Nu Holdings reports Q3 revenue $2.9B, consensus $2.85B

“Our third quarter 2024 underscores the strength of our business model, demonstrating top-line growth and sustained profitability. We reached $2.9 billion in revenue, driven by both customer acquisition – now reaching 110 million globally – and enhanced customer engagement through cross-selling and up-selling initiatives, alongside appealing product launches. This growth was accompanied by a virtually stable cost-to-serve and a record ROE of 30%, resulting in a more than doubling of net income to $553 million for the quarter (YoY FXN). Our expansion into Mexico and Colombia continues to generate impressive results, with nearly 9 million customers in Mexico and over 2 million in Colombia. As we make progress in our execution, we are preparing ourselves to consolidate Nu as the world’s leading digital services platform, going beyond financial services,” said David Velez, founder and CEO of Nubank.