AGI

Revenue drivers are predictable relative to unsecured consumer credit because payroll‑linked repayments reduce default volatility. The model benefits from recurring deposit flows (benefits/payroll inflows), repeat lending, and rising fee income, with 2Q26 revenue up 26 percent year over year and loan growth of 21 percent.

Offsetting that, policy resets to rate caps and consumer rules can quickly affect originations and spreads, and macro swings in Brazil and FX move reported USD results. The business is simpler to follow than universal banks but more policy‑exposed than global networks.