SAO PAULO, April 1, 2026, 10:43 BRT
- Nu on Wednesday added former Amazon and Apple exec Diego Piacentini to its board, the company said.
- Nubank is pushing for U.S. bank approvals, pitching 2026 to investors as the turning point for ramped-up expansion.
- Rising competition is on management’s radar, with leaders warning that ramped-up expansion spending may squeeze near-term costs.
Nu Holdings Ltd on Wednesday named Diego Piacentini—a former Amazon executive—to its board, as the Brazilian fintech eyes expansion beyond Latin America. According to the company, Piacentini previously held top posts at Apple and went on to help lead Italy’s government digital transformation.
Timing is key here. Nu, which owns Nubank, moved forward on its U.S. national bank plans after snagging conditional approval from the Office of the Comptroller of the Currency back in January. Still, it needs to satisfy OCC requirements and get the green light from both the Federal Reserve and the FDIC. Then in March, the company said it was putting money behind brand-building in tough markets like the United States.
Nu closed out 2025 with 131 million customers spanning Brazil, Mexico, and Colombia. Net income for the fourth quarter jumped 50% from the previous year to $894.8 million, with revenue climbing 45% to $4.86 billion. In Brazil, the company claims it now leads all private financial institutions by customer count. On a call with investors, management described 2026 as a pivotal year: reusable infrastructure, broader AI tools, and U.S. groundwork are in focus, but they stressed Brazil and Mexico remain the main priorities.
David Vélez, the founder and chief executive, described Piacentini’s track record as “exceptional.” Vélez pointed to Piacentini’s background in retail, technology, and public policy as key assets for Nu, saying this blend would help the company “strengthen the foundations” for its push abroad. Nu International
Piacentini logged 16 years as Amazon’s senior vice president of International Consumer Business, running the company’s operations not just across Europe but also Asia and emerging markets. His earlier work included leading segments of Apple’s European division. Later, he was Italy’s special commissioner for the Digital Agenda and founded the venture firm View Different. The company says he currently serves on the boards of The Economist Group, DoorDash, and Voi Technologies.
Piacentini called Nubank’s creation of a “global-scale” financial platform proof that customer-focused banking can work. He described the company’s push for financial inclusion in Latin America as nothing short of “remarkable.” Nu International
Nu’s moving into a crowded space. Just last week, MercadoLibre announced plans to pour 57 billion reais ($10.9 billion) into Brazil this year, with part of that going to boost lending at its fintech unit, Mercado Pago. Back in February, Chime pointed to 2026 revenue coming in higher than expected, while Revolut has called the U.S. market essential for its efforts to secure a bank license.
Nu’s big draw is its reach, but cost looms as the tradeoff. Back in February, the company warned that investments in shared infrastructure and its U.S. expansion could push up the efficiency ratio—expenses as a share of revenue—at least for now. After the fourth quarter, Reuters noted that JPMorgan linked the earnings surprise to a lower tax rate, while Citi flagged expense and loan-loss pressures weighing on what was otherwise a solid three months.
Nu isn’t shifting focus: Brazil and Mexico are still its main markets, even as the company pushes ahead on U.S. regulatory approvals and wraps up plans to launch a bank in Mexico by 2026. With Piacentini joining, the board adds a tech veteran well-versed in expanding consumer businesses around the globe.
