Key facts
- Nubank serves 118.6 million customers and generates $13 billion in annualized revenue.
- Nubank's quarterly profit was $557 million in Q1 2025.
- Revolut has over 50 million customers across multiple continents.
- Nubank's efficiency ratio is 24.7%, meaning 25 cents of every revenue dollar go to operating costs.
- Nubank's customer acquisition costs remain around $5-7.
- Revolut is set to launch in Mexico and India.
Neobanks Revolut and Nubank, having established dominance in their respective spheres, are now on a collision course as they increasingly pursue global expansion. Nubank, a São Paulo-based startup launched in 2014, has become the world's most profitable neobank, serving 118.6 million customers and generating $13 billion in annualized revenue, with a quarterly profit of $557 million. This profit dwarfs competitors like Chime, which reported $12.7 million in quarterly profit. Nubank's efficiency ratio stands at 24.7%, indicating low operating costs relative to revenue, and its customer acquisition costs are around $5-7. Revolut, meanwhile, has over 50 million customers across multiple continents and offers a wide array of financial services, including crypto trading and travel insurance. However, Nubank generates significantly more revenue and profit per customer, largely due to its focus on credit products, which account for 84% of its revenue. While Revolut has diversified its offerings, Nubank's strategy of mastering credit underwriting in high-interest markets like Brazil has proven highly lucrative. Both companies are actively pursuing international growth, with Revolut set to launch in Mexico and India, and Nubank already operating in Brazil, Mexico, and Colombia. The challenge for these digital banks lies in adapting their customer experience to distinct local banking patterns, navigating competitive markets, and providing localized customer support.