Operations in Mexico can be expanded once permits are obtained. Tests are still ahead.
Grand Cayman, Cayman Islands, April 24, 2025 – Nu Holdings Ltd. (“Nu Holdings”, “Nu” or “Company”), hereby informs its shareholders and the market that Nu México Financiera, S.A. de C.V., S.F.P (“Nu México”) was notified today that it has received regulatory approval from the Comisión Nacional Bancaria y de Valores (“CNBV”), in coordination with Banco de México (“Banxico”) and the Mexican Ministry of Finance (“SHCP”), to begin the conversion process into a multiple bank, under the corporate name Nubank, S.A., Institución de Banca Múltiple.
The next step of the process is the testing of Nu Mexico’s systems and processes, which is expected to begin shortly. The final step of the conversion process is the issuance of the Operation Authorization by the abovementioned Mexican regulators, in accordance with their processing timeline.
This milestone reinforces the long term vision and commitment of the Company to Mexico and will allow the expansion of its portfolio of credit, payments and savings products in the country.
The same announcement as a PDF
https://api.mziq.com/mzfilemanager/v2/d/59a081d2-0d63-4bb5-b786-4c07ae26bc74/a419e0b9-e3a3-d500-f9c5-e261a0a1c7d1?origin=2
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Here is a section on Nu Holdings spotted from a multi-bagger themed thread. It states how Nu Holdings is growing rapidly and profitably.
The tweet reminds how it offers comprehensive banking services entirely digitally, serving especially the underserved population in Brazil, Mexico, and Colombia. Customers use Nubank as their primary bank, and expanding services increases revenue per customer. Low acquisition costs, affordable deposit-based financing, and a high cross-selling rate support the company’s potential to double its revenue in the coming years.
https://x.com/MMoney642/status/1918759778400301056
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Former President of Brazil’s Central Bank to join Nu Holdings’ board 
Nu Holdings Ltd. (NYSE: NU) (“Nu” or the “Company”), one of the world’s largest digital financial services platforms, announces that it has invited Roberto de Oliveira Campos Neto, former President of the Central Bank of Brazil, to join its Management Team as Vice Chairman of Nubank, Global Head of Public Policy, and member of the Board of Directors. Campos Neto has expressed his intent to accept this proposal and assume these positions once the 6-month quarantine period has elapsed, on July 1, 2025, in compliance with Brazilian law.
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Nu Holdings reported strong results, with significant revenue growth and a clear improvement in profit from last year. The “loan portfolio” grew to a new record, and the company’s customer base continued to increase, although earnings per share fell slightly short of forecasts, business expanded steadily across all key areas.
The company emphasizes strategic expansion and deepening customer relationships, which supports long-term growth prospects. According to management, market position continues to strengthen, and the business model provides a good foundation for profitable growth in the future.
However, I lean towards a slight disappointment compared to expectations.
https://x.com/earnings_guy/status/1922400284497653824
EDIT:
Here it is nicely visualized.
https://x.com/EconomyApp/status/1922407359512527309
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During Q1, Buffett (Berkshire Hathaway) appears to have divested all of its NU shares.
The conglomerate also trimmed its long-term holding in Bank of America by 48.6 million shares. It reduced its stake in Capital One by 300,000 shares, and shed all its shares in Brazilian fintech firm Nu Holdings (NU). Berkshire shrank its Liberty Media Series C Formula One (FWONK) stake, and sold shares of Charter Communications (CHTR), DaVita (DVA), and T-Mobile (TMUS) too.
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Below is a tweet reporting on an earnings call, which highlighted, among other things, how Nu Holdings emphasized strong customer activity and deepening customer relationships, especially in Brazil, where a large portion uses the company as their primary bank.
Significant growth was observed in Mexico, and additionally, the banking license supports expansion. Profitability and return on capital are at a strong level, and it was also mentioned how revenue per customer is growing in the long term.
According to the company, it has significantly streamlined its operations.
https://x.com/AlphaSenseInc/status/1922442791147143211
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https://www.marketscreener.com/quote/stock/NU-HOLDINGS-LTD-130481391/news/Nubank-says-Youssef-Lahrech-stepped-down-as-president-COO-50015985/
A bit of news from yesterday already:
NU’s COO is stepping down from his chief operating officer duties and moving to an advisory role. NU’s CEO will take over the role going forward.
Initially, I’m not a fan when such a high-ranking person leaves so suddenly; I need to ponder the situation a bit: Berkshire sold its shares, COO change… Is something unpleasant still coming from there? I don’t know. 
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Below is a tweet, which states, among other things, how the company is growing strongly in Latin America, especially in Brazil, Mexico, and Colombia. The growth potential is reportedly huge in other countries as well.
Customer service costs have decreased over time, and credit losses have simultaneously reduced. The main message of the tweet is that Nu combines profitability and growth exceptionally well.
https://x.com/search?q=%24NU%26src=cashtag_click
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Nu Bank’s ARPU has risen nicely while the average customer costs have comfortably decreased.
Wikipedia:
Average revenue per user (ARPU), sometimes known as average revenue per unit, is a measure used primarily by consumer communications, digital media, and networking companies, defined as the total revenue divided by the number of subscribers.
https://x.com/fiscal_ai/status/1938960630557610408
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Nubank’s own mobile operator NuCel further strengthens the company’s position in the Latin American market, where banking and telecom services often, so to speak, fail and are problematic.
NuCel integrates seamlessly with Nubank’s digital services, further increasing customer value and strengthening customer loyalty. With the launch of physical SIM cards, the company expands in Brazil, Mexico, and Colombia, combining banking and mobile services into one seamless entity.
https://x.com/samsolid57/status/1949275264510546100
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Today after the market closes, Nu will release its Q2 results!
Expectations are for 3.67 B USD in revenue, 874M USD EBIT, and 0.14 USD EPS.
In recent earnings reports, NU has generally beaten revenue and often missed EPS.
More than these, I am interested in:
- customer growth, which has continued quite impressively throughout the 2020s.
- ARPAC growth (Average revenue per active customer)
- And service cost per active customer (can this be phrased this way?)
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So, the results came in late, and people started getting nervous. 
The company’s second-quarter results grew significantly from the previous year, and the company’s customer base continued its strong ascent. Revenue and profit were quite okay; the company was able to grow its operations profitably. Growth was evident in both revenues and the customer base, so… and as mentioned, profitability remained strong.
A new Chief Technology Officer, Eric Young, was appointed to the management team. He has a background from Snap, Google, and Amazon, among others. He will focus on improving operational efficiency, accelerating international growth through a platform strategy, and promoting the utilization of AI in the company’s operations.
https://x.com/earnings_guy/status/1956099742808551851
I’ll also add the visualizations here:
https://x.com/EconomyApp/status/1956106249583681545
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Now that I’ve had some time to digest Nu Holdings’ results, I must still be satisfied!
The company now has approximately 60% market share of the adult population in Brazil, and correspondingly, in Mexico and Colombia, they are still quite in their infancy in this regard: so there is still huge growth potential in the market. For example, in Mexico alone, credit card customers increased by +52% YoY.
As long as the number of active customers continues to grow, ARPAC increases, and the service cost per customer remains low, NU, in my opinion, has a rather pleasant future ahead. Oh, and the expected milestone of 100 million customers was reached last quarter!
The biggest risks in Nu Holdings, in my opinion, are still its geographical operational area and currency risks. On the other hand, in that part of the world, credit cards are a new thing for a large part of the population, and there seems to be enough population. I would gladly own a larger position, but Meli and SE are also operating in the same waters, both of which I own, so I’m trying to somewhat curb that overweighting towards emerging markets.
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The tweet below describes how Nuuuuu plans to test dollar-based stablecoin payments with credit cards in Latin America, combining crypto and traditional banking.
https://x.com/wolfofharcourt/status/1968938682414686313
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The tweet below states that Neobanks, such as Nuuuu, are rapidly taking over the market in Brazil at the expense of traditional banks.
Their affordability and flexibility are accelerating the shift, which is believed to accelerate further in the coming decade.
https://x.com/thexcapitalist/status/1970397559521747149
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Here’s a tweet about Nu Holdings’ customer growth in Mexico. These bars look pretty good.
https://x.com/fiscal_ai/status/1972315388441723084
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