The earnings did not include Nubank’s operations in Colombia or Mexico, but help put wind in the sails for the company’s hoped-for blockbuster IPO in the coming months.
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Buffett-backed Nubank turns a profit in Brazil
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Nu Pagamentos, as Nubank is formally known, posted a net income of 76 million reais ($13.7 million) in the period between January and June, its first semester in the black. In the same period a year earlier, Nubank had a loss of 95 million reais. Nubank's first profit for a full semester comes as Latin America's most prominent fintech is eyeing an initial public offering in the United States by the beginning of 2022, with a valuation over $55 billion.
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