Buffett-backed NuBank makes profit in Brazil

Texas News Today

The logo of Brazilian fintech startup NuBank is shot at the bank’s headquarters in Sao Paulo, Brazil on June 19, 2018. The picture was taken on June 19, 2018. Reuters / Paulo Whitaker / Files

13 October 2021

SAO PAULO (Reuters) – Latin American fintech NuBank turned a profit in its business in Brazil in early 2021 and attracted many customers to credit cards, according to a statement on its website.

As Nu Bank officially knows, Nu Pagamentos posted a net profit of R$76 million ($13.7 million) during the January to June period, when the first semester was in the black. Nubank had a loss of $95 million in the same period last year.

The fintech is backed by Warren Buffett’s Berkshire Hathaway Inc.

Latin America’s foremost fintech is targeting an initial public offering in the United States in early 2022, with a valuation of more than $55 billion, giving NuBank its first profit of the entire semester. ..

The results do not include Nubank’s operations in Colombia and Mexico, but Brazil is the largest market for fintech.

NuBank’s total payments doubled year-on-year to $92 billion and that fintech customers are using credit cards more, Chief Financial Officer Guilherme Lago said in a statement. ..

According to data from the Central Bank of Brazil, debt ended at $23 billion in June, which is almost double from last year.

According to Lagoo, NuBank has added over 8 million new customers since December.

(Reporting by Carolina Mandal; Editing by Aurora Ellis)

Buffett-backed NuBank makes profit in Brazil

Source Link Buffett-backed NuBank makes profit in Brazil

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