Nu Holdings reached a total of 135 million customers in the first quarter of 2026 [4].
The growth highlights the rapid adoption of fintech services across Latin America, where traditional banking infrastructure has often left large populations underserved.
The company has seen a steep climb in its user base, growing from 54 million in 2021 to 131 million by the end of 2025 [1]. This expansion is most evident in Brazil, where 85% of the adult population now uses the platform [5].
Financial metrics for the first quarter of 2026 show the company generated $5.3 billion in revenue [6]. The bank reported a gross profit of $1.9 billion [7] and a net income of $871 million [8].
Beyond raw user numbers, the company has increased how much value it extracts from each account. The monthly average revenue per customer, known as ARPAC, more than tripled from $4 [3]. Additionally, the activity rate of its users expanded from 76% to 83% [2].
Despite these operational gains, the company's market performance has been volatile. Nu Holdings stock has seen a 28.5% decline year-to-date [9].
“Nu Holdings reached a total of 135 million customers in the first quarter of 2026”
Nu Holdings is successfully transitioning from a high-growth startup phase to a profit-generating financial institution by increasing both its user base and the revenue generated per user. However, the divergence between strong internal fundamentals and a declining stock price suggests that investors may be pricing in broader macroeconomic risks in Latin America or adjusting expectations for future growth ceilings.
