Berkshire's Latin American Fintech Bet Nu Adds 19 Million Customers in 2022
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Berkshire Hathaway owns 2.3% of Nu Holdings (Nu), a digital bank expanding in Latin America. Nu grew by 19 million customers in 2022.
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Nu is meeting needs in its markets and capturing share with easy-to-use products. It has high customer engagement and increasing revenue per customer.
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Nu is highly scalable, keeping costs low while revenue grows 57% and profits rise. There is still much room for expansion in current and new markets.
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Nu's credit business is booming, with loan and credit card growth over 75% last year. Deposits are also pouring in.
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Nu stock doubled in 2022 and is up 33% in 2023 so far. It could be Berkshire's top performing stock over the next 5 years.