NU · CIK 0001691493
What Nu Holdings Ltd. told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for NU. More may follow as additional filings are processed.
In its own words
What could break it.
Geographic concentration
- Brazil — core market with majority of operations; presidential elections October 2026 create policy uncertaintymedium
The majority of Nu Holdings' operations are in Brazil; upcoming presidential elections (October 2026) create uncertainty about future economic and regulatory policies, and the Brazilian economy is subject to inflation risk and restrictive monetary policy.
“As Brazil approaches presidential elections scheduled for October 2026, uncertainty regarding the outcome of the elections and future economic and regulatory policies may further increase volatility in the market price of securities issued by Brazilian companies, including our securities, which may adversely affect our business.”
Regulatory & policy
- Brazil multi-regulator fine exposure — BCB fines up to R$2B, LGPD fines up to 2% gross revenue, CVM fines up to R$50Mmedium
Nu Holdings faces major financial penalties under Brazilian law: BCB may impose fines up to R$2 billion (or 0.5% prior-year revenue), LGPD data protection violations carry fines up to 2% gross revenue (R$50M cap per violation), and CVM securities violations carry fines up to R$50M; violations can also trigger suspension from market activities for up to 20 years.
“Punitive Sanctions Violations of Brazilian payments, banking, or securities laws may lead to administrative, civil, and criminal liability. Key penalties under Law 13,506 include: fines by the BCB of up to R$2 billion (or 0.5% of the entity's prior-year revenue); CVM fines of up to R$50 million (or multiples of the irregular transaction value or economic gain); suspension or prohibition from market activities for up to 20 years; temporary bans on managerial positions; and coercive fines of up to R$100,000 per day.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“Significantly, certain third-party service providers, including Mastercard, are the sole source or one of a limited number of sources of the services they provide for us. It would be difficult and disruptive for us to replace some of our third-party vendors in a timely manner if they were unwilling or unable to provide us with these services in the future (as a result of their financial or business conditions or otherwise), and our business and operations likely would be materially adversely affected.”
Cited →
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