INTR vs NU: How Inter & Co and Nu Holdings Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: INTR is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. INTR and NU share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined INTR and NU exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Inter & Co runs a financial super app in Brazil that bundles a free digital checking account, credit cards, payroll and real-estate lending, investments, insurance, a marketplace (Inter Shop) and a global account that lets Brazilian clients hold and spend US dollars. The company reached ~45.3 million clients in the second quarter of 2026 with an activation rate above 58%, and a gross credit portfolio of about R$51.9 billion (~$10.0 billion), up roughly 29% year over year. Unlike a US neobank, Inter holds most of that credit on its own balance sheet and funds it with client deposits, which makes it a real bank with real net interest income rather than a fee-only fintech. It is incorporated in the Cayman Islands, headquartered in Belo Horizonte, and listed its Class A shares on Nasdaq in 2022 after redomiciling from the Brazilian exchange, with a parallel BDR listing in Brazil.

Full INTR guide

Nu Holdings is the parent of Nubank, a digital bank built entirely around a mobile app rather than branches. It earns money the way a bank does: net interest income from credit cards and personal loans, plus fees and interchange, increasingly funded by a large, low-cost deposit base. By March 2026 deposits had grown roughly 29% year over year to nearly $42 billion and the loan book had passed $30 billion, while the company kept its cost structure unusually lean, reporting an efficiency ratio under 18%. Growth comes from two levers stacked together: signing up new customers (over 135 million globally, with Brazil past ~115 million, Mexico past ~15 million, and Colombia approaching ~5 million) and raising how much each customer transacts and borrows over time.

Full NU guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• INTR drivers: Monetizing a client base that is already built; Credit mix shifting toward higher-yield lending.
• NU drivers: Customer growth still compounding; Monetizing the existing base.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is credit. For NU, the dominant risk is the consumer credit cycle.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick INTR if you believe its drivers more; NU if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the INTR and NU guides.

INTR. Banks are usually valued on price to book against return on equity, and INTR at roughly 1.2x book with a ~16% ROE prices in a business that is compounding equity faster than a mature bank but well short of its own 2027 ambition. For scale, Nubank has traded at several times book on a far higher ROE, while Brazilian incumbents like Itau sit closer to 1.5x to 2x, so Inter is priced between a legacy bank and a high-return fintech. The share price has been roughly flat around $5.50 despite the record quarter, which reflects the market weighing rising delinquency and Brazilian currency and rate risk against the earnings improvement.

NU. Figures are approximate and tied to the asOf date; verify live numbers before acting. NU trades at a premium to traditional banks on a P/E basis, which reflects its growth and high returns on equity rather than incumbent-bank multiples. The valuation already embeds continued customer growth and contained credit losses, so the figures matter most as a gauge of how much optimism is priced in.

Headline figures (approximate, August 2026): INTR shows total revenue (ttm) ~$1.9B, net income (q2 2026) ~$81M, a record, up ~34% year over year, return on equity ~16.3%, gross loan book ~$10.0B (~R$51.9B), up ~29% year over year; NU shows revenue (q1 2026 quarterly) ~$5.0 billion, a record single quarter, customers ~135 million+ across Brazil, Mexico, Colombia, net income (q1 2026) ~$871 million, a record first quarter, return on equity ~high-20s to ~30% (historical range).

INTR and NU are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined INTR and NU exposure against your real portfolio. It is not an investment adviser.