Nu Holdings (NU) Stock Rises as Nubank Bets $8.2 Billion on Brazil

TLDR

• Nubank will invest ~BRL 45 billion ($8.2 billion) in Brazil in 2026, nearly double the amount from two years ago.
• Investment targets AI development, new products, office expansion, and financial infrastructure.
• Brazil is Nubank’s core market with 113 million customers — over 60% of the adult population.
• Nu Holdings closed 2025 with record revenue of BRL 91 billion, up 45% on a currency-neutral basis.
• Nubank is pursuing a banking license in Brazil in 2026 and joined Febraban last month.

Nubank announced Monday it plans to invest approximately BRL 45 billion ($8.2 billion) in Brazil in 2026. That figure has nearly doubled over the past two years.

Nu Holdings Ltd., NU

The company said the money will go toward four main areas: AI-driven credit models, new financial products, office and team expansion, and strengthening its lending base.

Brazil is Nubank’s biggest market. It has 113 million customers there — more than 60% of the adult population.

The investment covers everything from reinvested profits and tech infrastructure to operating expenses and taxes paid in the country.

Nu Holdings wrapped up 2025 with total revenue of BRL 91 billion ($16.3 billion), a 45% increase on a currency-neutral basis. Net income hit BRL 16.2 billion ($2.9 billion), and return on equity came in at 33% — both record figures.

The credit portfolio grew 40% year-over-year to BRL 179.7 billion. Total deposits rose 29% to BRL 230.3 billion.

Monthly activity rate hit 86%, which Nubank called a record for engagement in Brazil’s financial sector.

Banking License Push

Nubank is working to secure a full banking license in Brazil this year. As part of that effort, it joined Febraban — the Brazilian Federation of Banks — last month.

Founder and group CEO David Vélez pointed to the broader economic effect. He said customers together saved around $28.1 billion in fees they would have paid to traditional banks.

Financial Inclusion Numbers

Around 37 million people across Latin America entered the formal financial system through Nubank. That breaks down to 31.5 million in Brazil, 4.7 million in Mexico, and nearly 1 million in Colombia.

Nubank also gave 28.4 million customers their first-ever credit card. In Brazil alone, that number is 18.4 million.

Forbes named Nubank the best bank in Brazil this month, based on a consumer survey. It also holds one of the lowest complaint rates in the sector, per the Central Bank of Brazil’s ranking.

Beyond Brazil, the company is eyeing growth in Mexico, where it serves 15 million people, and Colombia, which now has more than 4 million customers.

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