Nubank (NYSE: NU) went through a period of explosive growth: the company’s interest-earning loan portfolio more than doubled and gross revenue more than tripled on a trailing twelve months basis. However, delinquencies are rising, Nubank is tightening its underwriting standards, and the Central Bank of Brazil might be done raising rates. Thus, expect the next twelve months to be more challenging, as the company will need to find new levers of growth.