Nubank reported an increase in revenue on Monday that beat expectations as the Warren Buffett-backed digital bank benefited from a healthy loan book and strong customer additions, pushing its shares up nearly 8% in deals extended.

The fintech company has managed to avoid an increase in defaults in its main Brazilian banking market, given its focus on low-risk, low-return credit card receivables, prompting some analysts to call it an “outlier”.

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“This is the strongest quarter in Nu’s history. We reached nearly 60 million customers and a record 78% activity rate,” said CEO David Velez.

A banner for Nubank, the Brazilian FinTech startup, hangs on the facade of the New York Stock Exchange (NYSE) to celebrate the company’s IPO in New York, United States, December 9, 2021. (REUTERS/Brendan McDermid/File Photo/Reuters Photos)

Nubank added 5.7 million new customers this quarter, while its average monthly revenue per active customer rose to $6.7, up $3.2 from a year earlier. On average, the cost per customer has decreased to 70 cents per month from 80 cents a year ago.

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The company said net loss decreased to $45.1 million from $49.4 million a year earlier.

Revenue more than tripled to $877.2 million from a year earlier, well above analysts’ estimates of $624.15 million, according to Refinitiv data.

Earlier this month, the company changed its final lockdown terms and set an end to May 17.

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U.S.-listed shares of Nubank have fallen 61% since debuting on Wall Street in December.