SAO PAULO, March 29 (Reuters) - Brazilian financial startup Nubank reduced its loss amid rapid expansion of its credit cards users in 2017, according to a statement released on Thursday.
Nubank’s clients more than doubled to 3 million late last year from 1.3 million at the end of 2016, Nubank’s chief financial officer, Gabriel Silva said. Total revenues tripled last year, to 567 million reais ($170.5 million), also helped by an increase in credit card usage.
The fintech still is posting a net loss, which fell 4 percent last year to 117 million reais. Nubank expansion underscores how financial technology startups are gaining momentum in Brazil amid a highly concentrated banking industry, although few of them are profitable.
Silva said he still cannot forecast when Nubank will start making money and that his focus is on expanding its client base.
Earlier this month, Nubank announced it raised $150 million in a new financing round led by venture capital firm DST Global Investment Partners. ($1 = 3.3249 reais) (Reporting by Carolina Mandl Editing by Bill Trott)