Currency ImpactResults were negatively impacted by a 13% devaluation of the BRL in the quarter, which distorted growth figures.
Market Share SaturationSome believe NU has already maxed out its credit market share, especially in credit cards and unsecured loans, and lacks a clear edge in high-income segments or the increasingly crowded payroll loan space.
PIX Financing ConcernsConcerns persist around the drag from PIX financing and potential cannibalization from lower-yielding private payroll loans.