Thread by @sytaylor

Nubank's results are INSANE. Every other bank CEO must look at these and be like... HOW?

Here's the breakdown...

* 122.7 million customers (+4.1M net additions)
* $3.7 billion revenue (+40% YoY)
* $637 million net income (+42% YoY)
* $12.2 monthly revenue per active customer (+18% YoY)
* $0.80 cost to serve per customer
* 83.2% monthly activity rate

That's a benchmark every other organization in finance should print out on their wall. Only webank in China (with 494m users) can beat.

The unit economics *almost* don't make sense:

- $0.80 cost to serve each customer
- $12.20 revenue per customer/month
- That's 15x return 🤯

Most banks struggle to hit 3x - That's the benefit of self-owned technology and a branchless servicing model.

Geographic Split:

* Brazil: 107.3M customers (60% of adult population)
* Mexico: 12M customers (13% of adult population)
* Colombia: 3.4M customers (10% of adult population)

That says to me, the newer markets are taking longer to penetrate. Where's the next growth engine coming from? Not many 200m + populations around 👀

Other Products:

* 36.2M investment customers (+70% YoY)
* 6.6M crypto customers (+41% YoY)
* 55M active credit customers
* 13.6M unsecured loan customers (+56% YoY)
* 6.8M secured loan customers (+158% YoY)

Impressive product expansion into the existing base.

Investments, crypto and lending in the same app is the new default.

I'm fascinated to see what they do next.

Maybe we find out at ?

👀fintechnerdcon.com