Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Management attributed the 3% year-over-year TPV growth to a gradual reacceleration trend, supported by a broader financial services platform that has evolved beyond a payment-led ecosystem.
The 31% year-over-year increase in the credit portfolio was primarily driven by the expansion of working capital and credit card offerings, which management views as central to their long-term monetization strategy. Banking engagement is deepening, evidenced by cash-in volumes reaching almost BRL 100 billion, a 23% year-over-year increase, which provides a low-cost funding foundation for credit growth. Management highlighted that 90% of total deposits are generated on-platform, reinforcing the strength of the digital ecosystem and providing nine consecutive quarters of funding cost reduction relative to the CDI.
Operational discipline and financial cost efficiency were cited as key factors in protecting profitability despite a challenging macro environment with interest rates remaining higher than initially expected. The company is leveraging AI-powered tools and product innovations, such as the Minizinha Voz terminal and PIX Finance, to increase client lifetime value and cross-sell opportunities. Management maintained their 2026 guidance but acknowledged that performance will likely reach the bottom of the gross profit range due to elevated Selic rate levels and macroeconomic uncertainty.
The credit strategy assumes continued rollout of new products like private payroll loans and PIX Finance, with July already showing a stronger run rate of approximately BRL 80 million in credit production. Capital allocation will prioritize dividends over share buybacks to provide a predictable return stream, targeting a Basel ratio between 18% and 22% over time. Future profitability is expected to benefit from easier year-over-year comparisons in financial costs during the second half of 2026, alongside ongoing operational leverage initiatives.
Management remains committed to their 2029 strategic ambition, viewing current macro cycles as temporary hurdles that do not fundamentally alter their long-term growth trajectory. The macroeconomic environment, specifically the persistence of high Selic rates, is identified as a primary headwind creating pressure on business performance and financial costs. NPL90 stood at 3.4%, which management emphasized is well below the Brazilian market average of 6.2%, reflecting a prudent risk profile despite the shift toward unsecured products.
The company completed a $200 million share buyback program in the first half of 2026, contributing to a 10% increase in diluted non-GAAP EPS through capital optimization. A new COO, Enrique Fragata, was appointed to strengthen focus on execution and operational excellence as the ecosystem continues to scale. Nvidia-level potential. 30M+ investors trust Moby to find it first.
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