In a recent interview, the CEO of Nubank Mexico, David Vélez, indicated that the Latin American fintech has achieved notable growth in a year and a half, with 2.1 million clients. This is equivalent to 2.2% of the adult population of the nation.

Nubank Mexico joins Brazil in terms of growth in the banking sector. The South American nation had already reached 53.9 million clients, which represents 30% of the adult population.

According to Vélez, although in Mexico the competition in the financial sector is smaller when compared to Brazil, Nubank has achieved a preponderant place in the ranking of credit card issuers in just 18 months, in a scenario where a high percentage of the population does not have access to these tools for their transactions.

The executive president for Mexico of the largest fintech in Latin America has highlighted the support for Nubank by Berkshire Hataway, from Warren Buffett, and SoftBank Group Corp, which in April granted loans for 650 million dollars to accelerate growth in Mexico.

Regarding the increase in delinquencies in the credit portfolio, Vélez indicated that it remained “artificially low” during the Covid.19 pandemic. “Nubank has four times more deposits than credit, Vélez added, saying the risk is low. Nubank still has a large cash position from the US$2.8 billion raised in its initial public offering,” the executive said.

M.Pino

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Source: americaeconomia

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The Brazilian financial entity Nubank has collected 500 million dollars from Berkshire Hathaway, a multinational holding company led by billionaire Warren Buffett, which will be used to develop its expansion in the global financial market.

The announcement was made this Tuesday, June 8, by its executive director, David Vélez, who also highlighted that they have more than 40 million users in Brazil, Mexico and Colombia.

The digital bank was recently launched in Colombia, achieving significant enrollment figures, stating that in Latin America half of the inhabitants have bank accounts and only approximately 21 % have credit cards, with the goal of attracting new executives from the main technology companies

According to Vélez: “No one thought that it was possible to change the financial system, but we were always convinced that there was room for disruption and innovation and, more importantly, that customers deserved better service.”

Warren Buffett, Chairman of Berkshire Hathaway, has referred to cryptocurrencies and especially bitcoin as “worthless” currencies, refusing to obtain them. However, the investments made in the last year of the multinational conglomerate are aimed at companies related to cloud technology in the Snowflake cloud. Berkshire Hathaway, plus billions of dollars in Apple and Amazon stock.

M. Rodríguez

Fuente: cointegraph.com

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