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Mexico and Colombia Already Accumulate Billions in Deposits and Have Become a Shield for Nubank, Reducing Exposure to Brazil. Even with 90+ at 6.6% in Brazil, Geographic Diversification Keeps ROE High and Softens Credit Volatility.
Nubank entered the second half with a clear message, expansion outside Brazil is not a showcase, it is cycle protection. The digital bank reported net income 42% higher in the second quarter, with revenue of US$ 3.7 billion and nearly 123 million customers, while adjusting its credit model and deepening its relationship with its customer base. The key point for investors and customers is how Mexico and Colombia are helping to dilute the “Brazil Risk” without sacrificing profitability.
In the same period, the company registered a decrease in delinquencies of 15 to 90 days and a slight increase in delinquencies over 90 days, a dynamic attributed to seasonality.
This makes the strategy of selectively expanding limits and using local funding in international markets even more relevant, with a direct effect on the cost of capital and credit quality.
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Why Mexico and Colombia Have Become Shields Now
The domestic environment is more demanding. 90+ day delinquency in Brazil stood at 6.6%, while early default dropped to 4.4%. At the same time, the ceiling on revolving credit came to limit interest to 100% of the principal, which tends to compress part of the margins on credit cards. Against this backdrop, growing with deposits and credit outside the country reduces consolidated volatility.
The management perspective is straightforward, geographic diversification helps to soften the cycle when one market declines, without stalling origination where there is space and quality. The advancement of local currency funding in Andean markets and Mexico helps balance NIM and the level of provisions, keeping ROE at a high level.
The summary is simple and relevant, the more Nubank banks Mexico and Colombia, the less dependent it becomes on the mood of credit in Brazil. For investors, this translates to lower risk beta; for customers, in more competitive products, as local deposits lower fundraising costs.
Mexico: Banking License Closer and Deposits on the Rise
In Mexico, the bank surpassed 12 million customers and reached US$ 6.7 billion in deposits. This progress comes in the wake of regulatory approval to proceed with the banking license process with the CNBV, a step that precedes final authorization after an audit. Becoming a bank opens up space for a complete portfolio, from accounts and credit to salary services.
In addition to scale, there is quality of funding. Local deposits on the rise reduce dependence on fundraising in Brazil and sustain spreads even amid intense competition. The credit card in Mexico is already a case of significant traction, serving as an entry point for cross-sell with Cuenta Nu.
The competitive angle is favorable, as the market is still underpenetrated in digital banking services, incumbents are adapting their offerings, and consumers are responding to simple UX and low fees. For Mexican customers, this tends to mean more attractive accounts and clearer eligibility for credit.
Colombia: Base Grows and “Cuenta Nu” Opens Doors
In Colombia, Nubank reached 3.4 million customers and US$ 2.1 billion in deposits, with an increase of 841% in constant currency year-over-year. The progress is not just about volume: Cuenta Nu acts as an entry funnel for credit cards and, gradually, personal and other lines.
This trajectory creates a local liquidity cushion and reduces the need to transfer resources from Brazil, which mitigates balance sheet risk during stressful times. The logic is the same as in Mexico, raising cheap funds to lend with discipline, preserving the return per customer.
The practical effect is more options for digital financial services with a simplified experience. For investors, it is a signal of regional scale that begins to weigh on the consolidated results and dilutes risk concentration.
What to Watch Until December
First, the outcome of the license in Mexico. Approval to progress in the process has already occurred, and the operational audit stage is the next milestone. A sign of execution will be the rollout of banking offers and the evolution of fundraising costs.
Second, three operational metrics in international geographies: growth in customers, trajectory of deposits, and active cards. If they remain strong, Nubank should keep ROE close to 28% even with adjustments in Brazil.
Third, credit quality. It is worth observing whether 15–90 continues to decline and whether 90+ stabilizes, validating the thesis of seasonality. With the ceiling on revolving credit already in effect, the mix and pricing become even more strategic. For the reader, this translates into more selective offers, but with better cost-benefit products.
Claro, asiático não de dinheiro, vai vendo.
Só esperando a bandeira Chinesa de cartão de crédito chegar para enterrar essas que só exploraram os clientes até agora!