Nu Holdings Ltd. (NU) announced an expanded integration of its artificial intelligence model, NuFormer, into its operations, focusing on underwriting and customer service. The model leverages over a decade of transaction history from more than 100 million customers across Brazil, Mexico, and Colombia. Notably, NU reported a 37% year-over-year increase in its credit portfolio, reaching $39.4 billion at the end of Q2 2026. Additionally, its risk-adjusted net interest margin improved to 12.4% from 9.5% in the previous quarter.
In Q2 2026, Nu Holdings achieved gross revenues of $5.9 billion, reflecting a 39% year-over-year growth, while net income hit $1.1 billion. The company now serves 139 million customers, illustrating the effectiveness of its AI investments in enhancing operational efficiency, with the efficiency ratio at 19.5% and average revenue per active customer at $17.
Amidst competitive pressure, Itau Unibanco (ITUB) is also utilizing AI technologies across its services, while MercadoLibre (MELI) has integrated AI into its financial offerings, reporting 88 million monthly active users in Q2 2026. NU’s stock has appreciated 29.4% in the last three months, and it currently trades at a forward price-to-earnings ratio of 14.38.
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