Nu is no longer just a “Brazilian digital bank.” In recent quarters it has looked more like a financial platform that can grow users fast, improve profit per customer, and expand beyond Brazil. That mix is why more investors compare Nu to higher-quality US fintech and bank models, where scale and profitability are rewarded with better valuations.

A major 2026 step is strategic, not overnight growth. Nu has announced conditional approval to form a US national bank. This does not mean a full US launch tomorrow, but it is an important signal. A national bank path can lead to cheaper funding, a broader product set, and a stronger reputation as a full-service bank. If Nu executes, it also increases competitive pressure on US banks, especially where pricing and user experience matter.

Top points of analysis

• The nearest catalyst is earnings day on February 25, 2026 and market expectations around earnings per share of approximately $0.18.

• In the last reported quarter, the company delivered record…