Nu Holdings Ltd - Ordinary Shares Class A

Strong Customer Growth: NU Holdings added 4.3 million customers in Q1 2025, reaching a total of 119 million across its markets, with a primary focus in Brazil (105 million) and new growth in Colombia (3 million). This trend indicates significant market penetration potential, especially in Brazil, where only 60% of the adult population is a customer and less than 5% gross profit market share.

Opportunities in Mexico and Colombia: Mexico, being underpenetrated, presents a massive opportunity for NU Holdings. It has seen a 70% customer growth in the past four quarters, with deposits doubling beyond $5 billion. The newly acquired banking license in Mexico will enable accelerated growth and product expansion, essential for capturing further market share.

Credit Portfolio and Growth Dynamics: The company's credit portfolio grew 40% YOY to $24.1 billion. While credit card growth was historically soft due to seasonal factors, secured lending is rapidly increasing, with a 300% year-over-year growth in balances. The expectation is to continue seeing strong momentum in various loan products, including public and private payroll loans, despite short-term disruptions.