NuHeadlines: Q1'26 Financial Results, 13th anniversary, credit strategy, new CPO, and more
Nubank - NuHeadlines
#47 — May 20, 2026
Hello,

Nu surpassed US$ 5 billion in revenues in Q1'26, with 135 million customers and 83% activity rate. The operation in Mexico reached break-even, while Brazil approaches 100 million active customers.

In this issue, you'll read more about another quarter of record-breaking financial results, and also:

  • Nubank is celebrating its 13th anniversary as one of the most influential companies in finance in the world, and the largest private financial institution in Brazil in number of customers
  • The company has also become the largest financial institution in Brazil by the number of business accounts, reaching 6 million
  • Carl Rivera is Nu's new Chief Product Officer

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Q1'26 Financial Results
Q1'26 Financial Results
Nubank's Q1'26 financial results showcase the strength of the company's thesis, and the transformational impact of AI. Nu grew its credit book while maintaining strong resilience and welcomed 4 million customers, adding up to 135 million, at an 83% engagement rate.

Revenues surpassed US$ 5 billion for the first time and profitability hit another record, with net income of US$ 871 million in the quarter. Nu Mexico achieved break-even, highlighting the strength and scalability of the business model, based on a self-reinforcing flywheel of lower operating costs, high efficiency, superior products and services that attract more customers and further engage existing ones.

Results Highlights:

Operational and business:
  • Customers – 135 million
    • 4 million added in Q1'26
  • ARPAC – Around US$16 (23% increase YoY FXN)
  • Activity rate: 83%
  • Efficiency ratio: 17.6%
  • Consumer finance asset quality: 5.0% for 15-90 NPL ratio (increase consistent with first-quarter seasonal pattern) | 6.5% for 90+ NPL (10 bps drop QoQ)

Financial:
  • Revenues: US$5 billion (+42% YoY FXN)
  • Net Income: US$871 million (+41% YoY FXN)
  • Annualized ROE: 29%
  • Total credit portfolio: US$37.2 billion (+40% YoY FXN)
  • Total deposits: US$42.4 billion (+22% YoY FXN)
Deep-dive into Nu's credit strategy
🎥 In case you missed it, CFO Guilherme Lago hosted a Nu Videocast episode and invited Jeremy Selesner, General Manager of Global Credit Card Foundations, and Tyler Horn, Vice President of Credit Risk, to discuss how technology and better risk modeling enable Nu to responsibly expand credit access while maintaining the quality of the portfolio. Available on YouTube and Spotify.

Nubank confirmed its participation in Novo Desenrola Brasil, the federal government's debt renegotiation program designed to help millions reorganize their finances. Nu is also launching its own complementary campaign for customers who do not meet the federal program's criteria.
SME Expansion
Nu Empresas reached the milestone of 6 million SME customers. This achievement solidifies its position as the financial institution with the largest number of registered business accounts (CNPJs) in Brazil.

Nu expanded its SME portfolio with two new solutions: Receivables Anticipation (Antecipação de Recebíveis) and FGI-PEAC Working Capital, a credit line backed by BNDES's FGI-PEAC program.

Actor and entrepreneur Lázaro Ramos stars in a new marketing campaign that underscores Nubank's commitment to the SME segment.
Global Corporate Updates
Nu is celebrating 13 years since its founding. The company that started as a challenger purple credit card in Brazil, from a personal experience of founder David Vélez, is now the largest private financial institution in the country and one of the most valuable in Latin America. Looking ahead, Nu is investing in growing its presence in core markets and is getting ready to expand to new countries.

Carl Rivera joined Nubank as its new Chief Product Officer. The executive will report directly to David Vélez, and will work in close partnership with Ethan Eismann, CDO, and Eric Young, CTO, to deliver exceptional customer experiences at a global scale.
Nu in the news
Nubank presented another strong quarter, with revenues surpassing $5 billion for the first time and net income of $871 million. In Mexico, the company achieved break-even and became the 3rd-largest financial institution in the market, and the AI transformation is driving tangible outcomes.

Nigel Morris, co-founder of Capital One, wrote in Forbes about how Nu and other fintechs are entering the US market and having global impact.

David Vélez and his wife, Mariel Reyes, were named to the TIME100 Philanthropy list, the magazine's annual recognition of the world's most influential figures in philanthropy.

During an Instituto Milken event, Roberto Campos Neto detailed Brazil's financial inclusion growth, underscoring that around 38 of the 52 million newly banked entered the system through Nu.

Nubank Parque was chosen as the new name for Palmeiras' arena, with over 47% of the votes. Also, Live Nation announced a deal to pledge at least 150 concerts at the arena over the next ten years.

Armando Herrera, CEO of Nu Mexico, spoke about how the company is democratizing access to financial services in the country and its upcoming transition to a full bank.

Nu Colombia launched the initiative Error 501 to highlight the delay in the implementation of a local law (4X1000) that allows people to distribute their tax exemption across multiple accounts. Marcela Torres, GM of Nu Colombia, wrote an op-ed for La República to address how Nu has been acting on behalf of its customers in this battle.

Forbes Colombia featured Marcela Torres on the 100 Most Powerful Women of 2026 list, which recognizes women redefining power and inspiring new generations.

(Articles in this section may be subject to a paywall and available to subscribers only, depending on the news outlet.)
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