Buffett-backed Nubank turns a profit in Brazil

The Brazilian operations of Latin America-based fintech Nubank strived to turn a profit during H1 of 2021, following fruitful results from its effort to convince more customers to use its credit card. This is detailed in arelease published by the firm on its website.

Nubank (which was once known as Nu Pagamentos) posted a net income of 76 million reais (US$13.7 million) in the period beginning January 2021 and ending June 2021, marking its first half-year above the reds. Within the same time frame a year ago, Nubank posted a loss of 95 million reais.

Nubank is backed by Warren Buffett’s Berkshire Hathaway Inc. its first profit for a full semester follows recent speculations that the firm is eyeing an initial public offering in the United States come 2022, a deal that would raise the fintech’s valuation over US$55 billion.

The results posted have not been compiled with the results from Nubank’s operations in Colombia and Mexico, although Brazil is the fintech’s largest market by a huge margin.