Nu Holdings Keeps Adding Customers at a Blistering Pace. Is the Fintech Still a Bargain?

Nu Holdings, Latin America's largest digital-only bank, continues rapid customer growth (54M to 135M from 2021-Q1 2026) with improving metrics, but its stock has declined 25% this year and trades at just 12x forward earnings. Despite impressive 75% revenue CAGR and expected 31-35% future growth, valuation compression stems from expansion risks in Mexico and Colombia, currency headwinds from a strong dollar, and the market undervaluing it as a growth play rather than a conventional bank.