+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

A Buffett-backed Brazilian fintech firm is reportedly planning a $2 billion US IPO

Aug 13, 2021, 00:33 IST
Business Insider India
Nubank may be headed to Nasdaq. SOPA Images/Getty Images
  • Brazilian fintech Nubank may launch an IPO worth more than $2 billion on Nasdaq, Bloomberg reported Thursday.
  • Warren Buffett's Berkshire Hathaway bought a $500 million stake in the company in June.
  • Nubank is seeking a valuation of more than $40 billion, the report said.
Advertisement

Brazilian digital bank Nubank, which has a multimillion-dollar investment from legendary investor Warren Buffett's company, is planning an initial public offering of more than $2 billion in the US stock market, according to a Bloomberg report.

The fintech, legally named Nu Pagamentos SA, is aiming to launch its IPO on Nasdaq by the end of 2021 and it may seek a valuation of more than $40 billion, sources told Bloomberg in a report published Thursday.

The Sao Paulo-based company's valuation ballooned to $30 billion after Buffett's Berkshire Hathaway bought a $500 million stake in the company in June, adding to the conglomerate's investments in private technology companies. Nubank runs digital payment accounts for more than 40 million clients and has a Mastercard-branded credit card.

A valuation of more than $40 billion would leave Nubank as Latin America's second-most valuable financial institution, behind Brazil's Itau Unibanco Holding.

Talks about launching a US IPO are ongoing, the report said, adding that Nubank declined to comment.

Advertisement

Berkshire Hathaway's investment in private tech includes a stake in Paytm, an Indian digital payments group that is expected to go public this year. Last year, it purchased millions of shares of cloud-data platform Snowflake before it went public in September.

Nubank going public would add to an already packed year of trading debuts worldwide. The second quarter was the most active for companies entering the public markets in more than 20 years, with 597 IPOs launched, according to consulting firm EY. Didi Global, the Chinese ride-hailing service, was the biggest IPO by proceeds that quarter, drawing in $4.4 billion with its Nasdaq debut.

You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article