Is Nu Stock a Millionaire Maker?
Nu Holdings (NYSE: NU) is a Brazil-based digital bank operating under the banner NuBank. It operates in three Latin American countries, so it might not be on your radar. But if you're an investor, it should be. It's growing by leaps and bounds, and its stock has gained accordingly. Can it be part of a millionaire-maker portfolio?
Banking is an age-old business, but digital banks have been upending the industry with easy-to-use services that have been attracting millions of customers. Nu is at the forefront of the digital banking revolution in Latin America.
It serves its home country of Brazil as well as Mexico and Colombia, and it's growing at lightning speed. Revenue increased 65% year over year in the second quarter to $2.8 billion. To put that into context, it's a slowdown from several quarters of triple-digit percentage growth before inflation, and it's pretty impressive as a "slowdown" in the high-interest-rate environment. Net income more than doubled to $487.3 million.
Source Fool.com
