Nu Holdings Ltd (NU.N): Meeting with New CFO: Scaling the platform, preserving the playbook

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06 Aug 2026 13:45:53 ET │ 10 pages

Nu Holdings Ltd (NU.N)

Meeting with New CFO: Scaling the platform, preserving the playbook

CITI'S TAKE

We joined Nubank's Roundtable with its newly appointed Global CFO, Rob

Livingston and analysts. We view both the leadership transition and the

messaging as consistent with Nubank’s objective of building a global

platform at scale, which has been widely communicated too by David

Vélez, the bank's CEO. Livingston emphasized a multi-year effort to

create a unified platform across geographies, with existing businesses

increasingly converging onto a common infrastructure over the next three

years, while maintaining the company’s historical focus on speed and

execution. Discussions circled between the opportunity in the United

States, technology, and Nubank's market-specific expertise.

Neutral

Price (05 Aug 26 16:00)

US$14.48

Target price

US$14.50

Expected share price return

0.1%

Expected dividend yield

0.0%

Expected total return

0.1%

Market Cap

US$69,945M

Gustavo SchrodenAC

• On the U.S. opportunity, management reiterated that the market remains

attractive given its high-margin, high-cost structure, drawing parallels with

Brazil’s banking industry in 2013. Rather than targeting only underserved or

Latino segments, Nu intends to pursue a broader value proposition aimed

at establishing the brand as aspirational, with product-market fit,

customer acquisition economics, and disciplined execution serving as key

milestones.

Brian Flores, CFA

Arnon Shirazi, CFA

• The discussion also reinforced Nu’s confidence in its technology and AI

capabilities. Management sees the company as well positioned in the

intersection of financial services and AI, particularly in core banking and

credit processes, where recent enhancements have improved underwriting,

speed, and risk management outcomes. The CFO highlighted strong

governance, disciplined capital allocation, and a focus on long-term value

creation, while acknowledging the importance of balancing near-term

disclosures with investor understanding of Nu’s longer-term vision.

• Finally, the executive highlighted the need for greater market-specific

…