened our portfolio with NuCel and NuTravel,” Vélez mentioned within the launch. “As we put together to scale up our services and products globally, we stay targeted on execution, customer-centric innovation and sustainable development in our present markets.”
It was reported in January that Nu Holdings, which is domiciled within the Cayman Islands, is contemplating shifting its authorized domicile to Britain earlier than starting its deliberate world growth.
“We’re actively pondering what are a number of the jurisdictions that make sense for us to contemplate, as we take into consideration the following 10 years of world growth,” Vélez instructed Reuters on the time.
In November, it was reported that digital banks, together with Nubank, led Brazilian banks’ profitability enhancements in the course of the first half of 2024.
The director of supervision of Brazil’s central financial institution, Ailton de Aquino, mentioned that digital banks have a “sturdy” credit score mannequin and that their evolution mirrored the central financial institution’s efforts to advertise innovation and competitors.
