Digital lender Nubank is looking to increase its customer base three-fold in Brazil organically, Reuters reported citing Nubank chief David Vélez.

Speaking to the new agency in an interview, Vélez said the bank will increase its market reach by focusing on areas in which it can be competitive.

The top executive has also confirmed the bank’s interest in acquisitions shortly after appointing a lead for its new mergers and acquisitions arm.

Vélez noted that the bank will target complementary businesses for acquisitions but the bank views organic growth as the main driver and therefore it does not want large deals.

The lender has been expanding its products portfolio, which comprises digital accounts, insurance and investment offerings.

In the second quarter, revenue per client soared by 105% in comparison with the same period in 2021, Vélez said, adding that over the last 12 months, its customer base grew 51% to 62.3 million.

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By GlobalData

The bank’s head said the firm can triple the number of clients and it will not venture into areas it is not competitive in, such as corporate services.

Vélez hopes that focusing on specific growth areas will allow Nubank to achieve profitability just as its retail banking peers.

Additionally, the bank does not plan to expand operations outside Brazil, Mexico and Colombia.

Earlier this year, the lender formed a partnership with US-based software vendor Splunk to optimise operations.

In April, the Berkshire Hathaway-backed bank secured a $650m line of credit to bolster operations in Mexico and Colombia.