Is Nu Holdings' Mexico Business Finally Carrying Its Own Weight?

Nu Holdings (NYSE: NU) owns NuBank, the largest digital bank in Latin America. It served 139 million customers in the second quarter of 2026, representing 30% growth from a year earlier. As a digitally native bank, it expanded much faster than its brick-and-mortar peers.

Most of Nu's customers are located in Brazil, where it already serves more than half of the country's adult population. To gradually reduce its dependence on that maturing market, Nu is aggressively expanding in Mexico -- but that market has a higher ratio of non-performing loans. Nu is also ramping up its spending on additional products in Mexico -- including credit cards, bank deposits, loans, and other services -- to grow its revenue per active customer.

Image source: Getty Images.

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