Leading AI @ $NU, Previously founder @ Hyperplane
San Francisco
Joined July 2011
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- Following223
- Followers290
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Rohan Ramanath retweeted
1. Lowest cost to serve = more value for customers.
2. Best AI-powered underwriting = more financial freedom.
3. Founder-led, mission-driven = products customers love fanatically.
This recipe knows no borders. Already in all 50 States and every European Country
Boom! Phenomenal Q3'26 results at Nubank last night:
The big picture:
Gross Revenue: $6.3 billion, up 37% YoY FXN.
Net Income: $1.1 billion, up 31% YoY FXN.
Profitability: ROE reached 32%.
Engagement and activity rates: ARPAC reached ~$18, with the monthly activity rate expanding to 83.6%, and reaching a new record of 86.3% in Brazil.
Total Customers: 143M globally (~3.7M net additions in the quarter).
Core markets milestones in Q3'26:
Brazil: Nearly 120MM customers, 65% of the adult population.
Mexico: 16.6MM customers, 17% of the adult population.
Colombia: 6.1M customers, 15% of the adult population.
Global expansion- It's the 1st second of the 1st half
Nu US reached customers in all 50 states of the United States!
Nu Global has customers in 37 countries!!!
Super proud of all the work of our team, and incredibly optimistic about the brilliant future we have ahead
nu.com/en/newsroom/company/n…
Nov 18: I’m joining @OpenAI to share what we’ve learned reorganizing @nubank around AI.
We’ve been rethinking how AI shows up for our customers and our teams. Here’s what I’ll get into:
→ Customer experience: where AI is changing how people interact with their bank
→ Daily work: how our teams use it day to day, and what changed in how they work
→ Adoption: what it actually takes to get people to use it, beyond the rollout
→ Value: how we think about it and how we measure it
What’s worked, what hasn’t, and what we’d do differently.
Wed 11/18 | 10am PST
Register here: webinar.openai.com/banking-o…
Building an agent isn’t one-and-done.
Before it can solve anything, you need two things: a clear definition of “good” and a clear definition of “done.”
Our paper takes one step in that direction and was just accepted to AAAI 2027 🎉
Rohan Ramanath retweeted
Drive to Survive will now be a ten-part series entirely on the Mexico City Grand Prix weekend
This week in New York, I joined the AI Symposium hosted by @Evident_HQ on a panel about how companies can harness AI agents. We talked about what a harness really is, why agents earn autonomy through verification rather than by running longer on their own, and how human experts become the training signal as agents scale. Thank you @AlexandraMousav for the invitation, and to everyone in the room for the insightful conversation. In banking, trust is built in the system around the model, and it was great to see so many peers working on the same problem.
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Rohan Ramanath retweeted
I study both companies closely.
They're not far apart in AI talent.
Nubank has the most scaled, dedicated foundation model for lending in the world.
Ramp has much more of a story around product velocity and AI first services like router or glass
Ramp is valued at $60B at ~30x rev.
Nubank is valued at $60B at ~2.5x rev.
They are VERY different businesses. And this is not a knock on Ramp.
Ramp is an AI winner / enterprise fintech AI neolab, with myriad innovations and advantages vs incumbents like AMEX / Brex / etc. They are just executing and taking share and winning.
Nubank is (perceived as) AI neutral by the market, with credit cycle / EM risk overshadowing AI tailwinds.
What if Nubank is Ramp for consumer finance, a neolab in its own right?
"Advances in artificial intelligence and Nubank's low-cost operating model could enable a dramatic expansion beyond Latin America... [I envision] a global financial institution serving as many as 1 billion customers across 100 countries, operating with just 5,000 employees." - @velez_david
colossus.com/episode/david-v…
Rohan Ramanath retweeted
All good points!
They should team up. Somewhere in here is the perfect fintech company.
Rohan Ramanath retweeted
Our AI found a bug that let anyone mint infinite XRP, with $94B at risk. It had been hiding in one of the most audited codebases in crypto for nearly a decade, and earned us the maximum $250K bounty.
Here's how it went unnoticed, and how we found it.
Rohan Ramanath retweeted
More than 95% of banking around the world still runs through the same expensive branches. Customers pay for that infrastructure whether they use it or not.
We built Nu because that math never made sense to us. We were told it was impossible in Brazil. Then in Mexico. Then in Colombia. Now, more than 140 million people in these three countries trust us with their financial lives.
So the next step became obvious: keep expanding the model beyond our core markets.
Today, we are launching Nu in the United States through a partner bank model, with a full suite of financial products for everyday banking. And, for people whose lives already cross borders, we are also introducing Nu Global, a multi-currency digital account allowing fee-free, fast money movement across more than 35 countries.
There are certainly still those who think this is impossible. That disbelief has always been our best fuel.
Every time we entered a new market, the incumbents had more capital, more branches, more history. Every time, we brought our culture: people who choose the harder problem on purpose, teams that act like owners, and an obsession with fighting complexity and making customers love us fanatically.
The US market is the largest and most competitive financial market in the world. But despite the number of players, many customers still face complexity, high costs, and fragmented financial lives. Our answer is the one we have been executing in Latin America for thirteen years: no branches, technology built from the ground up, a low cost to serve — and that efficiency returned to customers as better yields, no fees, and service they don't have to fight for.
We have believed since day one that consumer-obsessed digital banking is the future of retail banking. That was never a Brazilian thesis, or a Latin American one. It is a global one.
Our launch of Nu US and Nu Global are where we start proving it: we are no longer building the largest digital bank in Latin America; we are building a global one.
And we are still in the first minute of the first half.
nu.com/en/newsroom/company/n…
Rohan Ramanath retweeted
Nubank $NU Q2 2026 earnings call: “About a year ago, we introduced nuFormer, our foundation model for financial behavior. Since then, we have focused on one objective, building a single AI platform that powers business and customer decisions across Nubank.
We first deployed nuFormer in our flagship credit portfolio in Brazil. Through 2025, we replicated the model in Mexico. During the first half of this year, we extended it to unsecured lending in Brazil and to the next generation of our core credit models. We are now testing it in credit cards for SMEs and for our Colombian customers.
Underwriting is only one application. Today, AI agents handle more than 60% of customer support conversation in Brazil, with customer ratings at or above human parity.
Beyond underwriting and customer support, we are using artificial intelligence to optimize decisions across credit, deposits, and growth.
It allows us to recommend the products that maximize long-term customer value, personalize the app experience, and move toward our vision of an AI private banker.”
Rohan Ramanath retweeted
Good lord. Nubank just reported a 19.5% efficiency ratio at 139 million customers and is now a Rule of 80 company! (nearly 90)
I’ve worked around banks for most of my career. I think @Nubank is one of the best-run companies on Earth, and its Q2 results made that conviction stronger.
- Gross revenue reached $5.9bn, up 39% year on year on an FX-neutral basis.
- Net income crossed $1bn for the first time, up 49%
- ROE reached 33%.
- Nu added 4m customers to 138m in total. ONE HUNDRED AND THIRTY EIGHT
Software investors add growth to margin and call 40 elite. Nubank clears 80. In BANKING, where 15% ROE wins you a bonus.
And this is a company growing into new markets and expanding.
Four years ago Nubank had 65M customers, earned $8 per active customer a month, and lost money.
Today: 139M customers. $17 per customer. Quarterly revenue went from $1.2bn to $5.9bn. The efficiency ratio fell from 50% to 20%.
Mexico is speedrunning this. They're now they larged digital bank there with 16m customers. Nu says 35% had no bank account before joining, 52% had no credit card and 78% live outside major cities. They already generate $12.30 of monthly revenue per active customer, versus $5.60 for Brazil at the same stage.
And this is the compounding engine of more data - better underwriting - more markets.
- More customers create more first-party financial data.
- Better data improves underwriting and personalization, supporting more credit and more products per customer.
- Revenue per customer rises while platform costs spread across a larger base. Nu can then reinvest the profit into the next market.
Now add AI to that loop.
NuFormer is a transformer trained on more than a decade of first-party transaction history. It already makes credit-card decisions in Brazil and Mexico and unsecured-loan decisions in Brazil.
Nu says the model reduced predicted risk by 70% for an equivalent population, distinguishing between customers who look identical to a traditional bureau but behave differently in Nu’s own data.
(Credit risk remains, with 90+ day NPLs rising to 6.9% in Q2, but that's Nubank's broader window)
Now place that operating model beside the US. Nu has preliminary conditional OCC approval for a national bank. FDIC, Federal Reserve and final OCC approvals remain, with no firm launch date yet.
Large US banks can reasonably argue that Brazil and Mexico won’t translate cleanly. The regulation, payment rails, credit files and customer expectations are different.
Six years ago, Nu Mexico was a new credit card. Today it is a 16m-customer bank at break-even. Six years is inside every large bank’s strategic planning horizon.
What are you doing now?
Two slides from $NU Q2'26 earnings that I've waited two years to see.
AI at Nubank was never a feature. It's the next structural layer of the business. Congratulations to everyone who put AI at the core of the Nubank growth flywheel.
No Slack thread does what a shared whiteboard does. Back together in @nubank's new spaces, and the unplanned ideas are already flowing. Ambition compounds in person.
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Rohan Ramanath retweeted
Just released our “Data Nubank” report. The numbers on Brazil:
→ 115M customers — 60%+ of the population, the largest privately-owned financial institution in the country
→ 30% of Brazil uses us as their Primary Bank Account — the only fintech in the world to become #1 in a country
→ In 100% of Brazil’s 5,571 municipalities, including the 49% with no physical branches
→ 31.5M people entered the financial system for the first time via Nubank
→ R$134.7B saved for customers in fees
→ ~6M businesses, the largest CNPJ base in Brazil
13 years in, and it’s still Day 1.
international.nubank.com.br/…
Rohan Ramanath retweeted
The AI transition is coming - here's how I'm responding.
With warnings of mass job displacement due to AI, I've been deeply concerned about the future workforce our children’s generation will enter. As this transition looms, we must devote more attention, experimentation, and commitment to supporting the human side of this equation.
That’s why we started @Go_JulyAI in late 2024: Reinventing economic opportunity for humans in the AI era. We are lucky to have begun our journey with trusted investors and advisors including @BasisSet, @Liquid2V, @SVAngel, @capital_olive, Night Capital, and Applied Intuition CEO @Qasar just to name a few.
I’ve shared more about how we will accomplish our mission at July AI here: substack.com/inbox/post/1706…. I would love to hear your thoughts.
Rohan Ramanath retweeted
It is actually *easier* to work out every day than to work out 3x/week
Rohan Ramanath retweeted
India makes it to finals. Have a look. #OlympicGames
Readers added context they thought people might want to know
Paris Olympics' athletics events are not yet satrted. The video posted is quite old.
Reference: x.com/TheKhelIndia/s…
Rohan Ramanath retweeted
7 months after raising a $6M seed round, AI startup Hyperplane was acquired by Nubank for an undisclosed sum.
Nubank is usually 12 steps ahead of everyone, so it's worth trying to understand exactly what they do and why it's valuable to Nubank.
Here's what you need to know 👇
- Hyperplane builds foundation models, similar to those built by OpenAI and Anthropic. The difference is that Hyperplane’s models are built on the much smaller first-party datasets of individual banks, rather than datasets scraped from the entire internet.
- The reason for this approach is that Hyperplane isn’t interested in generative AI for its content generation capabilities (which require massive multimodal datasets). It’s interested in generative AI for its ability to efficiently find predictive patterns within unstructured datasets.
- The genius of Hyperplane confining themselves to the unstructured datasets of individual banks is that it sidesteps almost all of the big regulatory and risk management concerns with generative AI in financial services. You’re only using your own data for training, so no need to defend to regulators why you’re using data from random subreddits to power your wealth advisor chatbot. And the outputs of Hyperplane’s foundation models are predictive insights and attributes, which can be used to build standard ML models and decisioning rulesets. This completely eliminates the risk of hallucination and makes model governance and explainability much easier.
To be honest, I’m a bit surprised that Hyperplane agreed to the acquisition. The terms of the deal were not disclosed, so it’s hard to judge from the outside.
What I can say is that every big bank in the world is going to want a Hyperplane at some point.
Nubank just got theirs and made it harder for their competitors to follow suit.
Smart.