Nubank has shown surprising growth, but at the same time continues to lose an absurd amount of money each year. Recently, the company published its financial results for 2019, and just last year, a loss of R $ 313 million was recorded, a number 212% higher than that disclosed in 2018.
Despite this huge loss, the fintech is not concerned about the future, given that it has an estimated market value of $ 10 billion, having enough capital to continue investing in expanding its business, projecting a scenario in the future in which growth costs will be reduced and profits increased .
In a statement, Gabriel Silva, Vice President of Finance at Nubank, said: "Our net result directly linked to our pace of growth: we chose to invest, grow and offer services to more people. If Nubank had kept the previous pace, the 2019 adjusted result would be positive – but again, it's about choices ".
The financial results were not all bad, given that the same report points out that Nubank's gross revenue grew a lot, reaching R $ 2.1 billion in 2019, representing a jump of 70% compared to 2018. The customer base it also increased considerably, from 5.9 million to an incredible 19.7 million, that is, 40 thousand new customers per day.
At the beginning of this year, the company said that the number of customers exceeded 20 million. It is worth remembering that Nubank has also started to expand to other countries, having opened branches in Mexico and Argentina in 2019.