New York, Jan 22, 2026, 15:04 EST — Regular session
- Shares of Nu Holdings climbed roughly 3.6% in afternoon trading
- Nubank reports surpassing 112 million customers in Brazil, referencing central bank figures
- Investors are turning their attention to the fourth-quarter results and conference call scheduled for Feb. 25
Nu Holdings (NU) shares climbed about 62 cents, or 3.6%, to $17.86 on Thursday after Nubank announced it had become Brazil’s second-largest financial institution by customer count, according to 2025 central bank data. The fintech reported it now serves over 112 million customers in Brazil—around 61% of the adult population—and has moved up one spot annually in the rankings since 2022. It also noted monthly activity at 85%, with average revenue per active customer (ARPAC) hitting a record high in Q3 2025. “More than growing in numbers, our focus is to have a meaningful presence in people’s financial lives,” said Livia Chanes, CEO of Nubank Brazil. 1
For investors, the customer claim underscores what Nu actually offers: scale in a landscape dominated by players like Itau Unibanco, Banco do Brasil, and Bradesco, who still control rates, fees, and credit terms. Growing the user base helps cut unit costs, but it also means the lender must constantly discover fresh revenue streams from its current customers.
That’s where ARPAC and engagement matter. Simply put, it’s the difference between flashy download numbers and a user who actually takes out a loan, deposits savings, or swipes the card monthly.
Nu’s growth in Brazil hasn’t come cheap. While flashy marketing and perks attract users fast, they also tighten margins once rivals step up the game.
Nu announced Wednesday a multi-year deal with the Mercedes-AMG PETRONAS Formula One (F1) team, becoming an official team partner ahead of the 2026 season. Financial details were not revealed. The company pointed out that Formula 1 reaches over 827 million fans, while Nu serves more than 127 million customers across Brazil, Mexico, and Colombia. The partnership will feature branding and activations involving drivers George Russell and Kimi Antonelli. Co-founder Cristina Junqueira described it as “a powerful opportunity to connect with hundreds of millions of fans,” and Mercedes team principal Toto Wolff highlighted “a commitment to pushing boundaries.” 2
The sponsorship sheds light on the stock’s jump, but it doesn’t transform the underlying business instantly. Traders remain focused on whether customer growth will boost lending and fee income without driving up costs.
Yet the battle for customers could prove expensive. Should Brazil’s economy falter or competition drive deeper discounts and bigger rewards, revenue per user might drop and loan losses climb.
Nu’s stock has shown sharp moves around quarterly earnings, revealing its spending on growth versus the returns. That push and pull remains very much intact.
Nu plans to publish its fourth-quarter results and host a conference call on Feb. 25, offering investors an updated look at customer engagement, credit quality, and growth momentum. 3
