NU
Nu Holdings
Hybrid Fintech
★ Quality 69/100Price today
$15.37
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See what it is worthcharlieapp.co
Where does the value come from?
This business isn't one thing: its value is built by adding up parts, and each is valued differently.
the bank's balance sheet: worth what it earns on its capital.
the franchise off the balance sheet: customers, brand, and data that books don't show.
The bank earns 33% on its capital — that's why its part is worth more than its book value.
What this business is made of
The business
A branchless bank that costs $1 a month per customer.
Nu is Latin America's largest digital bank: 100M+ customers in Brazil, Mexico, and Colombia. It earns on interest margin from cards and personal loans, interchange, and cross-selling insurance and investments. ARPAC (average revenue per active customer) in Brazil ~$11/month, still a fraction of traditional banks.
Unbeatable cost structure: operates without branches at a cost per customer under $1/month. The brand and high NPS drive organic acquisition that Brazilian incumbents can't replicate without cannibalizing their physical network. Transactional data across 100M accounts feeds ever-sharper underwriting.
Revenue history
From $1.7B to $14.2B in 4 years — nearly 8.4x its size. Selling more and more is the base of everything else.
Where each $100 of sales goes
Revenue $15.8B · FY2025
Of every $100 in sales, $82 goes to costs and operations; $18 is left as net profit (18% margin).
Catalysts and risks
Mexico expansion: NuBank Mexico already tops 10M customers, with a banking license approved in 2024.
Brazil ARPAC scaling toward $25+ as cohorts mature (today ~$11).
Sustained 33% ROE allows reinvesting without dilution; book value grows >40% annually.
NPL 90+ at 6.6% — any Brazilian macro deterioration hits subprime consumption first.
Competition from Mercado Pago and incumbent banks waking up with decent apps.
Valuation prices in success in Mexico and eventual entry into the USA; imperfect execution hurts.
Charlie's note
“A well-run bank in a tough country trading as if it had already won Mexico. The business is real, the price assumes a lot.”
Analysis · May 2026
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