Latest news with #Nu
Yahoo
4 days ago
- Business
- Yahoo
Nu Holdings Ltd. (NU) Q2 Earnings and Revenues Top Estimates
Nu Holdings Ltd. (NU) came out with quarterly earnings of $0.14 per share, beating the Zacks Consensus Estimate of $0.13 per share. This compares to earnings of $0.12 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +7.69%. A quarter ago, it was expected that this company would post earnings of $0.12 per share when it actually produced earnings of $0.12, delivering no surprise. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Nu , which belongs to the Zacks Banks - Foreign industry, posted revenues of $3.67 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.35%. This compares to year-ago revenues of $2.85 billion. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Nu shares have added about 19.4% since the beginning of the year versus the S&P 500's gain of 10%. What's Next for Nu ? While Nu has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Nu was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.15 on $3.85 billion in revenues for the coming quarter and $0.55 on $14.9 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Foreign is currently in the top 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Canadian Imperial Bank (CM), another stock in the same industry, has yet to report results for the quarter ended July 2025. The results are expected to be released on August 28. This bank and financial services company is expected to post quarterly earnings of $1.40 per share in its upcoming report, which represents a year-over-year change of -0.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Canadian Imperial Bank's revenues are expected to be $5 billion, up 3.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Nu Holdings Ltd. (NU) : Free Stock Analysis Report Canadian Imperial Bank of Commerce (CM) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Indian Express
4 days ago
- Sport
- Indian Express
‘Popular means people pay (good money) to watch, like in IPL, EPL' – Bhutan Archery league, urges higher ticket prices
India's enthusiastic initiation into the Archery Premier League is long awaited, and its start coinciding with Dussehra and Gandhi Jayanti, is looking at riffing off traditional cultural and mythological tropes. But a neighbouring country which has been running an Archery league for a few years, held some wise learnings. Bhutan, the beautiful hilly nation known for its high happiness meter, has been running the Druk Premier League for some time now. Archery, or khuru, as it is called, attracts large crowds at the Changlimethang Archery Stadium. Fans reckon 'archery is in our blood', and throng the competition each season. However an appeal went out on its official Fb page that urged fans to part with more than Nu 50 (1 Ngultrum = 1 Rupee) when being regaled by the exciting competition. The Druk social media account said, 'It's time to start paying more than 50 Nu to watch Archery matches. Many people still expect everything to be free. What they fail to see is the entertainment and excitement this sport brings. The resistance to pay even Nu 50 to watch the game reflects overall attitude towards sport in Bhutan.' Like in India, those who ask for free passes to cricket games are looked down on, in Bhutan, those not willing to pay to enjoy archery are being told off. The hill nation, with beautiful vistas, serene nature trails, lovely people and exquisite cuisine, is known as the happiest place on earth, mostly because they don't poke noses in others' business and lead content lives. Sports are smaller in scale, but passionately practiced and followed. Archery, however, enjoys a deeper connect and offers wholesome entertainment at the National Stadium. The clucking over paying a mere Nu 50 has however faced resistance, unmindful of struggles of athletes in the Druk. 'It shows we still have a long way to go before we develop and professionalise the sport. Look at how IPL or Premier League (football) became popular. People pay to watch and in return players perform because they are paid professionals,' the post said. Archery has been part of Bhutanese culture since 1961, yet it remains stagnant in many ways, the post added. 'One reason is people enjoy watching but are not willing to contribute to its growth. How can it grow without resources? Archery equipment itself is very expensive and despite low value, prizes compared to expenses incurred players continue to participate,' the Druk post added. 'Prizes nowhere near enough to cover costs players bear during the game. So even small contribution of 50 Ngultrum can make a meaningful difference. It supports organisers and players,' It said. While a source of great joy for fans, the sport had gotten into a pickle recently when some archers donned the yellow sashes called 'areyy' that are exclusive to the Armed Forces. An order was passed forbidding civilian archers from strapping on the military sash while turning up at Archery events.
Yahoo
5 days ago
- Business
- Yahoo
Nu Holdings Ltd. Reports Second Quarter 2025 Financial Results
SíO PAULO, August 14, 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 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 SnapshotBelow 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 basis1 (FXN), and $27.3 for customers with over eight years on the platform. The monthly activity rate2 is 83.2%. Low-cost operating platform: Monthly Average Cost to Serve Per Active Customer remained stable at $0.80 per customer. Asset Quality3: 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 Income4 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. 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 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 View source version on Contacts Investors Relations Guilherme Soutoinvestors@ Media Relations Leila Suwwanpress@ Sign in to access your portfolio
Business Wire
5 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
Business Wire
12-08-2025
- Business
- Business Wire
Nubank Appoints Eric Young as Chief Technology Officer
SíO PAULO--(BUSINESS WIRE)--Nubank, one of the largest digital financial services platforms in the world, announced today that Eric Young has been appointed Chief Technology Officer (CTO). He assumes this key position as Vitor Olivier, the outgoing CTO, departs after more than ten years of service to pursue a new entrepreneurial endeavor. Both executives are coordinating a robust transition plan to ensure continued acceleration of Nubank's technology platform and business goals. Eric Young brings more than two decades of leadership across some of the world's most innovative technology companies. Most recently, he served as Senior Vice President of Engineering at Snap Inc., where he led teams responsible for scaling infrastructure and delivering seamless, mobile-first experiences to hundreds of millions of users globally. Prior to that, he served as Vice President of Engineering at Google for seven years, overseeing foundational elements of their technical infrastructure, which ultimately powered their Search, Ads, YouTube and Google Cloud products. Young also spent 15 years at Amazon scaling enterprise systems and processes as part of senior roles he held across supply chain, fulfillment, personalization and pricing. Young will report directly to David Vélez, founder and CEO of Nubank, focusing on maintaining operational excellence, driving international expansion through platformization, and advancing critical AI technologies to accelerate growth. He will work closely with Olivier in the coming weeks to secure a seamless transition. 'We welcome Eric Young to my management team at a pivotal moment in the company, as we enter a new stage of maturity, renew our focus and ambitions, and look towards effectively harnessing new technologies into the core of our products and services. Eric brings experience in global technology platforms serving hundreds of millions of customers. We are incredibly grateful for Vitor's accomplishments and brilliant trajectory, and he will always be part of our history and culture," said Vélez. 'Nu is uniquely positioned to revolutionize financial services at a global level, and technology has been and will continue to be the key differentiator and engine in this business model, powering the best products and services, at the lowest cost in a fully digital model. I look forward to diving deeper into our teams and platforms to continue evolving the company's stack as Nu advances its goals in Brazil, Mexico, Colombia, and beyond,' said Young. Vitor Olivier, Nubank's outgoing CTO and one of the company's earliest employees, will be stepping down in September after holding a number of executive positions. 'After over a decade of building Nubank, transitioning to a new career is both difficult and exciting. I'm certain that it is the right move for myself and the company. My bond and appreciation for Nu and my colleagues will endure, and I am grateful for David Vélez's mentorship and trust through all these years, and especially his support in the recent months as we planned my transition," said Olivier. About Nu Nu is one of the largest digital financial services platforms in the world, serving over 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 Most Influential Companies, Fast Company's Most Innovative Companies, and Forbes World's Best Banks.
