Nu Holdings Gets Conditional Approval To Launch Bank In US, Targets 2027 To Go Live

The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how personal loan stocks fared in Q3, starting with Sezzle .

Personal loan providers offer unsecured credit for various consumer needs. The sector benefits from digital application processes, increasing consumer comfort with online financial services, and opportunities in underserved credit segments. Headwinds include credit risk management in unsecured lending, regulatory oversight of lending practices, and intense competition affecting margins from both traditional and fintech lenders.

The 10 personal loan stocks we track reported a very strong Q3. As a group, revenues beat analysts’ consensus estimates by 5.3%.

Luckily, personal loan stocks have performed well with share prices up 11.2% on average since the latest earnings results.

Sezzle

Founded in 2016 as an alternative to traditional credit cards for younger shoppers, Sezzle provides a payment platform that allows consumers to split purchases into four interest-free installments over six weeks at participating retailers.

Sezzle reported revenues of $116.8 million, up 67% year on year. This print exceeded analysts’ expectations by 10.1%. Overall, it was an exceptional quarter for the company with a solid beat of analysts’ revenue estimates and an impressive beat of analysts’ EBITDA estimates.

Sezzle achieved the fastest revenue growth of the whole group. Unsurprisingly, the stock is up 3.3% since reporting and currently trades at $68.41.

Best Q3: Dave

Named after the biblical David fighting financial Goliaths, Dave is a digital financial services platform that helps Americans living paycheck to paycheck with cash advances, banking services, and tools to improve their financial health.

Dave reported revenues of $150.7 million, up 63% year on year, outperforming analysts’ expectations by 12.9%. The business had an incredible quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.

Dave achieved the biggest analyst estimates beat and highest full-year guidance raise among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 20% since reporting. It currently trades at $192.01.

Weakest Q3: Atlanticus Holdings

Using data analytics to serve the millions of Americans with less-than-perfect credit scores, Atlanticus Holdings provides technology and services that help lenders offer credit products to consumers often overlooked by traditional financing providers.

Atlanticus Holdings reported revenues of $419.8 million, up 36.1% year on year, exceeding analysts’ expectations by 0.5%. Still, it was a softer quarter as it posted a significant miss of analysts’ EPS estimates.

Interestingly, the stock is up 12.3% since the results and currently trades at $60.66.

Read our full analysis of Atlanticus Holdings’s results here.

FirstCash

Offering a financial lifeline to the unbanked and credit-constrained since 1988, FirstCash operates pawn stores across the U.S. and Latin America while also providing retail point-of-sale payment solutions for credit-constrained consumers.

FirstCash reported revenues of $935.6 million, up 11.7% year on year. This print beat analysts’ expectations by 9.3%. Overall, it was a stunning quarter as it also recorded a solid beat of analysts’ revenue estimates and an impressive beat of analysts’ EBITDA estimates.

The stock is up 16.1% since reporting and currently trades at $171.85.

Read our full, actionable report on FirstCash here, it’s free.

Nubank

With well over one hundred million customers across Brazil, Mexico, and Colombia through its viral member-get-member referral program, Nubank is a digital banking platform that offers financial services including spending, saving, investing, borrowing, and protection products to millions of customers across Latin America.

Nubank reported revenues of $4.17 billion, up 41.8% year on year. This number surpassed analysts’ expectations by 3.4%. It was a strong quarter as it also produced an impressive beat of analysts’ revenue estimates and EPS in line with analysts’ estimates.

The stock is up 14.9% since reporting and currently trades at $17.98.

Read our full, actionable report on Nubank here, it’s free.

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at personal loan stocks, starting with Affirm .

Personal loan providers offer unsecured credit for various consumer needs. The sector benefits from digital application processes, increasing consumer comfort with online financial services, and opportunities in underserved credit segments. Headwinds include credit risk management in unsecured lending, regulatory oversight of lending practices, and intense competition affecting margins from both traditional and fintech lenders.

The 10 personal loan stocks we track reported a very strong Q3. As a group, revenues beat analysts’ consensus estimates by 5.3%.

Luckily, personal loan stocks have performed well with share prices up 10% on average since the latest earnings results.

Affirm

Founded by PayPal co-founder Max Levchin with a mission to create honest financial products, Affirm provides a payment network that allows consumers to make purchases and pay for them over time with transparent, flexible installment loans.

Affirm reported revenues of $933.3 million, up 33.6% year on year. This print exceeded analysts’ expectations by 5.5%. Overall, it was a strong quarter for the company with an impressive beat of analysts’ EBITDA estimates and a solid beat of analysts’ revenue estimates.

Interestingly, the stock is up 10% since reporting and currently trades at $72.37.

We think Affirm is a good business, but is it a buy today? Read our full report here, it’s free.

Best Q3: Dave

Named after the biblical David fighting financial Goliaths, Dave is a digital financial services platform that helps Americans living paycheck to paycheck with cash advances, banking services, and tools to improve their financial health.

Dave reported revenues of $150.7 million, up 63% year on year, outperforming analysts’ expectations by 12.9%. The business had an incredible quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.

Dave delivered the biggest analyst estimates beat and highest full-year guidance raise among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 21.3% since reporting. It currently trades at $189.

Weakest Q3: Atlanticus Holdings

Using data analytics to serve the millions of Americans with less-than-perfect credit scores, Atlanticus Holdings provides technology and services that help lenders offer credit products to consumers often overlooked by traditional financing providers.

Atlanticus Holdings reported revenues of $419.8 million, up 36.1% year on year, exceeding analysts’ expectations by 0.5%. Still, it was a softer quarter as it posted a significant miss of analysts’ EPS estimates.

Interestingly, the stock is up 12.1% since the results and currently trades at $60.55.

Read our full analysis of Atlanticus Holdings’s results here.

Nubank

With well over one hundred million customers across Brazil, Mexico, and Colombia through its viral member-get-member referral program, Nubank is a digital banking platform that offers financial services including spending, saving, investing, borrowing, and protection products to millions of customers across Latin America.

Nubank reported revenues of $4.17 billion, up 41.8% year on year. This result beat analysts’ expectations by 3.4%. It was a strong quarter as it also produced an impressive beat of analysts’ revenue estimates and EPS in line with analysts’ estimates.

The stock is up 6.8% since reporting and currently trades at $16.71.

Read our full, actionable report on Nubank here, it’s free.

Sezzle

Founded in 2016 as an alternative to traditional credit cards for younger shoppers, Sezzle provides a payment platform that allows consumers to split purchases into four interest-free installments over six weeks at participating retailers.

Sezzle reported revenues of $116.8 million, up 67% year on year. This number surpassed analysts’ expectations by 10.1%. Overall, it was an exceptional quarter as it also recorded a solid beat of analysts’ revenue estimates and an impressive beat of analysts’ EBITDA estimates.

Sezzle scored the fastest revenue growth among its peers. The stock is up 11.7% since reporting and currently trades at $73.98.

Read our full, actionable report on Sezzle here, it’s free.

Check out the companies making headlines yesterday:

Nubank : Digital banking platform Nubank rose by 4.9% on Monday as it hit an all-time high amid positive analyst commentary and strong investor confidence. See our full article here.

Comfort Systems : HVAC and electrical contractor Comfort Systems rose by 3% on Monday after investor confidence grew as the company capitalized on the AI boom and increasing demand from data centers, supported by strong recent financial performance. See our full article here.

Upwork : Online work marketplace Upwork rose by 3.2% on Monday after Jefferies named the company one of its preferred small-cap stocks. See our full article here.

Teledyne : Digital imaging and instrumentation provider Teledyne rose by 2.2% on Monday after its subsidiary, Teledyne FLIR OEM, announced the launch of Tura, a new thermal camera designed for advanced driver-assistance systems (ADAS) and autonomous vehicles (AVs). See our full article here.

Is now the time to buy Teledyne? Access our full analysis report here.

What Happened?

Shares of digital banking platform Nubank jumped 4.9% in the afternoon session after the stock hit an all-time high amid positive analyst commentary and strong investor confidence. 

KeyBanc Capital Markets increased its price target to $19, and BofA Securities raised its target to $18, following the company's strong third-quarter results that surpassed expectations. Goldman Sachs also maintained a Buy rating with a $21 price target. This investor optimism was further supported by Nubank's announcement of its plans to obtain a banking license in Brazil. The move also came as the broader fintech sector saw positive developments, with industry leaders expecting 2026 to be a defining year for operationally mature companies.

What Is The Market Telling Us

Nubank’s shares are quite volatile and have had 16 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 18 days ago when the stock gained 1.9% on the news that it received positive analyst commentary and the launch of a new investment product. 

Goldman Sachs reiterated a Buy rating and maintained a $21 price target on the company's stock, calling it one of its “best ideas.” The firm's positive outlook was based on expected earnings growth in 2026–2027. Separately, Morgan Stanley highlighted Nubank's progress in artificial intelligence, better deposit pricing plans in Brazil and Mexico, and new business in the small and medium enterprise sector. Adding to the positive news, the company's Nu Asset division launched NLFA11, a new private credit exchange-traded fund (ETF). This move was part of its plan to offer new and clear investment options using technology.

Nubank is up 5.3% since the beginning of the year, and at $17.93 per share, has set a new 52-week high. Investors who bought $1,000 worth of Nubank’s shares at the IPO in December 2021 would now be looking at an investment worth $1,735.

What Happened?

Shares of digital banking platform Nubank jumped 1.9% in the morning session after it received positive analyst commentary and the launch of a new investment product. 

Goldman Sachs reiterated a Buy rating and maintained a $21 price target on the company's stock, calling it one of its “best ideas.” The firm's positive outlook was based on expected earnings growth in 2026–2027. Separately, Morgan Stanley highlighted Nubank's progress in artificial intelligence, better deposit pricing plans in Brazil and Mexico, and new business in the small and medium enterprise sector. 

Adding to the positive news, the company's Nu Asset division launched NLFA11, a new private credit exchange-traded fund (ETF). This move was part of its plan to offer new and clear investment options using technology.

After the initial pop the shares cooled down to $16.18, up 2% from previous close.

What Is The Market Telling Us

Nubank’s shares are quite volatile and have had 16 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 27 days ago when the stock gained 3.9% on the news that investors grew more optimistic about a potential Federal Reserve interest rate cut in December. 

The positive sentiment was fueled by comments from New York Fed President John Williams, a voting member of the rate-setting Federal Open Market Committee, who stated the central bank could cut rates "in the near term" without jeopardizing its inflation targets. Following his remarks, market expectations for a rate cut in December shifted significantly. 

According to the CME FedWatch Tool, the probability of a December rate reduction surged from a 37% chance earlier in the day to 70%. While lower rates can compress bank profit margins, investors often view them as a catalyst for broader economic activity, potentially boosting loan demand and reducing the risk of defaults.

Nubank is up 52.2% since the beginning of the year, and at $16.18 per share, it is trading close to its 52-week high of $17.65 from December 2025. Investors who bought $1,000 worth of Nubank’s shares at the IPO in December 2021 would now be looking at an investment worth $1,566.

Earnings results often indicate what direction a company will take in the months ahead. With Q3 behind us, let’s have a look at Nubank and its peers.

Personal loan providers offer unsecured credit for various consumer needs. The sector benefits from digital application processes, increasing consumer comfort with online financial services, and opportunities in underserved credit segments. Headwinds include credit risk management in unsecured lending, regulatory oversight of lending practices, and intense competition affecting margins from both traditional and fintech lenders.

The 9 personal loan stocks we track reported a very strong Q3. As a group, revenues beat analysts’ consensus estimates by 5.8%.

Thankfully, share prices of the companies have been resilient as they are up 9.1% on average since the latest earnings results.

Nubank

With nearly 94 million customers across Brazil, Mexico, and Colombia through its viral member-get-member referral program, Nubank is a digital banking platform that offers financial services including spending, saving, investing, borrowing, and protection products to millions of customers across Latin America.

Nubank reported revenues of $4.17 billion, up 41.8% year on year. This print exceeded analysts’ expectations by 3.4%. Overall, it was a strong quarter for the company with an impressive beat of analysts’ revenue estimates and EPS in line with analysts’ estimates.

Interestingly, the stock is up 3.6% since reporting and currently trades at $16.22.

Read why we think that Nubank is one of the best personal loan stocks, our full report is free.

Best Q3: Dave

Named after the biblical David fighting financial Goliaths, Dave is a digital financial services platform that helps Americans living paycheck to paycheck with cash advances, banking services, and tools to improve their financial health.

Dave reported revenues of $150.7 million, up 63% year on year, outperforming analysts’ expectations by 12.9%. The business had an incredible quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.

Dave delivered the biggest analyst estimates beat and highest full-year guidance raise among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 18.8% since reporting. It currently trades at $195.

Slowest Q3: Enova

Pioneering online lending since 2004 with a massive database of over 65 terabytes of customer behavior data, Enova International provides online financial services including installment loans and lines of credit to non-prime consumers and small businesses in the United States and Brazil.

Enova reported revenues of $802.7 million, up 16.3% year on year, in line with analysts’ expectations. Still, its results were good as it locked in an impressive beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates.

Enova delivered the weakest performance against analyst estimates in the group. Interestingly, the stock is up 39.6% since the results and currently trades at $159.12.

Read our full analysis of Enova’s results here.

FirstCash

Offering a financial lifeline to the unbanked and credit-constrained since 1988, FirstCash operates pawn stores across the U.S. and Latin America while also providing retail point-of-sale payment solutions for credit-constrained consumers.

FirstCash reported revenues of $935.6 million, up 11.7% year on year. This print surpassed analysts’ expectations by 9.3%. Overall, it was a stunning quarter as it also produced an impressive beat of analysts’ revenue estimates and a solid beat of analysts’ EBITDA estimates.

The stock is up 9.7% since reporting and currently trades at $162.44.

Read our full, actionable report on FirstCash here, it’s free for active Edge members.

LendingClub

Pioneering peer-to-peer lending in the US before evolving into a digital bank, LendingClub operates a marketplace that connects borrowers with lenders, offering personal loans, auto refinancing, and banking services.

LendingClub reported revenues of $266.2 million, up 31.9% year on year. This result beat analysts’ expectations by 3.9%. It was an exceptional quarter as it also recorded a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.

The stock is up 15% since reporting and currently trades at $19.

Read our full, actionable report on LendingClub here, it’s free for active Edge members.