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The Brazil based neobank welcomed more than 5m new users in the third quarter of this year as profits surged to $915m. Alongside a 100% increase in gross profit Year-on-Year, the bank’s gross profit margin grew from 33% for the same period last year to 43% this year.
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"It’s important to note that we are achieving these strong levels of profitability while keeping asset quality in line with expectations and continuing to invest in product portfolio and geo expansion."
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