Nu Holdings Ltd reported a surge in fourth-quarter gross profit on Tuesday, as customers flocked to the core lending products offered by the Warren Buffett-backed digital banking firm.
A banner for Nubank, the Brazilian FinTech startup, hangs on the facade at the New York Stock Exchange to celebrate the company's IPO in New York, U.S., December 9, 2021. REUTERS/Brendan McDermidreported a surge in fourth-quarter gross profit on Tuesday, as customers flocked to the core lending products offered by the Warren Buffett-backed digital banking firm.
The Brazilian lender has so far been insulated from the downturn in the global banking industry as consumers in its key domestic Latin American market continue to gravitate towards Nubank's core offerings, such as credit cards and personal loans. "Despite the macroeconomic challenges of 2022, Nu was able to beat every key metric: maintained accelerated growth, gained share in products and markets," said founder and Chief Executive David Vélez in a statement.
Nubank added 4.2 million customers in the fourth quarter ended Dec. 31, and 20.7 million in 2022, closing the year with a total of 74.6 million customers globally. Monthly average revenue per active customer increased to $8.2, expanding 37% over the prior year on an FX neutral basis.
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