Buffett-backed Nubank turns a profit in Brazil

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SAO PAULO, Oct 13 (Businesshala) – Latin American fintech NuBank managed to turn a profit at its Brazilian operations in the first half of 2021, as it lured more customers to its credit cards, according to a statement on its website.

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Nu Pagamentos, as NuBank is formally known, reported net income of 76 million reais ($13.7 million) in the period between January and June, its first semester in the black. Nubank had a loss of 95 lakh riyas in the same period a year ago.

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

NuBank’s first profit for a full semester comes as Latin America’s foremost fintech is eyeing an initial public offering in the United States by early 2022 with a valuation of more than $55 billion.

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

Nubank’s total payment volume doubled from a year ago to 92 billion, with fintech customers using their credit cards more frequently, Chief Financial Officer Guilherme Lago said in the statement.

According to data from Brazil’s central bank, its loan book ended in June at 23 billion rupees, nearly double from a year earlier.

NuBank has added more than 8 million new customers since December, Lago said. (Reporting by Carolina Mandal; Editing by Aurora Ellis)

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