Nu Holdings Ltd., one of the world’s largest digital financial services platforms listed on the NYSE, reported Q2 2025 net income of US$637 million, a 42% year-on-year rise on a foreign exchange-neutral (FXN) basis.

Revenue reached US$3.7 billion, up 40% YoY, while gross profit climbed 24% FXN to US$1.6 billion.

The company added 4.1 million customers in Q2, bringing its total to 122.7 million globally, including 107.3 million in Brazil.

Monthly average revenue per active customer was US$12.2, up 18% YoY FXN. Deposits grew 41% FXN to US$36.6 billion.

Nu now serves 12 million customers in Mexico and 3.4 million in Colombia.

🔗 Source: Nu Holdings

🧠 Food for thought

1️⃣ Digital banking platforms achieve superior unit economics compared to traditional banks

Nu’s financial metrics demonstrate the fundamental cost advantage of digital-first banking architecture over traditional branch-based models.

The company maintains a monthly cost to serve of just $0.80 per active customer while generating $12.2 in monthly revenue per active customer, creating a healthy 15:1 revenue-to-cost ratio 1.

This efficient cost structure enabled Nu to achieve a 28% annualized return on equity, which the company notes is “well above industry peers” 1.

The scalability becomes evident when considering Nu’s growth trajectory. The company has maintained an 85% annualized revenue growth rate since 2021 while keeping its cost to serve stable 1.

Traditional banks typically face much higher per-customer costs due to physical branch networks, larger staff requirements, and legacy technology infrastructure that requires ongoing maintenance.

2️⃣ Latin America shows accelerating digital banking adoption across different market maturity stages

Nu’s customer penetration across its three main markets reveals how digital banking adoption grows as markets mature.

In Brazil, Nu has achieved remarkable scale with 107.3 million customers representing over 60% of the adult population, with 60% of those customers using Nu as their primary financial relationship 1.