Currency DevaluationThe currencies of Brazil and Mexico have posted material devaluations YTD (17% and 9%, respectively), which could pressure Nu's earnings (reported in USD).
Loan RiskNu's loan mix has become riskier than the Brazilian financial system's, even adjusted by the mix.
Market Cap LimitationNu's market cap per client has reached US$ ~570, which is considered limiting for a material additional re-rating, considering the average annual income of Brazilians and Mexicans, at about US$5,000-6,000.