Latest news with #DavidVélez
Forbes
3 days ago
- Business
- Forbes
Nubank Stock Surges As Second Quarter Earnings Exceed Expectations
Nubank cofounder and CEO David Vélez. AFP via Getty Images On Thursday night, Latin American digital bank Nubank announced revenue and profits that beat analysts' expectations. Its share price jumped 10% on Friday to above $13.00, pushing its market value to nearly $64 billion. Nubank reported second quarter revenue of $3.7 billion, up 40% from a year ago, which was in line with analysts' expectations. Net profit rose 42% since last year to $637 million. Monthly average revenue per customer climbed to $12.20, exceeding the $12.00 analysts had forecasted. This suggests Nubank is making more money off of existing customers, a part of Nubank's business that is its most important vector for growth, says James Friedman, a senior fintech analyst at Susquehanna International Group . Short-term loan delinquencies, or the number of Nubank customers who are late on their loan payments, decreased by 0.3%, while long-term delinquencies of 90 days or more rose by 0.1% to 6.6%. Nubank attributed the increase to seasonality and a spike in short-term delinquencies in the first quarter. Declining credit quality is a pervasive problem in Brazil, especially with regard to personal loans and credit cards, Nubank's core lines of business. 'This is a concern that has lingered not only with us, but also with many investors and other stakeholders since late last year or early this year,' said chief financial officer Guilherme Lago on Thursday's earnings call. In spite of this, he insisted that Nubank's loans are performing 'largely as expected.' Friedman says Nubank's delinquency results were better than what central bank data had suggested and help to explain the stock's 10% surge on Friday. Nubank has its primary operations in Brazil and smaller business units in Mexico and Columbia. Its $63 billion market value makes it the second largest public company in Latin America after Brazilian banking giant Itau Unibanco. The digital bank attracted 4.1 million new customers in the second quarter, bringing its total user base to 122.7 million, just slightly short of analysts' expectations. Growth was fastest in Mexico, where the number of credit card customers rose 52% since last year to 6.6 million. The stock's performance on Friday morning is likely also driven by the company's planned foray into international markets, says Friedman. In recent weeks, Nubank has announced several new hires, including a new chief technology officer, global head of public policy and chief design officer to better prepare for global expansion, CEO David Vélez explained in response to an analyst question on Thursday evening. Vélez indicated that they're also extending their recruitment efforts beyond just Latin America to find the best global talent. 'The international narrative is rapidly evolving,' Friedman wrote in an email to Forbes . 'I think that's the big surprise.'
Business Wire
4 days ago
- Business
- Business Wire
Nu Holdings Ltd. Reports Second Quarter 2025 Financial Results
SíO PAULO--(BUSINESS WIRE)--Nu Holdings Ltd. (NYSE: NU) ('Nu' or the 'Company'), one of the largest digital financial services platforms in the world, released its Second Quarter 2025 financial results today. Financial results are expressed in U.S. dollars and are presented in accordance with International Financial Reporting Standards (IFRS). The full earnings release has been made available on the Company's Investor Relations website at as well as the details of the Earnings Conference Call Nu will hold today at 6:00 pm Eastern time/7:00 pm Brasilia time. "In Q2'25, we achieved another quarter of robust growth, expanding our customer base to nearly 123 million with over 4.1 million net additions, and maintaining an activity rate above 83%. This strong engagement drove revenues to $3.7 billion, representing an 85% annualized growth rate since 2021, and allowed us to nearly triple our quarterly net income to $637 million in the past two years. These results come despite our ongoing investments in growth and, most importantly, in keeping our customers loving us fanatically, proving that it's possible to scale efficiently, with discipline, and still generate strong earnings while building the foundation for the long-term', says David Vélez, founder and CEO of Nubank. Q2'25 Results Snapshot Below are the Q2'25 performance highlights of Nu Holdings Ltd.: Operating Highlights: Customer growth: Nu added 4.1 million new customers in Q2'25, a 17% year-over-year (YoY) increase, reaching a total of 122.7 million customers globally. This expansion reinforces Nu's position as one of the world's largest and fastest-growing digital financial services platforms. In Brazil, Nu is the third-largest financial institution by number of customers, according to the Brazilian Central Bank. Engagement and activity rates: Monthly Average Revenue per Active Customer (ARPAC) crossed the $12 mark for the first time, reaching $12.2 in Q2'25, up 18% YoY on a FX-neutral basis 1 (FXN), and $27.3 for customers with over eight years on the platform. The monthly activity rate 2 is 83.2%. Low-cost operating platform: Monthly Average Cost to Serve Per Active Customer remained stable at $0.80 per customer. Asset Quality 3: Nu's leading indicator of asset quality, the 15 to 90-day NPL ratio, declined 30 basis points (bps) QoQ to 4.4% in Q2'25. The 90+ NPL ratio increased by 10 bps to 6.6%, reflecting the rise in early delinquency observed in Q1'25 and following the usual seasonal pattern. Financial Highlights: Net & Adjusted Income: Net Income increased by 42% YoY FXN to $637 million, compared to $487.3 million in Q2'24, and the annualized ROE was 28% - well above industry peers. Adjusted Net Income 4 increased to $694.5 million. Revenue: Nu's Q2'25 revenues increased 40% YoY FXN, reaching a record of $3.7 billion. Gross Profit: Nu's gross profit totaled $1.55 billion in Q2'25, up 14% FXN sequentially and 24% YoY on FXN, reflecting NII expansion and stable credit allowances. Gross profit margin also improved by 160 bps QoQ to 42.2%. Liquidity: Deposits increased 41% YoY FXN to $36.6 billion, while the cost of funding reached 91% of the blended interbank rates for the quarter. Total receivables across Nu's credit card and loan portfolios expanded 40% YoY FXN and 8% QoQ FXN to $27.3 billion, while its total Interest-Earning Portfolio (IEP) increased 55% YoY FXN to $15.7 billion as of June 30, 2025. Net Interest Income: Increased 33% YoY and 11% QoQ on FXN, reaching a new all-time high of $2.1 billion. The net interest margin (NIM) rose 20 bps to 17.7%. Nu Holdings' risk-adjusted NIM expanded by 100 bps, reaching 9.2% in Q2'25. Business highlights Performance and Growth in Brazil: In Brazil, our customer base reached 107.3 million as of June 30, 2025, which represents over 60% of Brazil's adult population, and 60% of those customers use Nu as their primary financial relationship. The deposit base has grown to $27.8 billion, reflecting the strength of our brand and customer trust. International expansion: In Mexico, our customer base reached 12 million customers, now serving around 13% of Mexico's adult population. Deposits reached $6.7 billion. In Colombia, our customer base reached 3.4 million customers, serving nearly 10% of Colombia's adult population and deposits increased 841% FXN YoY to $2.1 billion in Q2'25. Multi-growth platform: In Q2'25, the active credit customer base reached 55 million (+11 YoY). The total credit card base increased to 6.6 million (+52% YoY) in Mexico, and to 1.4 million (+34% YoY) in Colombia. Nu expanded its customer base segments in SME to 5.2 million (+23% YoY), Super Core to 9.8 million (+ 14% YoY), High Income to 3 million (+ 13% YoY) and Mass Market to 104.7 million (+18% YoY). The active unsecured loans customers reached 13.6 million (+56% YoY), and active secured loans customers reached 6.8 million (+158% YoY). Active investments and crypto customers base reached 36.2 million (+70% YoY) and 6.6 million (+41% YoY), respectively. Those elements together have broadened our platform into a powerful multi-product, multi-segment, and multi-geo growth engine. Footnotes 1 FX neutral measures were calculated to present what such measures in preceding periods/years would have been had exchange rates remained stable from these preceding periods/years until the date of the Company's more recent financial information. 2 Activity rate is defined as monthly active customers divided by the total number of customers as of a specific date. 3 Brazil Only 4 Adjusted Net Income is a non-IFRS measure calculated using Net Income adjusted for expenses related to Nu's share-based compensation as well as the hedge accounting and tax effects related to these items, among others. For more information, please see 'Non-IFRS Financial Measures and Reconciliations – Adjusted Net Income Reconciliation". Note on forward-looking statements and non-IFRS financial measures This release speaks at the date hereof and the Company is under no obligation to update or keep current the information contained in this presentation. Any information expressed herein is subject to change without notice. Any market or other third-party data included in this presentation has been obtained by the Company from third-party sources. While the Company has compiled and extracted the market data, it can provide no assurances of the accuracy and completeness of such information and takes no responsibility for such data. This release contains forward-looking statements. All statements other than statements of historical fact contained in this presentation may be forward-looking statements and include, but are not limited to, statements regarding the Company's intent, belief or current expectations. These forward-looking statements are subject to risks and uncertainties, and may include, among others, financial forecasts and estimates based on assumptions or statements regarding plans, objectives and expectations. Although the Company believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including those risks and uncertainties included under the captions 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' in the prospectus dated December 8, 2021 filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended, and in the Annual Report on Form 20-F for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission on April 16, 2025. The Company, its advisers and each of their respective directors, officers and employees disclaim any obligation to update the Company's view of such risks and uncertainties or to publicly announce the result of any revision to the forward-looking statements made herein, except where it would be required to do so under applicable law. The forward-looking statements can be identified, in certain cases, through the use of words such as 'believe,' 'may,' 'might,' 'can,' 'could,' 'is designed to,' 'will,' 'aim,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'expect,' 'forecast', 'plan', 'predict', 'potential', 'aspiration,' 'should,' 'purpose,' 'belief,' and similar, or variations of, or the negative of such words and expressions. The financial information in this document includes forecasts, projections and other predictive statements that represent the Company's assumptions and expectations in light of currently available information. These forecasts, projections and other predictive statements are based on the Company's expectations and are subject to variables and uncertainties. The Company's actual performance results may differ. Consequently, no guarantee is presented or implied as to the accuracy of specific forecasts, projections or predictive statements contained herein, and undue reliance should not be placed on the forward-looking statements in this presentation, which are inherently uncertain. In addition to IFRS financials, this presentation includes certain summarized, non-audited or non-IFRS financial information. These summarized, non-audited or non-IFRS financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. References in this presentation to 'R$' refer to the Brazilian Real, the official currency of Brazil. About Nu Nu is one of the largest digital financial services platforms in the world, serving more than 122 million customers across Brazil, Mexico, and Colombia. The company has been leading an industry transformation by leveraging data and proprietary technology to develop innovative products and services. Guided by its mission to fight complexity and empower people, Nu caters to customers' complete financial journey, promoting financial access and advancement with responsible lending and transparency. The company is powered by an efficient and scalable business model that combines low cost to serve with growing returns. Nu's impact has been recognized in multiple awards, including Time 100 Most Influential Companies, Fast Company's Most Innovative Companies, and Forbes World's Best Banks. For more information, please visit
Finextra
26-07-2025
- Business
- Finextra
Nubank names Ethan Eismann chief design officer
Ethan Eismann has been appointed as the digital bank's first Chief Design Officer (CDO), marking a strategic addition to its executive team. This change in leadership is meant to improve Nubank's product experience and innovation efforts around the world. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Reporting directly to David Vélez, founder and CEO of Nubank, Eismann will oversee the global strategy and execution of design across all product lines, driving innovation at scale, in close collaboration with Product, Engineering, Marketing, and Business teams. Eismann is a globally recognized design leader who has helped shape the product experiences of some of the world's most influential technology companies. Over the past two decades, he has led design at companies like Google, Adobe, Uber, Airbnb, and Slack. 'At Nubank, our customers are at the core of everything we do, and now with an even stronger global product design approach. Ethan's expertise and proven ability to build exceptional digital products will be essential as we continue to innovate and expand, ensuring our design anticipates the needs of our customers,' says David Veléz, founder and CEO of Nubank. 'Throughout my career, I've been fortunate to work alongside exceptional teams building products that fundamentally change how people engage with technology and commerce,' said Eismann. 'I'm excited to bring that same strategic approach to Nubank as we shape the future of personal banking and finance.' Most recently, as SVP of Design at Slack, Eismann stewarded the platform's development, reinforcing its position as an indispensable foundation of the digital workplace for millions of users. During his leadership at Airbnb, Eismann served dual roles as Global Design Director for the Homes business and GM of the Guest team, integrating design excellence and business strategy to significantly shape the platform's intuitive and globally recognized interface. Prior to that, Eismann served as Design Director at Uber, where he played a pivotal role in shaping the user experience for their ride-sharing and delivery services. During his tenure at Google, he led global design for Google Payments, including pioneering Google Wallet and Android Pay. Eismann's impact on the technology landscape began at Adobe, where he led design for products like Photoshop, Illustrator, and Acrobat. He launched Adobe's Creative Cloud, transitioning Adobe's business into a subscription-based revenue model. With Nubank Ethan Eismann now part of the leadership team, the business improves its design capabilities and strengthens its commitment to user-first innovation.
Yahoo
23-05-2025
- Business
- Yahoo
Nu Holdings Ltd. (NU) Slashes Management Layers, CEO Confirms
Nu Holdings Ltd. (NYSE:NU) has significantly streamlined its organizational structure, cutting its management layers in half to enhance efficiency as the company continues to grow rapidly. According to CEO and co-founder David Vélez, the firm had become overly hierarchical, with up to 14 layers of management. The restructuring comes alongside the recent exits of senior leaders Jag Duggal and Youssef Lahrech, though both will continue supporting the company as consultants. Headquartered in Brazil, Nu provides digital banking services and offers a wide range of financial products across spending, saving, investing, borrowing, and insurance. Velez made the following comment on this recent development: "There were four layers between me and the senior managers of the products and like 14 layers across the organization, which is too much for an organization that needs to be agile, make decisions quickly, and has so much growth ahead. We have reduced those layers effectively in half. And we've increased the speed at which we're moving significantly." With over 118 million clients in Brazil, Mexico, and Colombia, Nu Holdings Ltd. (NYSE:NU) is preparing to bring in new C-level executives to support its international expansion. One key addition is former Brazil central bank chief Roberto Campos Neto, who will join as global head of public policy starting July 1. As part of the changes, some managers have returned to individual contributor roles. However, Vélez emphasized that there have been no layoffs and none are planned. He also clarified that the shift is focused on improving execution and agility, not cutting costs. In fact, products that previously took up to 10 months to roll out are now being launched much faster thanks to the streamlined structure. NU has surged by over 12% since the start of 2025. While we acknowledge the potential of NU to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NU and that has 100x upside potential, check out our report about this cheapest AI stock. READ MORE: and Disclosure. None. Sign in to access your portfolio
Yahoo
13-05-2025
- Business
- Yahoo
Nu Holdings Ltd. Reports First Quarter 2025 Financial Results
SíO PAULO, May 13, 2025--(BUSINESS WIRE)--Nu Holdings Ltd. (NYSE: NU) ("Nu" or the "Company"), one of the largest digital financial services platforms in the world, released its First Quarter 2025 financial results today. Financial results are expressed in U.S. dollars and are presented in accordance with International Financial Reporting Standards (IFRS). The full earnings release has been made available on the Company's Investor Relations website at as well as the details of the Earnings Conference Call Nu will hold today at 6:00 pm Eastern time/7:00 pm Brasilia time. "Starting 2025 strong, Nubank reached 118.6 million customers, adding over 4 million in a single quarter, showcasing its powerful platform scalability across Brazil, Mexico, and Colombia. This growth is driven by deepening customer engagement: 98.7 million monthly active users and an activity rate exceeding 83%. Revenues surged 40% year-over-year (FXN) to $3.2 billion, driven by a 62% expansion in the interest-earning portfolio. In Brazil, nearly 30% of adults consider Nu their primary bank, confirming significant market share gains and value delivery. With disciplined boldness, we're capitalizing on vast growth opportunities by responsibly expanding, strategically reinvesting, and scaling our proven flywheel model. We are confident that by continuously enhancing our offerings and market position, Nubank will capitalize on the long runway of growth ahead of us and deliver enduring value to both customers and shareholders," says David Vélez, founder and CEO of Nubank. Q1'25 Results Snapshot Below are the Q1'25 performance highlights of Nu Holdings Ltd.: Operating Highlights: Customer growth: Nu added 4.3 million customers in Q1'25, driving a 19% year-over-year (YoY) increase of 19.3 million, reaching a total of 118.6 million customers globally by March 31, 2025. Of that total, 104.6 million are in Brazil, 11 million in Mexico, and Colombia nearly reached 3 million customers, maintaining its positive momentum following the launch of the Nu Cuenta product. This expansion reinforces Nu's position as one of the world's largest and fastest-growing digital financial services platforms. In Brazil, Nu is the third-largest financial institution by number of customers, according to the Brazilian Central Bank. Engagement and activity rates: Monthly Average Revenue per Active Customer (ARPAC) grew 5% sequentially and 17% YoY on an FX-neutral basis1 (FXN) to $11.2 in Q1'25, with mature cohorts reaching almost $26, underscoring the strong long-term monetization potential of our model. Monthly activity rate2 is at 83.2%. Low-cost operating platform: Monthly Average Cost to Serve Per Active Customer remained below the dollar level, at $0.7 per customer, a 4%YoY reduction and a decline of 12% QoQ on FXN, driven by disciplined execution and seasonally lower transaction volumes, particularly in credit cards. The company's efficiency ratio improved to 24.7%, a sequential improvement of 520 basis points (bps) sequentially and more than 740 bps YoY. This quarter's ratio includes a one-off impact of $47 million related to the remeasurement of a specific item within our deferred tax assets. Excluding this effect, the efficiency ratio would have been 26.7%, still a 320 basis-point improvement QoQ. Asset Quality3: Nu's leading indicator of asset quality, the 15-90 NPL ratio, rose 60 bps to 4.7%, in line with expectations and slightly below the historical seasonal increase of 70bps. This reflects the continued strength of our underwriting and disciplined risk management. 90+ NPL decreased by 50 bps to 6.5%, outperforming historical trends. This improvement is consistent with the lower early-stage delinquency levels observed in prior quarters, as 90+ NPLs lag 15-90 by 1 to 3 quarters. Financial Highlights: Net & Adjusted Income: Net Income increased 74% YoY FXN to $557.2 million, compared to $378.8 million in Q1'24, and annualized ROE was 27%, while Adjusted Net Income4 increased to $606.5 million, from $442.7 million in Q1'24. Nu is achieving these strong levels of profitability and efficiency, despite holding over $4.3 billion in excess capital across our geographies and at the holding company, placing Nu among the most profitable financial services companies globally. Revenue: Nu's Q1'25 revenues increased 40% YoY FXN, to another record of $3.2 billion. This sustained growth underscores the scalability of our platform and the strength of our unit economics. Gross Profit: Nu's gross profit totaled $1.3 billion in Q1'25, down 3% FXN sequentially, and up 32% YoY on FXN. This sequential decline, and the corresponding reduction in gross profit margin to 40.6%, was primarily driven by higher credit loss allowances and increased interest expenses in Brazil, reflecting the rise in the SELIC rate, which we haven't yet fully repriced across the portfolio. Additionally, the expansion of our deposit base in Mexico, while strategically important, added further pressure on gross profit margins in the short term. Liquidity: Deposits increased 48% YoY FXN to $31.6 billion, while the cost of funding was 90% of the blended interbank rates for the quarter. Total receivables across Nu's credit card and loan portfolios expanded 40% YoY FXN and 8% quarter-over-quarter (QoQ) FXN to $24.1 billion, while its total Interest-Earning Portfolio (IEP) increased 62% YoY FXN to $13.8 billion on March 31, 2025. Net interest income: Increased 34% YoY and 5% QoQ on FXN, reaching a new all-time high of $1.8 billion. The net interest margin (NIM) declined 20 bps sequentially to 17.5% as expected and driven by deliberate strategic choices to optimize for long-term growth. Nu Holdings' risk-adjusted NIM declined to 8.2%. This compression mirrors the temporary pressure we also saw in nominal NIM, reflecting our conscious decisions on deposit pricing in new geographies and the strategic pace of asset growth. Business highlights Performance and Growth in Brazil: In Brazil, the customer base reached 104.6 million by March 31, 2025, serving nearly 59% of Brazil's adult population, with 85% of them actively using our platform, and among those, close to 60% use Nu as their primary bank. Ramp up unsecured loans in Brazil: Over the past few quarters, we've significantly ramped up originations in unsecured loans, reaching a record R$17.3 billion in Q1'25, all while maintaining NPL formation levels stable and under control. This performance reflects the strength of our credit models, the consistent discipline of our execution, and our ability to scale with quality, without compromising resilience. And with the unit economics of this product often delivering ROEs above triple digits, it's also one of the most attractive growth opportunities in our portfolio. Mexico: Reached 11 million customers in Mexico, up 67% YoY. Deposits grew 18% FXN QoQ to $5.4 billion. In April, Nu Mexico achieved a historic milestone obtaining regulatory approval for its banking license. It unlocks new product capabilities, strengthens our ability to scale deposits, and reinforces our long-term mission to drive financial inclusion. Colombia: Colombia nearly reached 3 million customers, and deposits increased 30% FXN QoQ to $1.8 billion in Q1'25. Footnotes1 FX neutral measures were calculated to present what such measures in preceding periods/years would have been had exchange rates remained stable from these preceding periods/years until the date of the Company's more recent financial information.2 Activity rate is defined as monthly active customers divided by the total number of customers as of a specific date.3 Brazil Only4 Adjusted Net Income is a non-IFRS measure calculated using Net Income adjusted for expenses related to Nu's share-based compensation as well as the hedge accounting and tax effects related to these items, among others. For more information, please see "Non-IFRS Financial Measures and Reconciliations – Adjusted Net Income Reconciliation". CONFERENCE EARNINGS CALL DETAILS Nu will hold a Conference Earnings Call today at 6:00pm Eastern time/7:00pm Brasília time with simultaneous translation in Portuguese and English. To pre-register for this call, please click here. A replay of the webcast will be made available after the call on the Investor Relations page: click here. Note on forward-looking statements and non-IFRS financial measuresThis release speaks at the date hereof and the Company is under no obligation to update or keep current the information contained in this presentation. Any information expressed herein is subject to change without notice. Any market or other third-party data included in this presentation has been obtained by the Company from third-party sources. While the Company has compiled and extracted the market data, it can provide no assurances of the accuracy and completeness of such information and takes no responsibility for such data. This release contains forward-looking statements. All statements other than statements of historical fact contained in this presentation may be forward-looking statements and include, but are not limited to, statements regarding the Company's intent, belief or current expectations. These forward-looking statements are subject to risks and uncertainties, and may include, among others, financial forecasts and estimates based on assumptions or statements regarding plans, objectives and expectations. Although the Company believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including those risks and uncertainties included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the prospectus dated December 8, 2021 filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended, and in the Annual Report on Form 20-F for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission on April 16, 2025. The Company, its advisers and each of their respective directors, officers and employees disclaim any obligation to update the Company's view of such risks and uncertainties or to publicly announce the result of any revision to the forward-looking statements made herein, except where it would be required to do so under applicable law. The forward-looking statements can be identified, in certain cases, through the use of words such as "believe," "may," "might," "can," "could," "is designed to," "will," "aim," "estimate," "continue," "anticipate," "intend," "expect," "forecast", "plan", "predict", "potential", "aspiration," "should," "purpose," "belief," and similar, or variations of, or the negative of such words and expressions. The financial information in this document includes forecasts, projections and other predictive statements that represent the Company's assumptions and expectations in light of currently available information. These forecasts, projections and other predictive statements are based on the Company's expectations and are subject to variables and uncertainties. The Company's actual performance results may differ. Consequently, no guarantee is presented or implied as to the accuracy of specific forecasts, projections or predictive statements contained herein, and undue reliance should not be placed on the forward-looking statements in this presentation, which are inherently uncertain. In addition to IFRS financials, this presentation includes certain summarized, non-audited or non-IFRS financial information. These summarized, non-audited or non-IFRS financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. References in this presentation to "R$" refer to the Brazilian Real, the official currency of Brazil. About NuNu is one of the largest digital financial services platforms in the world, serving more than 118 million customers across Brazil, Mexico, and Colombia. The company has been leading an industry transformation by leveraging data and proprietary technology to develop innovative products and services. Guided by its mission to fight complexity and empower people, Nu caters to customers' complete financial journey, promoting financial access and advancement with responsible lending and transparency. The company is powered by an efficient and scalable business model that combines low cost to serve with growing returns. Nu's impact has been recognized in multiple awards, including Time 100 Companies, Fast Company's Most Innovative Companies, and Forbes World's Best Banks. For more information, please visit View source version on Contacts Investors Relations Guilherme Soutoinvestors@ Media Relations Leila Suwwanpress@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
