A Buffett-backed Brazilian fintech firm is reportedly planning a $2 billion US IPO
- Brazilian fintech
Nubankmay launch an IPOworth more than $2 billion on Nasdaq, Bloomberg reported Thursday.
- Warren Buffett's
Berkshire Hathawaybought a $500 million stake in the company in June.
- Nubank is seeking a valuation of more than $40 billion, the report said.
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.
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
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