Nubank adds former Meta and PayPal executive to board

Rate this post

Digital bank Nubank on Monday told investors that it had expanded its board of directors to add David Marcus, the former head of payments and cryptocurrency operations at Meta and, before that, CEO of PayPal.

At Meta, Mr. Marcus helped the company’s messenger feature grow from under 200 million monthly users, in 2014, to over 1.5 billion. He left the big tech in 2021 to launch crypto-focused startup Lightspark, a company building infrastructure for Lightning’s blockchain network. 

“He brings unique perspectives on how to grow consumer and financial products to a truly global scale,” said David Vélez, CEO and co-founder of Nubank, in a statement.

With about 75 million customers across Brazil, Mexico, and Colombia, Nubank is one the largest digital banking companies in the world. As a board member wrote, “Mr. Marcus will play a fundamental role in Nubank’s journey as the company expands in its multi-country, multi-product, and multi-segment strategy.”

The company reported a record net income of USD 58 million in last year’s fourth quarter — well above analysts’ average forecast of USD 16 million. Short-term delinquency dropped, and Nubank’s credit portfolio grew again, more than doubling year-on-year. 

In addition to David Marcus, Nubank’s board of directors is formed of Anita Sands, Daniel Goldberg, Doug Leone, Jacqueline Reses, Luis Alberto Moreno, Thuan Pham, Rogério Calderón, and David Vélez, chairman of the board.

Source link

Leave a Comment