Nubank crushed its Q2 earnings. We've never seen this before 🤯; Will becoming a Super App save Klarna? 🤔; Is it really that bad? Robinhood slashes Ziglu acquisition offer by >50% 🥶
Good Morning FinTech, 19 August
Good day Everyone,
And happy Friday! Today’s issue is like a cherry on top of a super exciting week 🍒 We’re going to look at Nubank which has crushed its Q2 earnings (we haven’t seen this ever before + lessons to learn), question whether becoming a Super App can save Klarna (it’s a tough one…), and Robinhood which has just slashed Ziglu acquisition offer by >50% (it seems it’s really bad out there). So let’s jump straight into the fascinating stuff:
Nubank crushed its Q2 earnings. We have never seen this before 🤯
Super hot earnings call📱Brazil's FinTech giant Nubank recently posted its second-quarter earnings. Impressive would be an understatement here as Nu literally crushed it in Q2.
More on this 👉 Below are the key figures you must know and can’t ignore:
👥 65.3 million customers (+57% Year-over-Year)
🇧🇷 36% of the adult population of Brazil now uses Nubank
🇧🇷 11% market share in Brazil making them the top neobank in the country
💰 $13.3 billion worth of deposits (+87% YoY)
💸 $1.2 billion in revenues (+230% YoY)
What's even more impressive, is that their average customer is using nearly 4 products 🤯 So, in addition to 19 million credit cards and 45 million bank accounts, NU now has:
💳 4 million personal loans
🛡 700,000 insurance policies
📈 5 million investment customers
📊 1 million crypto customers
Why is this important? 🤔 We probably have never seen growth like NU's in any challenger bank ever before. Here are the lessons & takeaways: