By Brazil Stock Guide – Nu Holdings (NYSE: NU) has appointed Rob Livingston, a former Visa and Capital One executive, as its new global Chief Financial Officer, a move that comes as Latin America’s largest digital banking platform faces a more complicated version of success.
Livingston will take over on July 13, replacing Guilherme Lago, who is stepping down after five years as CFO and seven years at the company. Lago will remain through August 31 to support the transition and will then become a Special Advisor to Nu’s management team and to its Audit and Risk Committee, advising on corporate development and other strategic matters.
On the surface, the succession looks orderly. Lago is not leaving abruptly, the company has named an experienced successor, and Nubank continues to deliver the kind of numbers most banks would envy. But the timing is important. Nubank is no longer being judged only as a fast-growing fintech. It is increasingly being judged as a large financial institution with a fast-growing credit book.
A Tougher Phase
Nubank reported a 41% increase in first-quarter profit, with net income of $ 871 million and revenue above $ 5 billion for the first time. Return on equity reached 29%, while the company ended March with more than 135 million customers across Brazil, Mexico and Colombia.
Those figures reinforce the strength of the model. Nubank continues to acquire customers at scale, monetize them more effectively and expand beyond Brazil. Mexico, in particular, reached break-even in the quarter, giving investors an early sign that the company may be able to replicate part of its Brazilian success in a second major market.
Yet the credit story is becoming harder to ignore. Nubank’s credit portfolio rose 40% from a year earlier to $37.2 billion, driven by credit cards, unsecured loans and secured lending. Provisions for credit losses reached $1.79 billion, reflecting seasonality, growth and a changing product mix.
The most sensitive number was early-stage delinquency. Loans overdue between 15 and 90 days rose to 5.0% in the first quarter, from 4.1% in the fourth quarter. Nubank said the move was broadly consistent with the usual first-quarter seasonal pattern and also reflected intentional expansion into higher-risk segments.
Credit Discipline
The challenge for Nubank is not whether it can grow. That question has largely been answered. The harder question is whether it can keep growing while preserving credit discipline, profitability and investor confidence through a full cycle.
The 90-plus-day delinquency ratio improved slightly to 6.5%, offering some relief. But risk-adjusted net interest margin fell to 9.5%, from 10.5% in the previous quarter. That shows credit growth is no longer just a driver of upside. It is also becoming the main test of the investment case.
This is why Livingston’s background matters. At Visa, he worked across corporate finance, investor relations, Europe, North America and international markets. At Capital One, he spent 18 years in a business deeply exposed to consumer credit, marketing, risk and capital allocation. That combination is relevant for Nubank’s next phase: the company needs someone who understands both global financial infrastructure and the realities of lending to millions of consumers.
For a younger fintech, the CFO’s job is often about funding expansion and telling a growth story. For Nubank now, the role is more demanding. It requires capital planning, liquidity management, risk communication, regulatory credibility and a sharper explanation of how growth translates into durable returns.
Orderly Transition
David Vélez, Nubank’s founder and chief executive, said Lago helped lead the finance organization through the company’s rise into Latin America’s leading digital bank. He said the succession was shaped together and that Nubank’s priorities remain unchanged: growth in core markets, reshaping the company around artificial intelligence and disciplined international expansion.
Nubank wants the CFO change to be read as continuity, not concern. Lago joined in 2019, when the company had about 20 million customers and operated only in Brazil. He leaves the CFO role with Nu serving more than 135 million customers in three countries and operating at a level of scale few digital banks have achieved.
The advisory role also helps reduce the risk of institutional memory leaving too quickly. That matters in a company where capital, credit models, investor communication and regulatory relationships are becoming more complex.
Brazil At The Center
Nubank also said it will create a dedicated CFO role for Brazil, completing a global and local finance structure already in place in Mexico and Colombia. The appointment will be announced later.
The decision is sensible. Brazil remains Nubank’s core market and the main source of its scale, revenue and credit exposure. A local CFO can focus on the operational and regulatory demands of the country, while the global CFO manages capital allocation, investor relations and strategic priorities across the group.
It is also a sign of maturity. Nubank is moving from a simpler fintech structure into something closer to a multinational banking organization. That brings advantages, but also fewer excuses. Complexity requires stronger internal controls, clearer accountability and more disciplined execution.
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