Overview

• Nu Holdings grew its global user base 17% year-over-year to 122.7 million in Q2 and Mexico’s clients jumped from 7.8 million to 12 million, capturing roughly one in four formally banked Mexicans.
• The fintech reported consolidated revenues of $3.7 billion, up 40% year-over-year, and net income of $637 million, up 42%, while improving its efficiency ratio to 28%.
• Nu México obtained approval for a full banking license in 2025 but continues operating as a Sofipo as it undergoes audits with the CNBV before beginning bank operations.
• Management plans to prioritize payroll accounts, which Sofipos cannot currently provide, and small-business lending once Mexican operations convert to a bank.
• After adjusting deposit rates in July, Nubank expects to see effects in Q3, and it reported a 7% delinquency rate on its MXN 19 billion Mexican credit portfolio, compared with 4.4% globally.