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Nubank demonstrated a generally positive trajectory in monthly average revenue per customer between 2021 and 2025, characterized by strong growth followed by a period of moderation. The company began with a monthly average revenue per customer of *** U.S. dollars in the fourth quarter of 2021, rising steadily to a peak of **** U.S. dollars in the first quarter of 2023. This rapid expansion reflected the company’s success in enhancing customer value and strengthening monetization strategies. In 2024, however, revenue per active customer declined to **** U.S. dollars by the fourth quarter, marking a temporary setback. By the third quarter of 2025, the metric had recovered to **** U.S. dollars. Despite this dip and partial rebound, the overall trend represents a considerable improvement from the 2021 baseline, underscoring Nubank’s ability to generate increasing revenue from each customer over time.