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Nubank Appoints David Marcus to Board of Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
Nubank, a leading digital banking platform, appointed David Marcus to its Board of Directors. Marcus, known for his roles at Meta and PayPal, brings extensive experience in technology and financial services. He is expected to contribute significantly to Nubank's growth strategy across multiple countries and product segments. Recently, Nubank reported record profits, with a net income of $138 million in Brazil and an annualized ROE of 35%. This appointment aims to leverage Marcus's insights to enhance Nubank's innovation and market reach.
Positive
Appointment of David Marcus expected to bolster strategic growth.
Record net income of $138 million in Brazil with 35% ROE demonstrates strong profitability.
Negative
None.
Marcus is an entrepreneur with decades of experience in the financial services and technology industries
SÃO PAULO--(BUSINESS WIRE)--
Nubank, one of the world's largest digital banking platforms, announces that David Marcus has been appointed as a member of its Board of Directors. Mr. Marcus is the CEO and co-founder of Lightspark and has an extensive career in leadership positions in technology companies including Meta and PayPal. Marcus also has a strong entrepreneurial background, having built three startups over the past three decades. As a Board member, Marcus will play a fundamental role in Nubank’s journey as the company expands in its multi-country, multi-product, and multi-segment strategy.
“David has an impressive career working in the intersection of financial services and consumer technology, shaping the future of the industry. He brings unique perspectives on how to grow consumer and financial products to a truly global scale, having led projects like Meta’s Messenger which grew to over 1.5 billion users under his guidance, and having served as President of PayPal. We are excited to welcome someone with David’s experience to our Board of Directors, as we expand our reach into new markets and segments and keep pushing innovation further,” says David Vélez, CEO and founder of Nubank.
Mr. Marcus is the CEO and co-founder of Lightspark, a company focused on building infrastructure for the Lightning network. Most recently he led all payments and crypto efforts at Meta (fka Facebook), which he joined in 2014 to lead Messenger, which he took from under 200 million monthly users to over 1.5 billion. Previously, he was PayPal’s President. A lifelong entrepreneur, Mr. Marcus launched two companies in Europe, then founded mobile payments company Zong in Silicon Valley, which was acquired by PayPal in 2011.
Mr. Marcus joins Nubank as the company has reached nearly 75 million customers across Brazil, Mexico, and Colombia, and delivered a record quarter with growth across all metrics and a meaningful increase in profits. In Brazil only, the company saw net income grow to $138 million in the last quarter, with an annualized ROE of 35% – among the highest in the industry, providing evidence for the profit potential of our business model.
“Nubank is one of the largest and fastest-growing digital financial services platforms worldwide. What the company has achieved in the past decade is an indication of the exciting and significant growth opportunity ahead. I am delighted to join Nubank in this journey as a member of its Board of Directors and looking forward to working closely with the talented leadership and team,” says David Marcus.
In addition to David Marcus, Nubank's Board of Directors is formed by Anita Sands, Daniel Goldberg, Doug Leone, Jacqueline Reses, Luis Alberto Moreno, Thuan Pham, Rogério Calderón, and David Vélez, chairman of the Board.
ABOUT NUBANK Nubank is one of the world’s largest digital banking platforms, serving around 75 million customers across Brazil, Mexico, and Colombia. As one of the leading technology companies in the world, Nubank leverages proprietary technologies and innovative business practices to create new financial solutions and experiences for individuals and SMEs that are simple, intuitive, convenient, low-cost, empowering, and human. Guided by a mission to fight complexity and empower people, Nu is fostering the access to financial services across Latin America, connecting profit and purpose to create value for its stakeholders and have a positive impact on the communities it serves. For more information, please visit www.nubank.com.br.
Who is David Marcus and why was he appointed to Nubank's Board of Directors?
David Marcus is the CEO and co-founder of Lightspark, with extensive experience in financial services and technology, previously holding leadership roles at Meta and PayPal. His appointment aims to guide Nubank's growth strategy.
What recent financial performance metrics did Nubank report?
Nubank reported a net income of $138 million in Brazil for the last quarter, along with an annualized return on equity (ROE) of 35%, indicating strong profitability.
How many customers does Nubank currently serve?
Nubank serves nearly 75 million customers across Brazil, Mexico, and Colombia, positioning itself as one of the largest digital banking platforms globally.
What is Nubank's growth strategy following the appointment of David Marcus?
Nubank aims to expand its multi-country, multi-product, and multi-segment strategy, leveraging Marcus's expertise to enhance its innovation and market reach.
