Digital banks in Brazil are finally making inroads into one of the most competitive and highly profitable credit markets in the world.
Nubank, the largest neobank in Latin America, nearly doubled its revenue in the first quarter to $1.6 billion, up 87% year-over-year.
Nubank and Ualá expanded to Colombia to boost customer acquisition. Replicating success in Latin America is no easy feat for digital banks.
Nubank, the largest digital bank in Latin America, officially launched Nucoin. It is a free-of-charge token that rewards the most loyal users.
Fintechs in Brazil are taking a more cautious approach to credit in the face of rising delinquencies and inflation.
Making news in fintech this week was the former Silicon Valley Bank CEO, Microsoft, Goldman Sachs, OpenAI, Nubank, Truist,. Jack Henry, FedNow, Ripple, Dave and more.
Brazilian Nubank reached 79.1 million customers in Latin America by early April. That is up almost 20 million compared to a year ago.
With payroll lending, Nubank blazes a trail into secured lending, an asset that bears less risk than credit cards and individual loans.
Nubank's shares ticked 4% higher on market opening following a surge in profits during the fourth quarter of 2022.
Nubank announced in October the creation of the digital currency, which is part of its new blockchain and crypto-assets initiative in LatAm.