Nubank has revolutionized digital banking in Latin America. But the foundational ingredient to the bank’s extraordinary growth lies elsewhere, in something a little more humdrum, a little more fundamental: credit.
Not many digital banks actually like credit. Some offer credit reluctantly, such as Banco Pan, whose CEO, Eduardo Carlos Guimarães, told Euromoney last year that “the credit-card business generates a loss, not only to Banco Pan but to the market as a whole”.
In addition:
A few don’t offer it at all.
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