Net income of Nubank 2015-2023
In 2023, the Brazilian neobank, Nu Pagamentos S.A. (Nubank), reported a net income of roughly 1.2 billion U.S. dollars. This was an extraordinarily sharp increase compared to the previous year, when the bank reported a net income of 204.1 million U.S. dollars. 2023 was the third year since 2015 that Nubank had a positive net income. During that time, the company generated over eight billion U.S. dollars worth of operating revenue.
The development of fintech in Latin America
With over three billion U.S. dollars raised in 2022, the venture capital investment into fintech startups in Latin America grew drastically since 2016. This sector has contributed with more than 2,400 startups in the region, mostly concentrated in Brazil and Mexico, the largest economies in Latin America.
Brazil as a fintech market leader
Indicated also by its lead in insurance technology, Brazil can be seen as a significant player in the regional fintech market. Additionally, as Brazilian consumers have increasingly switched to more online platforms, they have also become a more welcoming consumer population for mobile services, including financial services.
