Nubank demonstrated a generally positive trajectory in monthly average revenue per customer between 2021 and 2025, with significant growth and subsequent moderation. The company began with a monthly average revenue per customer of *** U.S. dollars in the fourth quarter of 2021, steadily increasing to a peak of **** U.S. dollars by the first quarter of 2023. This substantial growth reflected the company's ability to enhance customer value and monetization strategies during this period. However, 2024 saw a slight pullback in this metric, with revenue per active customer declining to **** U.S. dollars by the fourth quarter. As of the first quarter of 2025, the revenue per active customer remains at **** U.S. dollars. Despite this recent dip and subsequent recovery, the overall trend still represented a significant improvement from the 2021 baseline, showcasing Nubank's ability to generate more revenue from each customer over time.

In 2024, leading payment providers and digital banks managed to generate substantial average revenue per user (ARPU). Robinhood led with an ARPU of *** U.S. dollars. This was followed by Revolut and PayPal, each having revenues per user surpassing ** U.S. dollars. Klarna and Nubank trailed behind, with ARPU of ** U.S. dollars and **** U.S. dollars, respectively.