The future is purple. Nubank Purple 💜; FTX collapse could be a catalyst for crypto regulations🚨; Klarna's explosive growth is rapidly declining 😳
FinTech is Eating the World, 21 November
Hey Everyone,
Greetings from Romania🇷🇴! Due to arriving super late in Bucharest (I’m giving a keynote here about the future of finance), yesterday’s issue is getting out only now. But it’s definitely worth the wait as we’re looking at why the future is Nubank Purple (with a deeper dive into Nu & how they are crushing it), the FTX collapse that could be a catalyst for crypto regulations (it’s probably inevitable), and Klarna's explosive growth that is rapidly declining (what can save Klarna?). Let’s jump straight into the hot stuff:
The future is purple. Nubank Purple 💜
Another one 💪 Brazilian FinTech gem Nubank NU 0.00%↑ recently posted another quarter of record-breaking revenues in Q3, helping the LatAm neobank reverse widening losses to turn a profit (which is still very rare in FinTech).
More on this 👉 Here are the key numbers you should know (they are impressive!):
Nu added 5.1M customers in the quarter now counting a total of 70.4M customers in Brazil🇧🇷, Mexico🇲🇽 and Colombia🇨🇴. This represents a 46% growth year-over-year (YoY) 🤯
Although the customer growth might be slowing down a bit, monthly active users and activity rate has hit a new historical high now sitting at 82%. Nu has become the primary banking provider for over 55% of the monthly active customers that have been with Nu for over a year. That’s solid and reportedly makes it the 6th-largest financial institution in LatAm by active customers (+5.1M active customers were added in a single quarter).
Brazil’s leading neobank delivered another record quarter with $1.3B in revenues, increasing 171% YoY FXN.
But most importantly, Nubank turned a profit for the first time, with $7.8M in net profit against estimates of a -$25M loss.
But there’s more. Let’s take a look + see the takeaway: