$NU is DESTROYING traditional banking...
Nubank is quietly becoming one of the biggest banks on earth, and it did it without a single branch.
Just crushed a record quarter: $5 billion in revenue, $871 million in profit. Its efficiency ratio dropped below 18%, which, for a bank, is absurdly good. Most traditional banks would kill for half that.
115 million customers in Brazil. Adding Mexico. Adding Colombia. And it built the largest small-business banking base in Brazil at basically zero cost to acquire them.
A branchless bank is eating an entire continent.