Nubank added 20.6M new customers worldwide in 2021. That’s an average of 56K every day. And even though it has much catching up with the bigger banks — BBVA and Santander — its future looks promising. For example, another way of looking at the numbers is that Nubank added ¼th of BBVA’s entire customer base last year.
However, its stock hasn’t been doing as well since it began trading in December — it’s currently trading at 13% below its IPO price. This illustrates how volatile the markets are: Nubank was the most valuable bank in Latin America at the end of 2021; today, BBVA, Itaú, and Santander currently have higher market caps.
The drop may be encouraging news for some investors, the greatest investor of all time, Warren Buffett, for one. The oracle of Omaha doubled his position on $NU from $500M to $1B this year. And it makes sense. When looking at the company’s financials, there’s a lot to like. It generated $1.7B in revenues last year, a growth of 130% compared to 2020; it also reported that 2021 was its first profitable year. Nubank is currently only present in Brazil, Mexico, and Colombia, but stay tuned as they try to conquer the entire region.