SAO PAULO, May 22 (Reuters) - Brazilian online credit card provider Nubank has expanded its client base by more than 30 percent since the end of 2017, but it still cannot forecast when it will post a profit, its chief executive said on Tuesday.
Chief Executive Officer David Velez told Reuters that Nubank, which does not charge fees to customers, reached 4 million credit card clients in May, up from 3 million late last year.
Nubank’s expansion underscores how financial technology start-ups are gaining momentum in Brazil amid a highly concentrated banking industry, although few of them are profitable.
Velez said Nubank’s main focus for now continues to be growing its client base rapidly and not trying to turn a profit in the short term.
In 2017, Nubank posted a net loss of 117 million reais ($32.1 million). (Reporting by Aluisio Alves; Writing by Carolina Mandl; Editing by Dan Grebler)