From Startup Fortune · · 1m 10s
Nu Holdings Jumps 12% on US Launch
Nu Holdings stock rallies 12% as investors back its US banking launch amid Nasdaq decline.
In brief
Nu Holdings stock rallies 12% as investors back its US banking launch amid Nasdaq decline. Nu Holdings rose 12% after reporting strong Q3 results and launching US banking services, while Nasdaq fell 0.9%. Originally reported by Startup Fortune.
Nu Holdings Stock Rises
Nu Holdings closed at $13.22 on Friday, November 13, up about 11.8%.
Strong Q3 Results
Nu reported net income of $1.1 billion, up 31% on an FX-neutral basis, on gross revenue of $6.3 billion.
US Banking Launch
Nu began operating in the US on September 10 through a unit called Nu United States LLC.
US Product Features
The product offers a savings account with 3.5% APY and fee-free transfers to Brazil, Mexico, and Colombia.
Targeted Customer Base
Nu targets communities with ties to Latin America, where 60% to 70% of deposits earn nothing.
Competitor Landscape
Chime, SoFi, and Revolut already serve similar cost-conscious customers with competing products.
Regulatory Status
Nu's national bank charter is pending approval from the Office of the Comptroller of the Currency.
Here's the gist
Nu Holdings rose 12% after reporting strong Q3 results and launching US banking services, while Nasdaq fell 0.9%.
