Carolina Mandl.

(Reuters) – Nubank shares rose almost 8% after hours trading Tuesday, as investors rejoiced at a smaller fourth quarter loss at Latin America’s most valued fintech. The company added more clients and made sales.

In December 2018, the digital bank that listed shares in New York posted a net loss $66.2 million. This is down from $107.1 million last year.

Nubank was backed by Warren Buffett’s Berkshire Hathaway, (NYSE:) Inc. It announced that its revenue increased more than three times to $635.9 Million from a year ago, far exceeding the Refinitiv consensus at $393.76 millions.

The company’s average monthly revenue per client was $5.60. This is an increase of $2.30 over the quarter before. New products helped to boost it. The cost per client decreased to 90 cents per month, from $1.10.

Nubank’s consumer loan delinquency rate was stable at 3.5% in spite of a difficult economic environment in Brazil for the fourth quarter. That is up by 0.1 percentage points from the prior quarter.

In a conference, David Velez, the chief executive, stated that the company has 53.9million clients and will continue to implement its strategic plan. However, he added that the company is capable of pulling back in the event the macro environment becomes more difficult.

Analysts closely monitor Nubank’s performance, as the default rate at which it operates is expected to fall with rising inflation and higher interest rates.

Velez indicated in an interview this month that Brazil’s economic decline may present a chance for Nubank to grow market share as other players will likely retreat from an environment where it is more risky.

This story has been corrected to correct revenue at the third paragraph. It is $635.9 Million, and not billion.