NEW YORK, March 24, 2026, 10:32 AM EDT
Nu Holdings slipped roughly 2.5% to $14.32 out of the gate in New York on Tuesday, trimming some of Monday’s 5.3% jump. Investors dug into Nubank’s fresh campaign in Brazil, where the digital lender is urging clients to move investment assets from competitors’ platforms into its own app.
Timing is key here. Since January, a regulatory shift by Brazil’s CVM made investment portability—transferring securities between institutions without needing to sell—much easier. B3 now runs this digitally for listed assets. For Nu, that opens the door: pulling in customer funds beyond just credit cards and lending.
B3 now places Nu among names like Itaú, XP, and BTG Pactual within its digital portability network. With its latest campaign, Nubank is stepping up efforts to carve out a bigger piece of the market that’s traditionally been the domain of established banks and brokerages.
Nubank is offering its Ultravioleta premium users 10,000 points or 300 reais in cashback for every 50,000 reais they transfer, capped at 6,000 reais. Nubank+ clients, by comparison, can get up to 1,800 reais. “Consolidate Nubank as our customers’ investment house”—that’s the goal, according to Patricia Whitaker, the company’s investment director. Nu International
Nu’s numbers came in hot for the fourth quarter: net income jumped 50% to $894.8 million, while revenue notched a 45% gain to $4.86 billion. The customer base hit 131 million across Brazil, Mexico and Colombia. Chief Financial Officer Guilherme Lago told Reuters it’s a combination of more customers, greater revenue per active user, and steady servicing costs: “This brings positive leverage to revenue.” Reuters
Nu is pushing into the U.S. as well. Back in January, the company got conditional approval from the Office of the Comptroller of the Currency to set up a national bank stateside. CEO David Velez told reporters that even with heavy competition, there are market segments where growth is still up for grabs.
UBS analyst Thiago Batista turned more bullish on Nu, bumping his rating to Buy on March 18 and nudging his price target up to $17.60 from $17.20, per UBS filings and research seen last week.
Still, risks linger. Following February results, Citi flagged that “cost of risk and operating expenses mud the picture”—with cost of risk referring to anticipated loan losses. JPMorgan noted the profit beat was helped in part by a lower tax rate. Lago pointed out that first-quarter delinquency usually edges higher due to “natural seasonality.” Reuters
Right now, the stock is wedged between two narratives—a bank pushing for rapid growth with a broader product lineup, and a market demanding firmer evidence that those efforts can outrun rising costs and credit risks. Tuesday’s selloff made it clear investors aren’t prepared to call a winner.
