Business

Nubank ended 2020 with BRL 230 million of net loss and a fifth of all keys registered on PIX in Brazil

Nubank released its financial results for 2020; the Brazilian fintech reported 28 million keys registered on PIX, Brazil's instant payment system

David Vélez, founder and CEO of Nubank.
David Vélez, founder and CEO of Nubank. Photo: Nubank/Courtesy
  • Nubank ended 2020 with 33 million users, an increase of 68%, compared to the 20 million recorded in 2019;
  • Credit card transactions grew 49%, to BRL 95 billion.
  • Nubank also announced it has 28 million keys registered in Brazil’s instant payment system, PIX, which means almost a fifth of all keys registered by users in the country.

Nubank announced on Thursday its financial results for the full-year of 2020. The fintech, the first Brazilian startup to reach the decacorn milestone, reached the end of the year with 33 million users, an increase of 68%, compared to the 20 million recorded in 2019.

The number has already gone up as earlier this month, Nubank announced that it reached 35 million customers in Brazil alone.

The fintech recorded a net loss of BRL 230 million in 2020, a number 26% better than in 2019, when Nubank hit BRL 312 million. Revenues grew 79%, to BRL 5 billion.

Credit card transactions grew 49%, to BRL 95 billion. In addition, Nubank also stated in a blogpost signed by its CFO, Guilherme Lago, that it has lent more than BRL 1 billion last year and that it has 28 million keys registered in Brazil’s instant payment system, PIX, which means almost a fifth of all keys registered by users in the country.

We now choose to continue investing the margin we generate in teams, services and products, instead of already making a profit.

Guilherme Lago, cfo at nubank

READ ALSO: Nubank launches its credit card in Colombia

On average, 36,000 people per day became a Nubank customer in 2020, informed the company.

“This result shows that our revenues are growing at a faster rate than expenses,” said Lago. “The loss is a business decision. We now choose to continue investing the margin we generate in teams, services and products, instead of already making a profit. We can generate profit at any time, but at this stage of our company, we want to continue growing together with our customers.”

READ ALSO: Almost half of the transactions via PIX are made in non-business hours in Brazil, says Nubank

The largest neobank in the world, back in January, Nubank raised a $400 million Series G round to support its international growth in Mexico and Colombia.

“In addition, we launched a life insurance and announced three acquisitions: Easynvest, the American company Cognitect and the technology platform Plataformatec,” Nubank added.

In Mexico, almost a year after its launch, there are over one million requests for the Nu credit card. the company informed. In Colombia, there are more than 250,000 Colombians on the waiting list, of which 3,000 customers were selected in February to receive the first Nu cards.

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