Buffett-backed Nubank has AI investments as ‘great priority’, CEO says

SAO PAULO (Reuters) – Investments in artificial intelligence are a “great priority” for Brazilian digital lender Nubank, Chief Executive David Velez said on Thursday, adding that the firm expects to demonstrate it soon as it pushes for expansion.

Speaking at an event marking Nubank’s 10 years of operations, Velez said the bank has always seen itself as a “technology company” and hopes AI will help relationship with clients to go beyond its app in coming years.

“Five years from now you’ll be talking to Nubank in your self-driving car, you’ll be talking to Nubank in your home,” Velez told reporters.

“And we hope the conversation will go beyond financial services to also bring in lots of information and data to help you make the best decisions.”

One of the largest digital banks in Latin America with nearly 80 million clients, most of them in Brazil, Nubank has been looking to expand in the region but does not rule out also entering the U.S. market over the next decade, Velez said.

The bank, backed by Warren Buffett’s Berkshire Hathaway Inc, does not need to raise any additional money to execute its expansion plan, he added.

Nubank debuted on the New York Stock Exchange in late 2021 raising nearly $2.6 billion.

The lender expects now to launch digital checking accounts in Colombia by the end of 2023, according to co-founder Cristina Junqueira, who also attended the event. She added Nubank also sees growth opportunity in Mexico as “much bigger” than in Brazil at the moment.

(Reporting by Alberto Alerigi Jr.)

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