Warren Buffett-backed Nubank reported a 44% increase in profits in the second quarter, as it expands its customer base in Latin America.
Shares of Nubank have weakened since its initial public offering, losing some $20 billion in market value since it went public.
Brazilian neobank Nubank reached 90 million customers in Latin America and reported a surge in profits in Q3.
'Nu's valuation is not crazy. In fact, they are valuing each customer at about $1,000, whereas U.S. and European neobank valuations put their customers closer to $2,000.'
Brazilian neobank Nubank partnered with Wise to launch a global account. The online lender is targeting the highly affluent in Latin America.
Nubank steps up its game in Latin America by offering remittances in Mexico and securing a new license in Colombia.
Nubank executives talk credit strategy in Latam. The fintech has a portfolio of $20 billion comprised of personal and credit card loans.
Many of these firms have aimed to go public in the vague "end of 2021/ early 2022/ when we have enough money" time frame while participating in increasingly rare-letter funding rounds.
Across Latin America, fintech lenders are accelerating profitability strategies amid growing pressure from markets to yield profits.
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OakNorth Bank has released its annual report, showing huge growth in pre-tax profits to £134.5 million over the course of 2021.