Growth DecelerationWhile growth is expected to remain above industry levels, it is anticipated to decelerate, though current valuation reflects this risk.
Investment Platform ChallengesThe investments business has lagged expectations, and Nubank's platform is still not meeting the needs of its high-income user base.
Market Share ConcernsSome 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.