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Uber, the ride-hailing giant, has been making waves in various industries, most notably in the financial sector through its digital bank, NuBank.
NuBank, the world's largest digital bank outside of Asia and a subsidiary of Nu Holdings, has been experiencing significant growth. As of the latest figures, the total customer count of NuBank has increased to 123 million, a 17% rise from the previous year. In Brazil, where NuBank was first established, 60% of adult Brazilians now hold at least one Nu account. The bank has also made impressive strides in Mexico and Colombia, serving 13% and 9%, respectively, of these countries' adult populations, despite entering these markets relatively recently in 2020.
One of the key factors contributing to NuBank's success is its partnership with Uber. Uber's platform, which could become a lucrative source of revenue, plays a significant role in these partnerships. This collaboration has been instrumental in NuBank's ability to offer financial services to millions of users, with nearly 21 million Brazilians having received their first credit card through NuBank as of last year.
Uber's financials have also been on an upward trajectory. The company has turned profitable on an annual basis in 2023 and has reported a positive net income for five straight quarters. In the first half of 2025, Uber's revenue increased by 16% to $24 billion compared to the same period last year. The net income surged to more than $3.1 billion, up from $361 million in the same period last year.
Uber's pivot into autonomous driving is a likely catalyst for investors. The company has started testing its autonomous driving business in cities like Los Angeles, Austin, and Atlanta. Uber has also partnered with companies like Alphabet's Waymo, Volkswagen, and Cruise (a part of General Motors) in this endeavour.
The CEO of Uber in the current period, including 2025, is Dara Khosrowshahi. The company's role in the financial sector, particularly through NuBank, has been a significant part of its growth story.
Meanwhile, Nu Holdings' stock is up nearly 40% year to date. The 30 P/E ratio and 24 forward earnings multiple of Nu Holdings start to appear more reasonable considering its profit growth. NuBank's net income for the first two quarters of 2025 rose to almost $1.2 billion, a 38% increase compared to the same timeframe in 2024. These figures suggest that the company's financial health is robust and its growth trajectory is strong.
In summary, Uber and NuBank have been on a path of growth and profitability. Uber's financials have improved significantly, with the company turning profitable, and its foray into autonomous driving showing promise. NuBank, on the other hand, has been expanding rapidly, serving millions of customers in Brazil, Mexico, and Colombia. The strong partnership between the two companies has been instrumental in their success.
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