Nu Drops as BofA Calls Sell on Nubank CFO Change

Nu Holdings Ltd, which owns Nubank, could be staring down fresh competition in Brazil: TikTok is seeking approval from the central bank to roll out payments and credit services. According to two sources familiar with the matter, ByteDance’s social media giant has filed for licenses that would allow it to operate prepaid accounts and extend its own credit—eyeing a market where Nubank has already made app-driven banking mainstream.