By Aluisio Alves
SAO PAULO, Sept 8 (Reuters) - Brazilian digital bank Nubank
Vélez also confirmed the fintech's interest in acquisitions,
two weeks after hiring former Amazon.com Inc
Vélez said acquisitions should target complementary businesses, but noted that Nubank does not want large deals and sees organic growth as its main driver.
Nubank has been gradually increasing its offerings, including digital accounts, insurance and investment products.
Revenue per client rose 105% in the second quarter compared to a year earlier, Vélez said. Over the last 12 months, the number of clients rose 51% to 62.3 million, including 50 million who remain active.
Vélez said Nubank has the potential to triple the number of clients, reaching a larger portion of Brazil's 215 million population.
While Nubank plans to increase its assets, the CEO said that could be done through partnerships, such as having Creditas offer auto loans or mortgages to Nubank clients.
Nubank will avoid areas where it is not competitive, Vélez said, such as corporate services, and it does not want to expand beyond Brazil, Mexico and Colombia.
Limiting growth to specific areas will help Nubank reach a profitability similar to that of its retail banking competitors, with returns on equity around 20%, Vélez said. (Reporting by Aluisio Alves; Writing by Tatiana Bautzer; Editing by Richard Chang) ((email@example.com; Tel: +55-11-5644-7756; Mob: +55-119-4210-4173; Reuters Messaging: firstname.lastname@example.org)) Keywords: NUBANK OUTLOOK/
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