If you are not paying attention to Nubank, it is time you did.
Last week the Latin American fintech leader released their Q4 and full-year earnings and it was another very solid report.
Unlike many fintechs in this country, Nubank is solidly profitable and has been for a while. It posted a net income of $361 million for Q4, that is not a revenue number, that is profit.
For the year Nubank’s net income was $1.0 billion. Let me repeat that: Nubank made $1 billion in net profit in 2023.
They are quite likely the most successful company in the history of fintech. While many large fintech companies are still on their journey to breakeven Nubank shows us what is possible.
They are now the fourth largest bank in Brazil where they have 90 million customers or half the adult population. And yet they are still adding over one million customers a month.
A deep dive into their earnings report will be time well spent for everyone in fintech.
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