Nubank reports financial results

Nubank, the Brazilian digital banking platform backed by Berkshire Hathaway, released its financial results for 2023.

The company, which launched in 2014 and operates in Brazil, Mexico, and Columbia, ended the year with a net profit of $1 billion, compared to a net loss of $9 million in 2022.

Nubank reached nearly 94 million customers in 2023. Most of the company’s business is in Brazil with close to 88 million customers and the bank says that more than half of the country’s adult population are Nubank customers.

The company also offers a variety of insurance products in partnership with Chubb and it ended the year with 1.4 million active insurance policies.

“We are building the largest consumer platform in Latin America, with strong earnings-generating capabilities, having delivered over $8 billion in revenues and $1 billion in net profit in 2023. As we work towards surpassing the 100 million customers milestone in 2024, we are investing heavily in new growth avenues to keep transforming potential into profit. We are unlocking the untapped opportunity of our secured and unsecured lending portfolio, gaining share in the upmarket segment in Brazil, and strengthening our presence in Mexico and Colombia with new products and features. This proves our ability to accelerate our company-wide flywheel beyond our core market and keep pursuing further opportunities.” – David Vélez, founder and CEO of Nubank.