We came across a bullish thesis on Nu Holdings Ltd. on Global Equity Briefing’s Substack by Ray Myers. In this article, we will summarize the bulls’ thesis on NU. Nu Holdings Ltd.’s share was trading at $17.04 as of January 12th. NU’s trailing and forward P/E were 33.03 and 21.23 respectively according to Yahoo Finance.
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Nu Holdings (Nu), Latin America’s leading digital bank, announced that it has filed for a U.S. national bank charter with the Office of the Comptroller of the Currency (OCC), marking a critical first step toward expanding operations across all 50 states. This move positions Nu to better serve existing customers and tap into underserved segments in the U.S., particularly low-income and Latin American communities.
While approval will take years, involving rigorous OCC scrutiny of management, financials, compliance, and operational readiness, Nu’s strong balance sheet, regulatory experience across three countries, and high-caliber leadership, including former OCC and central bank executives, make approval likely.
A U.S. banking charter would allow Nu to issue credit and debit cards, loans, and other financial products, though deposit-taking would require additional FDIC licensing, potentially via partnerships with FDIC-insured banks, a common fintech strategy. Nu’s expansion strategy mirrors its successful Latin American model: offering no-fee accounts, competitive credit cards, high deposit interest, loans, investment products, crypto services, and low-cost remittances. These offerings are expected to appeal to the estimated 5 million unbanked adults and tens of millions of low-income Americans, a total addressable market of roughly 60 million.
Leveraging cloud-based infrastructure, AI, and automation, Nu maintains a structural cost advantage over legacy U.S. banks, enabling scalable, low-cost operations. While significant regulatory, political, and operational hurdles remain, the U.S. market represents a multibillion-dollar opportunity, potentially replicating Nu’s Latin American growth trajectory. Although meaningful profits are years away, this filing underscores Nu’s long-term ambition to expand globally, extend financial inclusion, and establish itself as a dominant low-cost digital bank, setting the stage for transformative growth over the next decade.
Previously we covered a bullish thesis on Nu Holdings Ltd. (NU) by Ray Myers in May 2025, which highlighted the company’s strong revenue growth, expanding customer base, and profitable scale in Latin America. The stock has appreciated approximately 29.77% since then, reflecting continued execution. The thesis still stands as Nu grows regionally. Ray Myers shares a similar perspective but emphasizes Nu’s U.S. expansion via a national bank charter.
