Nu Holdings stock on the NYSE has risen 54% over the past year, outperforming the S&P 500's 19% gain. The digital bank, based in Brazil, now serves more than 60% of the country's adult population.
In the third quarter of 2025, Nu added 4.3 million customers, bringing its total to 127 million, a 16% year-over-year increase. Most customers, 110 million, are in Brazil, but the company also operates in Mexico and Colombia, where it is growing quickly.
Average revenue per active customer increased from $11 to $13 in the third quarter. Since its 2021 IPO, this metric has grown at a compound annual rate of 30%.
Nu recently applied for bank charters in Mexico and Brazil, which would allow it to offer more products. It also applied for a charter in the U.S. and made an investment in a bank in the Philippines last year.
CEO David Velez stated, "As we think about the next five, 10 years, we are preparing to play in the world -- in the top leagues, in the world class."
The company focuses on artificial intelligence, developing large-language models to analyze consumer behavior for risk assessment and personalization.
Warren Buffett's Berkshire Hathaway held Nu stock for several years after the IPO but sold its position in 2024.