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Buffett-backed Nubank beats revenue estimates on strong client additions
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Nubank on Monday posted a surge in revenue that beat expectations, as the Warren Buffett-backed digital bank benefited from a healthy loan book and strong client additions, sending its shares surging nearly 8% in extended trading.
The fintech firm has managed to sidestep a rise in defaults in its main Brazilian banking market, given its focus on low-risk, low-yielding credit card receivables, prompting some analysts to call it an "outlier."
BERKSHIRE HATHAWAY TO BUY $500 MILLION STAKE IN BRAZIL'S NUBANK — WSJ
"This is the strongest quarter in Nu's history. We reached nearly 60 million customers and a record-high activity rate of 78%," Chief Executive Officer David Velez said.