While awaiting its US license, Nubank is growing in revenue, profit, and customer base.

In a performance that exceeded market expectations, Nubank recorded a 45% growth in revenue in 2025, reaching US$16.4 billion. Net income, at US$2.9 billion, was 51% higher than the previous year. ROE stood at 30%, an increase of two percentage points.

Itaú BBA, JP Morgan, and Morgan Stanley projected numbers above expectations, with margin expansion. According to Bloomberg 's consensus, the expected adjusted net profit in the fourth quarter was US$882 million – Nubank delivered US$895 million.

In terms of customer volume, growth was 15% last year, adding another 17 million new users to the digital bank's products by 2025. The bank ended the year with a customer base of 131 million, compared to 114 million in 2024.

In Brazil alone, there are 113 million users, making the bank founded by David Vélez , Cristina Junqueira , and Edward Wible the largest private financial institution in Brazil, ahead of Bradesco (approximately 110 million). In Mexico, there are 14 million, and in Colombia, 4.2 million.

“We grew our already large customer base more than the five incumbent Brazilian banks combined, and more than any other institution in Latin America. Nubank has gone from a fintech to a dominant platform,” says Guilherme Lago , CFO of Nubank, in an interview with NeoFeed .

According to the executive, the consistent results show that the bank will reach 2026 with a very strong capital structure. The equity volume is currently 2.5 times above the minimum required by the rules established in Brazil, Mexico, and Colombia, where the bank operates.

"It's a car that's going fast, but still has plenty of gas in the tank to keep going well, from a capital and liquidity standpoint," he says.

In the case of Brazil, it wasn't just the customer base that grew. In its year-end report, Nubank stated that average monthly revenue per active customer jumped from US$10.20 in 2024 to US$13.30, an increase of 35% in 12 months.

In the case of credit cards, Nubank recorded its largest market share growth in the last 10 quarters in the fourth quarter, with an increase of 0.5%. The product still represents the largest portion of the bank's financial volume.

According to Lago, the application for a license to operate as a bank in the United States, which received initial approval in January, should represent a significant step toward the institution's international expansion.

However, it is expected that it will still take time for all stages to be effectively completed. "This process in the United States takes one to two years. It's not something we're counting on happening in the next few months," says the CFO.

In 12 months, Nubank's shares on the New York Stock Exchange have appreciated by 47.7%. In Brazil, the BDR ROXO34 has accumulated a 34.2% increase in value over the same period. The bank is valued at US$80.3 billion.