Nubank announced 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. “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.”

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