Nubank Is Growing Like Crazy, But Investors Are Starting to Fear the Credit Bubble

Explosive customer growth and rising profits fuel the fintech story, but aggressive lending is becoming the key risk. March 04, 2026

Research: Illustration

Date: March 04, 2026

Estimated reading time: 6 minutes

Nubank delivered another explosive quarter, reinforcing its position as one of the world’s fastest-growing digital banks.

Customers surged. Revenue jumped. Profitability kept improving.

But investors are becoming increasingly focused on one thing.

Credit risk.

The key question: can N…