Nu Holdings Ltd. (NYSE:NU) is one of the 10 Most Promising Fintech Stocks to Buy Now.
On June 26, Needham initiated coverage on Nu Holdings Ltd. (NYSE:NU), giving the stock a Buy rating and setting the price target at $17
The research firm pointed out that the company operates as a neobank and a digital lending platform with a strong focus on Brazil. According to Needham, Nu Holdings Ltd. (NYSE:NU) is the world’s largest neobank, serving more than 135 million customers. It has a leading position in Brazil, where about 60% of the country’s adult population uses its platform.
The firm noted that Nu Holdings Ltd.’s (NYSE:NU) large and profitable customer base can support its growth in other Latin American markets, including Mexico and Colombia. Needham also pointed to the company’s strategic investment in Tyme, a large neobank operating in South Africa and the Philippines. Needham also said it expects Nu Holdings Ltd. (NYSE:NU) to begin operating in the United States within the next year through organic expansion.