Nu Holdings' Customer Base Grows by 22% as Global Expansion Plans Unfold
São Paulo, Friday, 21 February 2025.
In 2024, Nu Holdings achieved a 22% customer growth, reaching 114.2 million customers. Their expansion targets high-income consumers globally, bolstering their fintech industry position.
Strong Financial Performance
Nu Holdings Ltd. (NYSE: NU) has demonstrated remarkable growth with revenue reaching $11.5 billion in 2024, marking a 58% year-over-year increase [1][2]. The digital banking platform’s net income nearly doubled from 2023, approaching $2.0 billion [2]. This financial success is underscored by the addition of 4.5 million customers in Q4 2024 alone, contributing to their total customer base of 114.2 million by year-end [1].
Mexican Market Success
A significant driver of Nu’s growth has been its expansion in Mexico, where the customer base grew by an impressive 91% year-over-year, reaching 10 million customers [1]. This milestone represents approximately 12% of Mexico’s adult population [2]. The company’s success in Mexico is further evidenced by a substantial 438% increase in deposits, totaling $4.5 billion by the end of 2024 [2].
High-Income Strategy and Product Innovation
In Brazil, Nu Holdings has successfully penetrated the high-income market segment, achieving a Net Promoter Score of 84 among affluent consumers [1]. The company has expanded its product portfolio with innovative offerings including NuTravel, an in-app travel planning service, and NuCel, a mobile virtual network operator service [1]. The Ultravioleta customer base in Brazil showed remarkable growth, expanding by 132% year-over-year to nearly 700,000 customers [2].
Future Global Expansion Plans
Looking ahead, Nu Holdings is actively exploring global expansion opportunities. CEO David Vélez has indicated that the company is evaluating various jurisdictions for potential expansion over the next decade [1]. As part of this strategy, Nu Holdings is considering relocating its legal domicile from the Cayman Islands to Britain [1]. The company maintains its focus on execution, customer-centric innovation, and sustainable growth while scaling its products and services globally [2].