The archiveEvery issue

1. The 19.5% bankNo. 002

   Nubank

   Behind the Bank

   No. 002 · 2026-10-22

   19.5 cents vs 66 cents: what it costs to make a dollar

   Nubank vs Bank of America vs Citi on efficiency, Nubank's new mid-market tier, and why one big bank's retail arm runs at 50 cents.

2. The referral machineNo. 001

   Trust Bank

   Behind the Bank

   No. 001 · 2026-10-20

   The bank that grew by getting customers to do the selling

   Trust Bank's first profitable month, Singapore's digital-bank scorecard, and the AI coach that lifted advisor revenue 50%.