Nubank reduces customer base losses

Nubank reduces customer base losses

By Carolina MandlSÃO PAULO (Reuters) - Financial startup Nubank reduced its losses last year amid a rapid expansion of its credit card users, according to demons ...

By Carolina MandlSAO PAULO (Reuters) - Financial startup Nubank reduced its losses last year amid a rapid expansion of its credit card users, according to financial statements published on Thursday.Nubank's customer base more than doubled to 3 million at the end of last year from 1.3 million a year earlier, said CFO Gabriel Silva.Total revenues, which include financial gains plus card interchange fees, tripled to R $ 567 million in 2017, also driven by an increase in card usage by current customers.The startup still reports net loss, which fell 4 percent last year compared to the previous year, to 117 million reais.Nubank's expansion demonstrates how financial startups are gaining ground in Brazil, where the banking industry is extremely concentrated.Few of these new companies, however, are already profitable.Silva said he still cannot predict when Nubank will operate in blue.The company's focus, he said, is still expanding the customer base.New users, he said...


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