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Buffett-backed Nubank turns a profit in Brazil

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SAO PAULO, Oct 13 (Reuters) – Latin American fintech Nubank managed to show a profit in the primary half of 2021 in its Brazilian operations, because it lured extra purchasers to its bank card, in response to a assertion on its web site.

Nu Pagamentos, as Nubank is formally identified, posted a web earnings of 76 million reais ($13.7 million) in the interval between January and June, its first semester in the black. In the identical interval a 12 months earlier, Nubank had a lack of 95 million reais.

The fintech is backed by Warren Buffett’s Berkshire Hathaway Inc (BRKa.N).

Nubank’s first profit for a full semester comes as Latin America’s most distinguished fintech is eyeing an preliminary public providing in the United States by the start of 2022, with a valuation over $55 billion. learn extra

The outcomes don’t embrace Nubank’s operations in Colombia and Mexico, though Brazil is the fintech’s largest market by far.

Chief Financial Officer Guilherme Lago mentioned in the assertion that Nubank’s whole fee quantity doubled from a 12 months earlier to 92 billion reais, including the fintech’s purchasers have used their bank cards extra usually.

Its mortgage ebook, in response to Brazil’s central financial institution information, ended June at 23 billion reais, additionally roughly doubling from a 12 months earlier.

Nubank added greater than 8 million new purchasers since December, Lago mentioned.

Reporting by Carolina Mandl; Editing by Aurora Ellis

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