Nu Holdings Ltd
NYSE:NU
Nu Holdings Ltd
In the bustling world of financial technology, Nu Holdings Ltd., the parent company of Nubank, stands as a quintessential disruptor. Founded in 2013 in São Paulo, Brazil, by David Vélez and his team, Nubank began with a simple mission: to make financial services more accessible and transparent for everyday people. Operating primarily in Latin America, Nubank has capitalized on the region's growing smartphone penetration and widespread dissatisfaction with traditional banking. It offers a suite of financial products, including a no-fee credit card, personal loans, and digital savings accounts, all managed through an intuitive mobile app. By leveraging technology, Nubank has built an agile, customer-centric business model that eschews the fees and complexities often associated with traditional banks.
Nu Holdings has fostered a business model that monetizes through scalable digital offerings rather than the conventional methods of banking fees. The company's revenue comes largely from interchange fees collected every time customers swipe their Nubank cards, along with interest on personal loans. Additionally, Nu Holdings has expanded its portfolio to include small business financial products and insurance services. This diverse portfolio has allowed the company to tap into various streams of income, unlike its brick-and-mortar counterparts. By continuously innovating and addressing the pain points of traditional banking, Nu Holdings not only advances its competitive stance in the industry but actively reshapes the landscape of digital finance in Latin America.
In the bustling world of financial technology, Nu Holdings Ltd., the parent company of Nubank, stands as a quintessential disruptor. Founded in 2013 in São Paulo, Brazil, by David Vélez and his team, Nubank began with a simple mission: to make financial services more accessible and transparent for everyday people. Operating primarily in Latin America, Nubank has capitalized on the region's growing smartphone penetration and widespread dissatisfaction with traditional banking. It offers a suite of financial products, including a no-fee credit card, personal loans, and digital savings accounts, all managed through an intuitive mobile app. By leveraging technology, Nubank has built an agile, customer-centric business model that eschews the fees and complexities often associated with traditional banks.
Nu Holdings has fostered a business model that monetizes through scalable digital offerings rather than the conventional methods of banking fees. The company's revenue comes largely from interchange fees collected every time customers swipe their Nubank cards, along with interest on personal loans. Additionally, Nu Holdings has expanded its portfolio to include small business financial products and insurance services. This diverse portfolio has allowed the company to tap into various streams of income, unlike its brick-and-mortar counterparts. By continuously innovating and addressing the pain points of traditional banking, Nu Holdings not only advances its competitive stance in the industry but actively reshapes the landscape of digital finance in Latin America.
Record Revenue: Nu Holdings posted record revenue of over $4 billion in Q3 2025, driven by growing customer base and higher ARPU.
Profitability: Net income reached $783 million and return on equity (ROE) hit a record 31%, up 39% year-over-year.
Customer Growth: Total customers grew to 127 million, with strong gains in Mexico and Colombia.
Improved Asset Quality: Cost of risk declined, with better-than-expected credit performance and improved recoveries, especially in Brazil.
AI Strategy: Management emphasized significant progress on becoming "AI first," reporting major advances in credit underwriting and customer personalization.
Credit Portfolio Expansion: Total credit balances hit $3.4 billion, up 42% year-over-year, with secured and unsecured loans now 35% of the portfolio.
Efficiency: The cost-to-income ratio improved to 28%, reflecting strong operating leverage.
Mexico Performance: Rapid growth in Mexico, with ARPAC at $12.5 and cost to serve below $1, showing strong early profitability.
Management
David Vélez Osorno is a prominent Colombian executive known for his role as the founder and CEO of Nubank, under Nu Holdings Ltd. Vélez was born in Medellín, Colombia, and completed his education in engineering at Stanford University, one of the premier institutions in the U.S. He embarked on his professional career in investment banking, gaining experience with major firms like Goldman Sachs and Morgan Stanley. In 2013, recognizing the challenges and inefficiencies in the traditional banking systems in Latin America, Vélez co-founded Nubank in Brazil. His vision was to revolutionize the banking industry by providing digital, user-friendly financial services with no hidden fees. Under his leadership, Nubank grew rapidly, attracting millions of customers and becoming one of the largest fintech companies in the world. David Vélez’s efforts have earned him recognition as a significant figure in the fintech industry. His leadership and innovative approach greatly impacted the financial landscape in Latin America, making banking more accessible and transparent for everyone.
In 2013, recognizing the challenges and inefficiencies in the traditional banking systems in Latin America, Vélez co-founded Nubank in Brazil. His vision was to revolutionize the banking industry by providing digital, user-friendly financial services with no hidden fees. Under his leadership, Nubank grew rapidly, attracting millions of customers and becoming one of the largest fintech companies in the world.
David Vélez’s efforts have earned him recognition as a significant figure in the fintech industry. His leadership and innovative approach greatly impacted the financial landscape in Latin America, making banking more accessible and transparent for everyone.
Youssef Lahrech is a prominent executive at Nu Holdings Ltd., where he has served as the Chief Operating Officer. Nu Holdings Ltd. is the parent company of Nubank, one of the largest fintech companies in the world and a leading digital banking platform in Latin America. Lahrech joined Nubank, bringing with him extensive experience in financial services and operations, which has been instrumental in guiding the company's growth and operational strategies. Before his tenure at Nubank, Lahrech gathered a wealth of experience in leadership positions at other top-tier financial institutions. He is known for his strategic vision and ability to enhance operational efficiency, vital for a company experiencing rapid expansion in a competitive market. His role has involved overseeing various aspects of Nubank’s operations, including customer support, risk management, and overall business processes, ensuring they align with the company's innovative approach and customer-centric philosophy. Youssef Lahrech holds a strong academic background that underpins his professional achievements. He reinforces Nubank's reputation as a forward-thinking and disruptive force in the banking sector, with a consistent focus on leveraging technology to improve financial accessibility for consumers. Under his leadership, Nubank has continued to expand its product offerings and geographic footprint, maintaining its position at the forefront of the fintech revolution.
Before his tenure at Nubank, Lahrech gathered a wealth of experience in leadership positions at other top-tier financial institutions. He is known for his strategic vision and ability to enhance operational efficiency, vital for a company experiencing rapid expansion in a competitive market. His role has involved overseeing various aspects of Nubank’s operations, including customer support, risk management, and overall business processes, ensuring they align with the company's innovative approach and customer-centric philosophy.
Youssef Lahrech holds a strong academic background that underpins his professional achievements. He reinforces Nubank's reputation as a forward-thinking and disruptive force in the banking sector, with a consistent focus on leveraging technology to improve financial accessibility for consumers. Under his leadership, Nubank has continued to expand its product offerings and geographic footprint, maintaining its position at the forefront of the fintech revolution.
Cristina Helena Zingaretti Junqueira is a prominent Brazilian entrepreneur and co-founder of Nubank, which operates under Nu Holdings Ltd. Born on February 25, 1982, in Ribeirão Preto, Brazil, she has established herself as a significant figure in the fintech industry. Junqueira earned a degree in Production Engineering from the University of São Paulo and later pursued an MBA at Northwestern University's Kellogg School of Management. Before founding Nubank, Junqueira held various positions in banking and consulting. Her experience includes working with the Boston Consulting Group and Itaú Unibanco, where she focused on strategy and retail banking. In 2013, she co-founded Nubank, one of the world’s largest independent digital banks, aiming to revolutionize financial services in Latin America by providing a customer-centric and technology-driven approach. Under her leadership, Nubank has experienced exponential growth, serving millions of customers across multiple countries. Cristina Junqueira is celebrated for her role in enhancing financial inclusion and innovation in fintech, and she is often recognized for her entrepreneurial spirit and leadership in the industry. Additionally, she is an advocate for gender equality in the workplace and has spoken about the importance of diversity in tech and finance.
Before founding Nubank, Junqueira held various positions in banking and consulting. Her experience includes working with the Boston Consulting Group and Itaú Unibanco, where she focused on strategy and retail banking. In 2013, she co-founded Nubank, one of the world’s largest independent digital banks, aiming to revolutionize financial services in Latin America by providing a customer-centric and technology-driven approach.
Under her leadership, Nubank has experienced exponential growth, serving millions of customers across multiple countries. Cristina Junqueira is celebrated for her role in enhancing financial inclusion and innovation in fintech, and she is often recognized for her entrepreneurial spirit and leadership in the industry. Additionally, she is an advocate for gender equality in the workplace and has spoken about the importance of diversity in tech and finance.
Guilherme Marques do Lago is an executive associated with Nu Holdings Ltd, widely known for its digital banking services through Nubank, one of the largest fintech companies in Latin America. Guilherme Marques do Lago has been serving prominently as the Chief Financial Officer (CFO) of the company. In this role, he is responsible for overseeing the company’s financial strategy, managing financial risks, and implementing financial planning and record-keeping. As a key member of the executive leadership team, Lago has significantly contributed to Nubank's rapid growth and scaling operations across Latin America. His strategic financial leadership has been integral in navigating funding rounds and investments to support the company's ambitious expansion plans. Under his tenure, Nubank has successfully attracted numerous high-profile investors and achieved a strong market presence. Guilherme Marques do Lago's expertise in finance and leadership has been built upon extensive prior experience in financial institutions and leadership roles. His skills in financial management and strategic planning have made him a crucial asset in steering Nubank toward sustainable growth and innovation in the competitive fintech landscape.
As a key member of the executive leadership team, Lago has significantly contributed to Nubank's rapid growth and scaling operations across Latin America. His strategic financial leadership has been integral in navigating funding rounds and investments to support the company's ambitious expansion plans. Under his tenure, Nubank has successfully attracted numerous high-profile investors and achieved a strong market presence.
Guilherme Marques do Lago's expertise in finance and leadership has been built upon extensive prior experience in financial institutions and leadership roles. His skills in financial management and strategic planning have made him a crucial asset in steering Nubank toward sustainable growth and innovation in the competitive fintech landscape.
Vitor Guarino Olivier is a prominent executive known for his role at Nu Holdings Ltd, a leading digital financial services platform in Latin America, commonly recognized as Nubank. At Nubank, he has served as a key figure, contributing significantly to the company’s growth and success. Olivier has held various strategic positions, playing an instrumental role in product development and operational strategies. His leadership and expertise have been vital in expanding Nubank's offerings and presence in the region, focusing on customer-centric financial solutions. Under his leadership, the company has continually innovated in the financial technology sector, enhancing access to banking services for millions of customers in Latin America. His commitment to leveraging technology to simplify financial services has been central to the firm’s vision and operational strategies.
Jörg Friedemann is the Chief Financial Officer and Executive VP of Finance for Nu Holdings Ltd., a leading financial technology company known for its popular digital banking platform, Nubank. Friedemann brings significant experience to his role, having worked extensively in the financial sector with a focus on strategy, investor relations, and operations. Before joining Nu Holdings, he held prominent positions in investment banking and equity research, providing him with a robust background in financial markets and corporate finance. His leadership is instrumental in steering Nu Holdings' financial strategies and supporting its rapid growth and expansion across Latin America. His insights and strategic acumen contribute to solidifying Nubank's position as a major player in the fintech industry.
Ms. Elita Vechin Pastorelo Ariaz is the Chief Compliance Officer of Nu Holdings Ltd, a financial technology company known for its innovative approach to banking, operating chiefly in Latin America. Her role involves overseeing the company's compliance with laws and regulations, ensuring the integrity of its operations, and managing regulatory risks. With a strong background in legal and regulatory matters, Elita has been instrumental in guiding Nu Holdings Ltd through the complex financial landscapes in which it operates. Her leadership helps maintain the trust of both regulators and customers, contributing to the firm's reputation and ongoing success in the fintech industry.
Jagpreet Singh Duggal is the Chief Risk Officer at Nu Holdings Ltd. He plays a key role in overseeing the management and mitigation of risks within the company, which operates in the financial technology sector primarily through its subsidiary, Nubank. With a background in risk management, finance, and operations, Duggal is responsible for ensuring that the firm's risk management strategies align with its business goals. His work involves identifying potential risks, implementing processes to manage them, and ensuring that the company remains compliant with regulatory standards. His expertise contributes to Nu Holdings Ltd.'s ability to innovate while maintaining a strong risk management framework.
Henrique Camossa Saldanha Fragelli is an executive associated with Nu Holdings Ltd., popularly known as the parent company of Nubank, which is a leading digital financial services platform in Latin America. Fragelli holds a significant role within the company, contributing to its operational strategies and growth initiatives. His background is marked by experience in financial technology and management, aligning with Nubank's mission to revolutionize banking systems in regions with traditionally high banking costs and limited accessibility. His contributions are significant in steering the company towards expanding its footprint in Latin America and beyond, focusing on customer-centered, technology-driven banking solutions.
His background is marked by experience in financial technology and management, aligning with Nubank's mission to revolutionize banking systems in regions with traditionally high banking costs and limited accessibility. His contributions are significant in steering the company towards expanding its footprint in Latin America and beyond, focusing on customer-centered, technology-driven banking solutions.
