Nu Holdings – More Nu Customers

Nu Holdings is one of the world’s largest digital banking platforms, providing banking, lending, payments and financial services to millions of customers across Latin America. 

Nu delivered another strong set of results for Q2 2026, demonstrating that its rapid growth continues to translate into higher profitability. Revenue increased 39% year over year to $5.9 billion, while net income rose 49% to $1.1 billion. The company now serves 138.9 million customers, up 13% from a year ago, and continues to generate impressive returns, with return on equity reaching 33%. 

Growth remains broad-based across the business. The credit portfolio expanded 37% to $39.4 billion, while Nu continues to gain scale in markets outside Brazil. In Mexico, the company has become the country’s largest digital bank with 16 million customers, highlighting the strength of its low-cost, mobile-first model. Management is also laying the groundwork for a future US expansion, leveraging the underwriting expertise it has developed across Latin America. 

Nu is also focused on deepening relationships with existing customers. The launch of Chroma, a subscription-based offering aimed at customers between the mass market and mass affluent segments, should increase engagement while creating additional revenue opportunities. Encouragingly, management noted that newer customers are contributing higher average value, suggesting the quality of growth remains strong. 

The biggest risk remains credit quality. As Nu’s lending book grows, investors will need to closely monitor delinquency rates, particularly as Brazil experiences a more challenging credit environment and government debt relief programmes alter repayment behaviour. A prolonged deterioration in the credit cycle could place pressure on future earnings. 

That said, Nu’s focus on mass-market customers, who historically exhibit lower delinquency rates, may provide an important advantage. Combined with continued growth in Mexico, product expansion and future international opportunities, the company appears well positioned. For now, the key investment question is whether Nu can maintain its strong growth while preserving the credit discipline that has underpinned its success.