Buffett-backed Nubank posts record revenue on strong user growth

The Brazilian lender has been so far insulated from the downturn in the global banking industry as consumers in the key domestic Latin American market continued to gravitate towards its core products, including credit cards. "In Brazil, our growth trajectory continues, as one in every two adults is a Nu customer, and we have become the fourth largest financial institution in the country in number of customers," said founder and CEO David Vélez in a statement. Nubank added 4.6 million customers in the quarter ended June 30, reaching a total of 83.7 million customers globally, representing 28% growth from a year earlier.