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REUTERS/Paulo Whitaker/File Photo Acquire Licensing RightsMEXICO CITY, Oct 19 (Reuters) - Brazilian fintech Nubank's Mexico arm has requested a banking license from local regulators, the unit's top executive said on Thursday, describing it as a bid to broaden product offering. A banking license would allow Nubank to offer "diverse kinds of investments," including shares in Mexico's main stock index, the company said in a statement to Reuters. Other opportunities stemming from a banking license include handling direct deposits of salaries for customers and setting higher deposit limits, Nubank Mexico head Ivan Canales said in an interview. Canales did not provide a timeline for obtaining the license in what is Nubank's second-biggest market after Brazil. Funding for Nubank's expansion plans will come from parent company Nu Holdings (NUN.MX) and deposits made by their customers, said Canales.

Persons: Paulo Whitaker, Ivan Canales, Canales, Nubank, Valentine Hilaire, David Alire Garcia, Varun Organizations: REUTERS, MEXICO CITY, Reuters, Nu Holdings, Thomson Locations: Brazilian, Sao Paulo, Brazil, MEXICO, Mexico

Data from Mexico's financial products watchdog Condusef shows that the accounts would be the highest-yielding ones offered in the local financial sector. Other Latin American fintechs like Brazil's Nubank (NUN.MX) and Argentina's UALA have also launched savings accounts this year in Mexico, where data from the national statistics agency showed less than half of the population has savings accounts. The Mexican arms of Nubank and UALA both offer 9% yields on their savings accounts, already much higher than most banks. Stori expects to reach 3 million savings account holders by the end of next year, said its General Manager of New Products Sergio Duenas. ($1 = 18.0044 Mexican pesos)Reporting by Valentine Hilaire; Editing by David Alire Garcia, Christian Plumb and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Marlene Garayzar, Sergio Duenas, Valentine Hilaire, David Alire Garcia, Christian Plumb, Marguerita Choy Organizations: MEXICO CITY, Wednesday, Reuters, The Bank of, New, Thomson Locations: MEXICO, Mexico, The Bank of Mexico, Nubank

☆ Warren Buffett's Berkshire Hathaway has likely scored a 93% gain on Nubank stock this year, making the crypto-friendly bank its best performer
▼ + stars: | 2023-10-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Berkshire Hathaway's best-performing stock this year is likely Nubank-owner Nu Holdings, up 93%. Apple stock is up this year, but other key Berkshire bets like Coca-Cola and Kraft Heinz are down. AdvertisementAdvertisementWarren Buffett's Berkshire Hathaway has notched a 93% gain on Nu Holdings since the start of January, likely making the Nubank owner the best performer in Berkshire's stock portfolio this year. Nubank shares have slid 13% from their IPO price fo $9 to trade at $7.84 as of Wednesday's close. Munger has hailed Sequoia as perhaps the "most remarkable investment firm in America" with "the best investment record of anybody."

Persons: Berkshire Hathaway's, Warren Buffett's, Kraft Heinz, —, Warren, Berkshire Hathaway, Berkshire hasn't, Buffett, Charlie Munger, Todd Combs, Ted Weschler, David Vélez, Munger, Sequoia Organizations: Berkshire, Nu Holdings, Apple, Kraft, Service, Bank of America, Sequoia Capital, Sequoia Locations: Berkshire, America, Sequoia

MEXICO CITY, June 7 (Reuters) - One million people in Mexico have opened savings accounts in Brazilian digital bank Nubank (NUN.MX) one month after the product's launch, the company said on Wednesday, with deposits amounting to 1 billion pesos ($58 million). Nubank, owned by Buffett-backed Nu Holdings , said it is now present in nine out of 10 municipalities in Mexico. Nubank announced a $330 million equity capitalization for Mexico late last year, in a bid to expand its footprint in the Latin American country. In addition to its new savings accounts, Nubank has issued 3.2 million credit cards in Mexico, a country with more than 126 million people. The bank announced last month it expects to launch digital checking accounts in the South American country by the end of 2023.

Persons: Nubank, Valentine Hilaire, Sonali Paul Organizations: MEXICO CITY, Buffett, Nu Holdings, Citi, Thomson Locations: MEXICO, Mexico, Nubank's, Colombia, American

☆ Buffett-backed Nubank has AI investments as 'great priority', CEO says
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

[1/2] Nubank CEO David Velez talks on stage during the opening of the Web Summit technology conference, in Rio de Janeiro Brazil May 1, 2023. REUTERS/Ricardo MoraesSAO PAULO, May 18 (Reuters) - Investments in artificial intelligence are a "great priority" for Brazilian digital lender Nubank , Chief Executive David Velez said on Thursday, adding that the firm expects to demonstrate it soon as it pushes for expansion. "Five years from now you'll be talking to Nubank in your self-driving car, you'll be talking to Nubank in your home," Velez told reporters. Nubank debuted on the New York Stock Exchange in late 2021 raising nearly $2.6 billion. She added Nubank also sees growth opportunity in Mexico as "much bigger" than in Brazil at the moment.

☆ Buffett-backed Nubank's quarterly profit surges amid robust customer demand
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

Nubank added 4.2 million customers in the fourth quarter ended Dec. 31, and 20.7 million in 2022, closing the year with a total of 74.6 million customers globally. Monthly average revenue per active customer (ARPAC) increased to $8.2, expanding 37% over the prior year on an FX neutral basis. The digital lender's gross profit surged 137% to $578.3 million in the fourth quarter. Nubank's total revenue for the fourth quarter was $1.45 billion and a record $4.8 billion for the full year. On an adjusted basis, the bank reported net income of $133 million in the quarter ended Dec. 31.

☆ Buffett-backed Nubank's revenue surges on robust customer growth
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - Nu Holdings Ltd (NUN.MX) posted a near three-fold jump in third-quarter revenue on Monday, as the Warren Buffett-backed digital banking firm saw rapid customer growth in its key domestic Latin American market. "Our customer base grew to over 70 million with a record high activity rate of 82%," said founder and Chief Executive David Vélez in a statement. Total revenue of the company, popularly known as Nubank, surged 171% to a record $1.3 billion on a FX-neutral basis for the quarter ended Sept 30. On a FX-neutral basis, gross profit climbed 90% to a record high of $427 million in the reported quarter. Nubank's customers grew by 5.1 million in the quarter, or 46%, over last year, to 70.4 million in Brazil, Mexico and Colombia.

☆ Brazil's Nubank to introduce cryptocurrency as part of rewards program
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, Oct 19 (Reuters) - Brazil's Nubank on Wednesday announced plans to release its own cryptocurrency as part of a new customer rewards program. Warren Buffett-backed Nubank said in a statement the Nucoin digital currency is expected to be launched in the first half of 2023. Its goal is to offer customers benefits such as discounts and perks as they accumulate Nucoins. Nubank announced in May it would allow its Brazilian customers to make cryptocurrency transactions on its banking app. Register now for FREE unlimited access to Reuters.com RegisterReporting by Gabriel Araujo, Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ Buffett-backed Nubank reaches 70 million clients
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermidSAO PAULO, Sept 26 (Reuters) - Brazil's Nubank has reached 70 million clients across its three operating countries, Latin America's largest financial technology company said on Monday. In Mexico, Nubank's user grew to 3.2 million users while adding 400,000 in Colombia, the fintech said. The fintech, considered one of Latin America's chief proponents of expanding access to the financial system, also said its investment services business in Brazil surpassed 6 million active clients. Its crypto exchange, launched in July, had 1.8 million clients, Nubank said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Peter Frontini; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

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