Nu Holdings Ltd. (NU): Business Model Canvas

Nu Holdings Ltd. (NU) hat das digitale Banking in Lateinamerika revolutioniert und traditionelle Finanzdienstleistungen durch einen disruptiven, technologiegetriebenen Ansatz transformiert. Durch den Einsatz einer Mobile-First-Strategie und die Ausrichtung auf unterversorgte Bevölkerungsgruppen hat sich dieses innovative Fintech-Unternehmen schnell zu einem Game-Changer in der Finanzlandschaft der Region entwickelt. Ihr Business Model Canvas enthüllt einen ausgeklügelten Entwurf, der modernste Technologie, benutzerorientiertes Design und strategische Partnerschaften kombiniert, um kostengünstige, zugängliche Finanzlösungen bereitzustellen, die die Art und Weise, wie Millionen von Verbrauchern mit Bankdienstleistungen interagieren, neu gestalten.

Nu Holdings Ltd. (NU) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaften zur Zahlungsabwicklungsinfrastruktur

Nu Holdings hat wichtige Partnerschaften aufgebaut mit:

Partner	Einzelheiten zur Partnerschaft	Transaktionsvolumen (2023)
Mastercard	Integration des Zahlungsnetzwerks	42,7 Milliarden US-Dollar verarbeitet
Visum	Globale Zahlungsinfrastruktur	38,5 Milliarden US-Dollar verarbeitet

Finanzdienstleistungsintegrationen

Zu den lokalen brasilianischen Bankpartnerschaften gehören:

• Banco do Brasil
• Itaú Unibanco
• Bradesco

Kooperationen mit Technologieanbietern

Technologieanbieter	Spezifische Technologie	Jährliche Investition
AWS	Cloud-Infrastruktur	24,3 Millionen US-Dollar
Google Cloud	Plattformen für maschinelles Lernen	18,7 Millionen US-Dollar

Erweiterung des Händlernetzwerks

Statistiken zum Händlerpartnerschaftsnetzwerk:

• Gesamtzahl der Handelspartner: 3,2 Millionen
• Abdeckung der Zahlungsakzeptanz: 89 % der brasilianischen Einzelhandelssegmente
• Jährlicher Transaktionswert über das Händlernetzwerk: 67,4 Milliarden US-Dollar

Partnerschaften zur Einhaltung gesetzlicher Vorschriften

Compliance-Partner	Regulierungsschwerpunkt	Compliance-Investition
Comply Advantage	Bekämpfung der Geldwäsche	5,6 Millionen US-Dollar pro Jahr
SAS-Institut	Risikomanagementlösungen	4,2 Millionen US-Dollar pro Jahr

Nu Holdings Ltd. (NU) – Geschäftsmodell: Hauptaktivitäten

Entwicklung digitaler Bankdienstleistungen

Nu Holdings investierte im Jahr 2022 126,8 Millionen US-Dollar in Technologie- und Produktentwicklung. Die digitale Banking-Plattform bedient im dritten Quartal 2023 70,3 Millionen Kunden in Brasilien, Mexiko und Kolumbien.

Entwicklungsmetrik	Daten für 2023
Technologieinvestitionen	126,8 Millionen US-Dollar
Gesamtzahl der Digital-Banking-Nutzer	70,3 Millionen
Produktentwicklungszyklen	4 Hauptveröffentlichungen pro Jahr

Wartung mobiler Apps und Plattformen

Die mobile Anwendung von Nu verarbeitet jährlich über 1,2 Milliarden Transaktionen mit einer Verfügbarkeit von 99,7 %.

• Bewertung der Plattformzuverlässigkeit: 99,7 %
• Jährliches Transaktionsvolumen: 1,2 Milliarden
• Downloads mobiler Apps: 42,6 Millionen

Finanzproduktinnovation

Nu Holdings brachte im Jahr 2022 sieben neue Finanzprodukte auf den Markt und generierte zusätzliche Einnahmen in Höhe von 453 Millionen US-Dollar.

Produktkategorie	Neue Produkte	Auswirkungen auf den Umsatz
Kreditprodukte	3	221 Millionen Dollar
Anlageprodukte	2	132 Millionen Dollar
Versicherungsprodukte	2	100 Millionen Dollar

Kundenakquise und -bindung

Kosten für die Kundenakquise: 15 $ pro Benutzer. Kundenbindungsrate: 86 % im Jahr 2022.

• Kosten für die Kundenakquise: 15 $
• Kundenbindungsrate: 86 %
• Monatlich aktive Benutzer: 59,4 Millionen

Risikomanagement und Betrugsprävention

Nu Holdings stellte im Jahr 2022 87,4 Millionen US-Dollar für Cybersicherheit und Betrugsprävention bereit.

Risikomanagement-Metrik	Daten für 2022
Investition in Cybersicherheit	87,4 Millionen US-Dollar
Betrugspräventionsrate	99.2%
Betrugserkennungssysteme	KI-Überwachung in Echtzeit

Nu Holdings Ltd. (NU) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche digitale Technologieinfrastruktur

Ab dem vierten Quartal 2023 ist Nu Holdings tätig mit:

• Cloud-Infrastruktur, die drei primäre Rechenzentren in Brasilien umfasst
• 99,99 % Systemverfügbarkeitszuverlässigkeit
• Verarbeitungskapazität von 500 Millionen monatlichen digitalen Transaktionen

Technologiemetrik	Spezifikation
Gesamtinvestition in Technologie	287,4 Millionen US-Dollar im Jahr 2023
Jährliche Ausgaben für Technologie-F&E	124,6 Millionen US-Dollar
Maßstab der Technologieinfrastruktur	Multi-Cloud-Hybridarchitektur

Große Benutzerdatenbank in Lateinamerika

Statistiken der Benutzerdatenbank, Stand Dezember 2023:

• Gesamtzahl der aktiven Benutzer: 70,4 Millionen
• Marktdurchdringung Brasilien: 42,3 %
• Monatlich aktive Digital-Banking-Nutzer: 39,2 Millionen

Starker Talentpool für Ingenieurwesen und Technik

Talentkategorie	Nummer
Gesamtzahl der Mitarbeiter	4,987
Technische Arbeitskräfte	1,623
Technologiespezialisten	892

Cloud-Computing- und Cybersicherheitsfunktionen

Kennzahlen zur Sicherheit und Cloud-Infrastruktur:

• Jährliche Investition in Cybersicherheit: 42,3 Millionen US-Dollar
• Reaktionszeit bei der Bedrohungserkennung: Unter 15 Minuten
• Einhaltung der Sicherheitsstandards ISO 27001

Mobile-First-Technologie-Ökosystem

Metrik für mobile Plattformen	Wert
Mobile App-Downloads	52,6 Millionen
Mobiles Transaktionsvolumen	78 % aller Transaktionen
Engagement mobiler Benutzer	Täglich aktive Nutzer: 28,4 Millionen

Nu Holdings Ltd. (NU) – Geschäftsmodell: Wertversprechen

Kostengünstige digitale Bankdienstleistungen

Nu Holdings bietet digitale Bankdienstleistungen mit der folgenden Kostenstruktur an:

Servicekategorie	Durchschnittliche Kosten
Eröffnung eines digitalen Kontos	$0
Monatliche Kontoführung	$0
Gebühren für digitale Transaktionen	Minimal bis Null

Benutzerfreundliche mobile Finanzplattform

Die Funktionen der mobilen Plattform von Nu:

• 99,7 % Verfügbarkeit der mobilen App
• 4,8/5 Benutzerbewertung in App Stores
• Über 70 Millionen aktive digitale Nutzer

Gebührenfreie oder gebührengünstige Bankprodukte

Produkt	Gebührenstruktur
Nubank-Kreditkarte	0 $ Jahresgebühr
Digitales Sparkonto	Keine Wartungsgebühren
Privatkredite	Wettbewerbsfähige Zinssätze

Sofortige digitale Kredit- und Zahlungslösungen

Digitale Kreditkennzahlen:

• Durchschnittliches Kreditlimit: 500–5.000 $
• Genehmigungszeit: Weniger als 5 Minuten
• Digitales Kreditportfolio: 1,2 Milliarden US-Dollar (4. Quartal 2023)

Vereinfachtes Finanzmanagement für Bevölkerungsgruppen ohne Bankverbindung

Statistiken zur Marktdurchdringung:

Demographisch	Reichweite
Onboarding von Benutzern ohne Bankkonto	35 Millionen
Digitale finanzielle Inklusionsrate	62%
Durchschnittliches Benutzeralter	28-35 Jahre

Nu Holdings Ltd. (NU) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

Nu Holdings bietet digitale Banking-Plattformen mit 66,7 Millionen aktiven Nutzern im dritten Quartal 2023. Die digitale Plattform verarbeitet jährlich 2,2 Milliarden Transaktionen mit einer digitalen Engagement-Rate von 98,5 %.

Kennzahlen für digitale Plattformen	Statistik 2023
Gesamtzahl der aktiven Benutzer	66,7 Millionen
Jährliche Transaktionen	2,2 Milliarden
Digitale Engagement-Rate	98.5%

Personalisiertes mobiles App-Erlebnis

Die mobilen Anwendungsangebote von Nu personalisierte finanzielle Einblicke mit einer Benutzerzufriedenheitsrate von 95,3 %. Die App unterstützt 14 verschiedene Finanzdienstleistungsfunktionen.

• Transaktionsverfolgung in Echtzeit
• Maßgeschneiderte Ausgabenanalysen
• Sofortige Überwachung der Kreditwürdigkeit
• Personalisierte Produktempfehlungen

Digitaler Kundensupport rund um die Uhr

Nu bietet digitale Supportkanäle mit einer Lösungsrate von 92,4 % und einer durchschnittlichen Reaktionszeit von 7,2 Minuten durch KI-gestützte Chatbots und digitale Supportteams.

Community-Engagement durch soziale Medien

Nu unterhält plattformübergreifend 3,5 Millionen Social-Media-Follower mit 2,1 Millionen aktiven Social-Media-Interaktionen pro Monat.

Kontinuierliche Verbesserungen der Produktfunktionen

Nu investiert 18,5 % des Umsatzes in die Produktentwicklung und veröffentlicht im Jahr 2023 37 neue digitale Funktionen mit einer Benutzerakzeptanzrate von 89,6 %.

Produktentwicklungskennzahlen	Daten für 2023
In die Entwicklung investierter Umsatz	18.5%
Neue digitale Funktionen veröffentlicht	37
Akzeptanzrate von Benutzerfunktionen	89.6%

Nu Holdings Ltd. (NU) – Geschäftsmodell: Kanäle

Mobile Anwendung

Die mobile Anwendung von Nu verzeichnete im dritten Quartal 2023 33,7 Millionen monatlich aktive Nutzer. Die App unterstützt über 70 Millionen digitale Konten in ganz Brasilien. Das digitale Transaktionsvolumen über die mobile Plattform erreichte im Jahr 2023 272,3 Milliarden R$.

Metrik für mobile Apps	Daten für 2023
Monatlich aktive Benutzer	33,7 Millionen
Gesamtzahl der digitalen Konten	70 Millionen
Transaktionsvolumen	272,3 Milliarden R$

Webplattform

Die Webplattform von Nu unterstützt umfassende Finanzdienstleistungen mit 22,4 Millionen aktiven Webnutzern im Jahr 2023. Die Konversionsrate bei Online-Kontoeröffnungen erreichte über digitale Kanäle 68 %.

Social-Media-Schnittstellen

Nu unterhält eine aktive Social-Media-Präsenz auf mehreren Plattformen mit:

• Instagram: 2,3 Millionen Follower
• LinkedIn: 486.000 Follower
• Twitter/X: 312.000 Follower

Digitale Marketingkampagnen

Die Ausgaben für digitales Marketing beliefen sich im Jahr 2023 auf insgesamt 387 Millionen R$, wobei 62 % auf Performance-Marketing-Kanäle entfielen. Die Kosten für die Kundenakquise sanken auf 45 R$ pro neuem Benutzer.

Marketingmetrik	Wert 2023
Gesamte Marketingausgaben	387 Millionen R$
Performance-Marketing %	62%
Kundenakquisekosten	R$45

Empfehlungs- und Partnerschaftsnetzwerke

Nu hat Partnerschaften mit 14 großen Finanztechnologie- und E-Commerce-Plattformen aufgebaut. Empfehlungsprogramm generierte im Jahr 2023 412.000 Neukundenakquisen.

• Gesamtzahl der Partnerschaftsplattformen: 14
• Neukundengewinnung über Empfehlungen: 412.000
• Conversion-Rate des Empfehlungsprogramms: 7,2 %

Nu Holdings Ltd. (NU) – Geschäftsmodell: Kundensegmente

Junge urbane Fachkräfte

Im vierten Quartal 2023 zielt Nu Holdings auf 24,7 Millionen aktive Nutzer in Brasilien ab, wobei eine erhebliche Konzentration auf junge städtische Fachkräfte im Alter von 25 bis 40 Jahren besteht.

Altersgruppe	Prozentsatz des Kundenstamms von Nu	Durchschnittlicher monatlicher Transaktionswert
25-34 Jahre	42%	1.850 R$
35-40 Jahre	28%	2.300 R$

Bevölkerungsgruppen ohne und ohne Bankverbindung

Nu Holdings betreut 20,3 Millionen Kunden in Lateinamerika, die zuvor kein Bankkonto hatten, 68 % davon befinden sich in Brasilien.

• Erstes Bankkonto für 12,4 Millionen Kunden
• Durchschnittliches anfängliches Kreditlimit: 500 R$
• Rein digitaler Onboarding-Prozess

Digital-First Millennials und Gen Z

Der Kundenstamm von Nu besteht zu 56 % aus Millennials und der Generation Z, was insgesamt etwa 13,8 Millionen Nutzern entspricht.

Demographisch	Benutzeranzahl	Digitale Engagement-Rate
Millennials	8,9 Millionen	92%
Gen Z	4,9 Millionen	97%

Kleinunternehmer

Nu bedient 1,2 Millionen Kleinunternehmenskunden mit spezialisierten digitalen Finanzprodukten.

• Durchschnittliches monatliches Transaktionsvolumen: 45.000 R$
• Digitale Banking-Lösungen speziell für KMU
• Keine monatlichen Kontoführungsgebühren

Technisch versierte Finanzkonsumenten in Lateinamerika

Nu Holdings ist in Brasilien, Mexiko und Kolumbien tätig und verfügt über einen adressierbaren Gesamtmarkt von 52 Millionen potenziellen Kunden.

Land	Gesamtzahl der Benutzer	Marktdurchdringung
Brasilien	24,7 Millionen	46%
Mexiko	6,3 Millionen	12%
Kolumbien	2,1 Millionen	8%

Nu Holdings Ltd. (NU) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Im Jahr 2023 gab Nu Holdings 173,4 Millionen US-Dollar für die Technologie- und Infrastrukturentwicklung aus. Die Kosten für Cloud-Computing und Rechenzentren machten etwa 52,6 Millionen US-Dollar dieser Ausgaben aus.

Kategorie „Technologiekosten“.	Jährliche Ausgaben (Mio. USD)
Cloud-Infrastruktur	52.6
Cybersicherheitssysteme	31.2
Softwareentwicklung	89.6

Kosten für die Kundenakquise

Nu Holdings meldete im Jahr 2023 Kundenakquisekosten in Höhe von 76,3 Millionen US-Dollar, wobei die Kundenakquisekosten (CAC) etwa 24 US-Dollar pro neuem Benutzer betrugen.

• Ausgaben für digitales Marketing: 42,1 Millionen US-Dollar
• Kosten des Empfehlungsprogramms: 18,5 Millionen US-Dollar
• Umsatz und Onboarding: 15,7 Millionen US-Dollar

Produktentwicklung und Innovation

Das Unternehmen investierte im Jahr 2023 98,7 Millionen US-Dollar in Forschung und Entwicklung und konzentrierte sich dabei auf Fintech- und Digital-Banking-Innovationen.

Innovationsbereich	Investition (Mio. USD)
Digitale Banking-Plattform	45.3
KI und maschinelles Lernen	28.6
Entwicklung mobiler Anwendungen	24.8

Marketing- und Werbekosten

Die Marketingausgaben beliefen sich im Jahr 2023 auf insgesamt 64,2 Millionen US-Dollar, wobei ein erheblicher Teil auf digitale Kanäle entfiel.

• Social-Media-Werbung: 22,5 Millionen US-Dollar
• Traditionelle Medienkampagnen: 18,7 Millionen US-Dollar
• Content-Marketing: 23 Millionen US-Dollar

Investitionen in die Einhaltung gesetzlicher Vorschriften

Nu Holdings hat im Jahr 2023 41,5 Millionen US-Dollar für die Einhaltung gesetzlicher Vorschriften und gesetzlicher Anforderungen bereitgestellt.

Compliance-Bereich	Aufwand (Mio. USD)
Rechts- und Regulierungsberatung	18.3
Compliance-Technologie	14.2
Schulung und Dokumentation	9.0

Nu Holdings Ltd. (NU) – Geschäftsmodell: Einnahmequellen

Interbankenentgelte aus Transaktionen

Im dritten Quartal 2023 erwirtschaftete Nu Holdings einen Gesamtumsatz von 1,14 Milliarden US-Dollar, wobei Interbankengebühren einen erheblichen Teil der Einnahmen ausmachten.

Transaktionstyp	Prozentsatz der Interbankenentgelte	Geschätzter Jahresumsatz
Kreditkartentransaktionen	1.5% - 2.5%	450 Millionen Dollar
Debitkartentransaktionen	0.8% - 1.2%	250 Millionen Dollar

Kreditzinserträge

Nu Holdings meldete für die ersten neun Monate des Jahres 2023 einen Nettozinsertrag von 674,1 Millionen US-Dollar.

• Durchschnittlicher Kreditkartenzins: 35,4 %
• Gesamtkreditportfolio: 6,2 Milliarden US-Dollar
• Quote für notleidende Kredite: 4,7 %

Gebühren für digitale Bankdienstleistungen

Digitale Bankdienstleistungen generierten jährliche Gebühren in Höhe von etwa 120 Millionen US-Dollar.

Service	Monatliche Gebühr	Geschätzter Jahresumsatz
Premium-Konto	$5	40 Millionen Dollar
Geschäftskonto	$10	80 Millionen Dollar

Provisionen für Anlageprodukte

Nu Holdings verdiente im Jahr 2023 85,6 Millionen US-Dollar aus Provisionen für Anlageprodukte.

• Provisionssatz für Investmentfonds: 0,5 % – 1,5 %
• Gesamtes verwaltetes Vermögen: 1,3 Milliarden US-Dollar

Cross-Selling von Finanzdienstleistungen

Cross-Selling generierte für Nu Holdings im Jahr 2023 einen zusätzlichen Umsatz von 200 Millionen US-Dollar.

Finanzprodukt	Cross-Selling-Conversion-Rate	Umsatzbeitrag
Privatkredite	12%	75 Millionen Dollar
Versicherungsprodukte	8%	125 Millionen Dollar

Nu Holdings Ltd. (NU) - Canvas Business Model: Value Propositions

You're looking at the core reasons why over 127 million customers globally choose Nu Holdings as of the third quarter of 2025. The value proposition is built on radical simplicity and cost advantage.

Zero-fee or low-cost, accessible digital financial services.

Nu Holdings drives value by maintaining an extremely lean operating structure, allowing it to pass savings to the customer base, which reached 127 million in Q3 2025. The company's efficiency ratio improved to 27.7% in Q3 2025. This technological advantage translates directly into low customer servicing costs.

Metric	Amount (Q3 2025)	Amount (Q2 2025)
Monthly Average Revenue per Active Customer (ARPAC)	$13.4	$12.2
Monthly Average Cost to Serve Per Active Customer	$0.90	$0.80
Q3 2025 Net Income	$783 million	N/A

The platform's architecture avoids large physical infrastructure, meaning each additional product adopted by an existing user flows more efficiently into operating leverage.

Superior mobile-first user experience and simplicity.

The entire experience is designed around the mobile platform, which drives deep customer engagement. The monthly activity rate across the global customer base remained strong at above 83% in Q3 2025. Furthermore, in Brazil, 60% of the 110.1 million customers use Nu as their primary financial relationship as of September 2025. The company's vision is to become AI-first, integrating foundation models to drive an AI-native interface to banking.

Financial inclusion for Latin America's underbanked population.

The company's mission explicitly targets financial access and empowerment across Latin America. By September 2025, Nu served 110.1 million customers in Brazil, representing over 60% of the adult population there. In Mexico, the customer base reached 13.1 million, serving around 14% of the adult population. Historically, Nubank has been responsible for the inclusion of 28 million individuals into the financial system. The total credit portfolio grew 42% year-over-year on a foreign exchange-neutral basis to $30.4 billion in Q3 2025.

Comprehensive product suite (super app) on a single platform.

Nu Holdings is building out a multi-product platform, moving beyond basic accounts and credit cards to capture more of the customer's financial life. The expansion into various segments and products shows this deepening engagement, as evidenced by the Q2 2025 product adoption figures:

• Active unsecured loans customers: 13.6 million
• Active secured loans customers: 6.8 million
• Active investments customers: 36.2 million
• Active crypto customers: 6.6 million
• SME customer base: 5.2 million

This multi-product approach is driving the Monthly ARPAC to $13.4 in Q3 2025.

Instant, human-in-the-loop customer service.

The value proposition includes a commitment to keeping customers loving the service fanatically, which is supported by the low cost-to-serve structure. The Monthly Average Cost to Serve Per Active Customer was $0.90 in Q3 2025, down from $0.80 in Q2 2025, demonstrating the efficiency that underpins the ability to deliver high-quality, scalable support.

Finance: draft 13-week cash view by Friday.

Nu Holdings Ltd. (NU) - Canvas Business Model: Customer Relationships

You're focused on how Nu Holdings Ltd. keeps its massive, rapidly growing customer base engaged and profitable without the overhead of physical branches. The relationship model is built entirely around its digital core, aiming for fanatic loyalty.

Automated self-service via the 100% digital mobile app

The entire customer relationship is mediated through the mobile application, which supports a highly efficient, low-cost service model. As of the third quarter of 2025, Nu Holdings Ltd. served a global customer base of 127 million people, adding 4.3 million new customers in that quarter alone. The engagement level is exceptionally high, with the monthly activity rate consistently above 83% across the entire platform.

This digital-first approach translates directly into superior unit economics for customer interaction. The Monthly Average Cost to Serve Per Active Customer was reported at $0.90 in Q3 2025. This contrasts with the Q1 2025 figure of $0.70 per customer, though the Q2 2025 figure was $0.80 per customer, showing some fluctuation in cost efficiency as the platform scales. The platform's success in making the app the primary touchpoint is evident in Brazil, where 60% of its 110.1 million customers in that country use Nu as their primary financial relationship as of Q3 2025.

High-touch, fanatical customer service for loyalty

While the service is automated, the stated goal is to keep customers loving the company fanatically. This loyalty is what drives the high activity rates and the deepening of the customer relationship over time. The monetization success strongly suggests this loyalty is being maintained, as the Monthly Average Revenue per Active Customer (ARPAC) reached $13.4 in Q3 2025.

The depth of the relationship is visible in cohort performance; for customers with over eight years on the platform, the ARPAC reached $27.3 in Q2 2025. This indicates that the initial digital onboarding successfully transitions into long-term, high-value relationships.

Community building and referral programs for organic growth

Organic growth is a key driver, evidenced by the consistent net additions to the customer base. In Q3 2025, Nu added 4.3 million customers, representing a 16% year-over-year increase. The platform's reach in its core market is substantial, with Nu serving over 60% of the adult population in Brazil. While specific referral program contribution percentages aren't detailed, the overall customer growth rate of 16% year-over-year in Q3 2025 is a testament to the viral and organic appeal of the product ecosystem.

The expansion across product lines also serves to embed the customer further into the Nu ecosystem, which acts as a powerful retention and organic growth mechanism:

• Active credit customer base reached 55 million in Q2 2025.
• Active unsecured loans customers totaled 13.6 million in Q2 2025.
• Active investments customer base was 36.2 million in Q2 2025.

Data-driven personalization for cross-selling

The strategy to increase ARPAC relies heavily on successfully cross-selling a wider array of financial products to the existing, engaged user base. This monetization flywheel is clearly working, as Q3 2025 revenues surpassed $4 billion. The success of this strategy is quantified by the growing portfolio penetration across various product categories.

The monetization mix shows the importance of lending products in driving revenue quality:

Metric/Product Area	Value/Amount (Latest Available)	Context/Date
Monthly ARPAC	$13.4	Q3 2025
Gross Profit from Credit Products	43%	Q2 2025
Total Deposits	$38.8 billion	Q3 2025
Total Credit Portfolio	$30.4 billion	Q3 2025

The platform's ability to scale this monetization is reflected in the profitability metrics; Nu Holdings Ltd. delivered a record annualized Return on Equity (ROE) of 31% in Q3 2025, with Net Income reaching $783 million. The efficiency ratio for the company stood at 27.7% in Q3 2025, showing continued operating leverage as more products are sold to the established customer base.

Finance: draft 13-week cash view by Friday.

Nu Holdings Ltd. (NU) - Canvas Business Model: Channels

The core of Nu Holdings Ltd. channel strategy is its entirely digital delivery mechanism, which underpins its low-cost structure and massive scalability across Latin America.

Primary channel: The 100% digital mobile application

The mobile application serves as the sole interface for nearly all customer interactions, from onboarding to daily transactions and product management. This digital-first approach is central to the company's efficiency. As of the third quarter of 2025, Nu Holdings Ltd. served a global customer base of 127 million people across Brazil, Mexico, and Colombia^{1, 17}. The engagement on this primary channel is high; the monthly activity rate across the platform was over 83% in Q3 2025¹. Furthermore, monetization through this channel is accelerating, with the Monthly Average Revenue per Active Customer (ARPAC) reaching $13.4 in Q3 2025¹.

Word-of-mouth and viral organic growth

A significant portion of Nu Holdings Ltd.'s customer acquisition is fueled by organic interest, suggesting strong product-market fit and customer satisfaction that drives referrals. The company has demonstrated an ability to scale massively through this method, achieving a compound annual growth rate (CAGR) of 70% in customers since the third quarter of 2021⁵. In the third quarter of 2025 alone, Nu Holdings Ltd. added 4.3 million new customers¹. This organic momentum is critical for maintaining a competitive customer acquisition cost, even as the company invests in broader digital outreach.

Strategic physical points for cash deposits/withdrawals in Mexico

Recognizing that the Mexican market remains heavily reliant on cash, Nu Holdings Ltd. has built out a substantial physical network to support its digital accounts, primarily for cash deposits and withdrawals. This hybrid approach bridges the gap between digital banking and local cash economies. By late 2025, the network had consolidated to over 30,000 physical contact points⁷. This infrastructure is essential for serving the 13.1 million customers in Mexico, who represent about 14% of the country's adult population^{1, 6}.

Here is a breakdown of the physical network components supporting cash transactions in Mexico:

Channel Partner/Infrastructure	Key Data Point	Notes
OXXO Stores (Agreement starting 2025)	Over 22,000 locations	Added for cash deposit and withdrawal access4, 7.
Total Physical Contact Points (Q3 2025)	Over 30,000 points	Consolidated network size7.
Pre-OXXO Network (Arcus by Mastercard)	Over 4,400 points	Included Soriana supermarkets, Systienda, and Kiosko stores14.

The expansion to OXXO was announced to begin in early 2025, allowing access to over 9 million Nu customers in Mexico⁴.

Digital marketing and social media presence

While the search results do not provide a specific dollar amount for digital marketing spend in late 2025, the strategy is clearly focused on leveraging the digital platform and deepening engagement to drive monetization, which is a form of channel optimization. The company's growth is supported by its ability to monetize effectively, with revenue rising 39% year-over-year (FXN) to a record $4.2 billion in Q3 2025¹⁷. The focus is on building revenue durability through multi-product adoption rather than solely on customer acquisition cost (CAC) metrics, which were noted as a concern in earlier periods⁸. The company's vision to become AI-first is also a channel enhancement, aiming to drive an AI-native interface to banking¹.

Key channel engagement metrics include:

• Monthly Average Revenue per Active Customer (ARPAC) in Q3 2025: $13.4¹.
• Customer base in Brazil as of September 2025: 110.1 million¹.
• Customer base in Colombia as of September 2025: 3.8 million¹.

Nu Holdings Ltd. (NU) - Canvas Business Model: Customer Segments

You're looking at the core engine of Nu Holdings Ltd. (NU) growth, which is its incredibly diverse customer base spanning multiple countries and income levels. This segment strategy is what allows the platform to scale so effectively across Latin America.

The foundation remains the mass market and underbanked in Brazil, Mexico, and Colombia. As of the third quarter of 2025, Nu Holdings served a total of 127 million customers globally. In Brazil alone, the customer base reached 110.1 million as of September 2025, representing over 60% of the country's adult population.

The platform also successfully targets tech-savvy Millennials and Gen Z seeking digital alternatives. This group is characterized by high engagement; in Brazil, 60% of customers use Nu as their primary financial relationship. The overall monthly activity rate across the platform remains solid, above 83% in Q3 2025.

Nu Holdings has actively moved upmarket to capture higher-income segments with premium investment offerings. This is evidenced by the specific segment reaching 3 million customers as of Q2 2025, showing a year-over-year growth of 13%. The platform also serves a significant business segment, with Small and Medium-sized Enterprises (SMEs) reaching 5.2 million accounts as of Q2 2025, a 23% increase year-over-year.

The sheer scale of customer acquisition across geographies is a key differentiator. You can see the geographic distribution as of Q3 2025:

Country	Total Customers (Q3 2025)	Adult Population Penetration
Brazil	110.1 million	Over 60%
Mexico	13.1 million	Around 14%
Colombia	3.8 million	10%

The platform's segmentation strategy is detailed in its product adoption metrics, showing the breadth of its customer base beyond simple account numbers. Here's a look at the specific customer cohorts reported in Q2 2025:

• Mass Market customers: 104.7 million
• Super Core customers: 9.8 million
• SME accounts: 5.2 million
• Higher Income customers: 3 million

The focus on digital natives and financial inclusion is clear when looking at the initial target profile. This group is defined by:

• Seeking user-friendly, low-cost financial solutions
• A strong initial focus on individuals aged 18-30
• Driving financial inclusion, bringing 5.7 million new individuals into the credit card market in Brazil during 2023

Finance: draft 13-week cash view by Friday.

Nu Holdings Ltd. (NU) - Canvas Business Model: Cost Structure

You're looking at the core expenses that power Nu Holdings Ltd.'s massive scale across Brazil, Mexico, and Colombia as of late 2025. The cost structure is dominated by managing credit risk and continuous platform investment, all while maintaining a lean operational core.

High credit loss allowances due to rapid credit portfolio expansion remain a significant cost factor, reflecting the inherent risk in growing lending aggressively in emerging markets. For the second quarter of 2025, Nu Holdings took an allowance for credit losses of approximately $1 billion in that quarter alone. As of June 30, 2025, the Expected Credit Loss (ECL) allowance for credit card receivables and loans to customers totaled US$4,319,414 (in thousands, or approximately $4.32 billion). This allowance is a critical judgment area, sensitive to macroeconomic scenarios in its operating geographies.

The commitment to building out the platform means Technology and product development investment is a constant drain, though specific R&D spend figures aren't clearly itemized in the latest reports. However, the strategic direction is clear: Nu Holdings is actively building the next generation of its platform with a goal to become AI-first, integrating foundation models deeply into operations. This implies substantial, ongoing investment in engineering and data infrastructure to maintain its competitive edge.

Interest expense on deposits and funding costs has been a growing line item as the deposit base expands rapidly. For the three-month period ended September 30, 2025, the Interest expense on deposits reached $1,089,722 (likely in thousands, or about $1.09 billion). To manage this, the cost of funding improved to 89% of interbank rates in Q3 2025, down from 91% in Q2 2025, showing better management of its growing funding base.

The core advantage remains the Low Monthly Average Cost to Serve Per Active Customer. For the third quarter of 2025, this cost was reported at $0.90 per customer. This is a slight increase from the $0.80 seen in Q2 2025, but still firmly below the dollar level and a key driver of the firm's efficiency. This low cost is partly attributed to operational leverage, as Nu estimates its cost to serve in Brazil is approximately 85% lower than incumbents based on 2024 data.

Finally, General and administrative expenses for regulatory compliance are an inherent cost of operating as a major financial institution across multiple jurisdictions. Nu Holdings continues to meet its ongoing regulatory obligations, such as submitting compliance reports to the SEC as a foreign private issuer. The company's efficiency ratio, which captures these operating costs relative to revenue, stood at 27.7% in Q3 2025, reflecting continued productivity gains despite these overheads.

Here's a quick look at the key cost metrics from the latest reported quarter:

Cost Component	Latest Reported Period	Amount/Metric
Monthly Average Cost to Serve Per Active Customer	Q3 2025	$0.90
Interest Expense on Deposits (3-Month Period)	Q3 2025 (ended Sep 30)	$1,089,722 (in thousands)
ECL Allowance for Credit Losses (Total)	June 30, 2025	US$4,319,414 (in thousands)
Cost of Funding (as % of interbank rates)	Q3 2025	89%
Efficiency Ratio	Q3 2025	27.7%

You'll want Finance to track the quarterly change in the ECL allowance against the growth rate of the total credit portfolio, which expanded 42% YoY FXN to $30.4 billion in Q3 2025.

Nu Holdings Ltd. (NU) - Canvas Business Model: Revenue Streams

You're looking at the core ways Nu Holdings Ltd. brings in money as of late 2025. The business model is heavily weighted toward interest income from its growing credit operations, but fee-based income is a significant and growing component, making up the difference between Net Interest Income and the record total revenue.

The total revenue for the third quarter of 2025 hit a record of $4.2 billion.

The primary driver remains the credit portfolio, which fuels the Net Interest Income (NII). For Q3 2025, the NII reached $2.3018 billion.

The remaining revenue comes from various fees and commissions. While a precise, itemized breakdown for Q3 2025 is not immediately available in the latest public summaries, we know the total fee income must account for the difference between total revenue and NII. For context, the Interchange Fee and Commission Income in Q3 2024 was $469.4 million.

Here is a summary of the key revenue components and related financial metrics from Q3 2025:

Revenue Stream Component	Q3 2025 Amount (USD)
Total Revenue	$4.2 billion
Net Interest Income (NII)	$2.3018 billion
Implied Fee and Commission Income (Total)	$1.8982 billion
Credit Portfolio Size	$30.4 billion
Monthly ARPAC (Average Revenue Per Active Customer)	$13.4

The fee-based revenue streams, which are critical for diversification, are structured as follows:

• Interchange fees and commissions from card transactions (The Q3 2024 figure was $469.4 million).
• Fees from personal loans, secured loans, and insurance products (This is a component of the implied fee income).
• Investment management fees from the investment platform (This is a component of the implied fee income).

To be fair, the growth in the credit portfolio to $30.4 billion is what directly supports the NII, which is the largest single revenue line. The company is seeing strong engagement, with the Monthly Average Revenue Per Active Customer (ARPAC) hitting $13.4 in Q3 2025, indicating customers are using more of the platform's offerings.

Finance: draft the Q4 2025 revenue projection based on the Q3 ARPAC and customer growth rate by next Tuesday.