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I'll be really short: the bank lends money in Brazilian real to credit card holders and, in addition, keeps half of that in financial derivatives. The last real

• jonahbenton 6y ago
  Ah, yes, got it, that's helpful. Are their financial reports available and published in English? Would be interesting to read. I don't know details of their financial model, but will say: * there is a long bootstrap process for a bank that involves being selective with what customers they can serve with what products at what margins in what order * debt is a hard game, though in many niches now is the best of times * currency is also a hard game * in general, banks are valued at a small multiple of assets and do not attract VC * in general, SAAS businesses are valued at a large multiple of revenue and do attract VC So my assumption would be that they are using equity to build the ability to get into the banking core business as a SAAS, which is both lucrative and exploding as an opportunity (see recent nCino news). If they succeed, that's an extremely durable business, and not a bad place for Clojure to be. There are a number of languages that still only "exist" because they form the basis of a banking core. Cheers. Thanks for the engagement.
  • hcarvalhoalves 6y ago
    https://nubank.com.br/demonstracoes-financeiras https://nubank.com.br/demonstracoes-financeiras Unfortunately we don't publish in EN yet, I'll give this feedback for the next one.