Guilherme Lago (MBA 2005)

Guilherme Lago (MBA 2005)

Ten years after its founding, the Brazilian digital banking startup Nubank recorded all-time record revenues ($1.6 billion) in the first quarter of 2023—doubling its performance over last year, according to The Brazilian Report. The company's CFO is Guilherme Lago (MBA 2005).

Nubank launched in 2013 in São Paulo, Brazil, a country whose banking system has been known for its high fees and low-tech approach. Now half of all adults in Brazil use Nubank, thanks in part to an expanding set of AI-driven products and services. CEO David Velez says these products will help propel the company into its second decade, as it transforms into a money platform that serves individual and business customers by connecting them with financial and non-financial services, according to the article, "Nubank Turns Ten Saying It Wants to Be a Money Platform, Not a Neobank." The company went public in 2021; Warren Buffett is among its backers.

"The Brazilian user base, which represents 95 percent of the company's total, is seen as a giant launching pad for Nu's long-term goals—starting with the underwriting credit line Nubank beta-launched in April targeting federal civil servants. The idea is to gradually unroll this service to pensioners and the general population, while reducing the bank's exposure to its main lending product today, which is credit cards," according to the article.

"It's a BRL 500 billion market, with social security beneficiaries accounting for 31 percent of the payroll loans. So we don't need to go further [in portfolio expansion] to tap into this huge market," says Lago. He joined the fintech in 2019 as a finance director and signed on as CFO in 2021.

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