Warren Buffett's Neo Bank plans to become the most expensive digital bank in the world. An IPO date is planned for the end of 2021.

All news Company news

Link copied

11:39 | 16 August 2021

Warren Buffett’s Neo Bank plans to become the most expensive digital bank in the world. An IPO date is planned for the end of 2021.

Nu Pagamentos SA, the Brazilian fintech backed by billionaire Warren Buffett’s Berkshire Hathaway Inc. is planning an initial public offering on the Nasdaq for more than $2 billion later this year.

Nubank may ask for a valuation of more than $40 billion. Discussions are ongoing, so details could change. David Velez, co-founder of Nubank, has said in recent months that the company is considering a public listing, without disclosing details.

Private fundraising in early 2019 brought Nubank’s value to $10.4 billion. By June, that figure had risen to $30 billion after Berkshire acquired a $500 million stake, a testament to how successfully the company has capitalized on the growth that the pandemic has given to digital banking.

With a valuation of more than $40 billion, Nubank could end up as the second most valuable financial institution in Latin America. First place goes to Brazil’s Itau Unibanco Holding SA, with a market value of $55 billion. The fortune of its biggest competitor, Banco Bradesco SA, is about $41 billion.

Based in São Paulo, Nubank, with more than 40 million customers, has expanded across Latin America. The company is also backed by Advent International and Tencent Holdings Ltd. and is a rare tech unicorn, founded by Cristina Junqueira. She joined Velez, a veteran private equity investor, and Edward Wieble in launching Nubank in 2013, starting with a credit card with no paperwork or fees. It now offers several other products. The new service expands Nubank’s portfolio to include credit cards, investment options, insurance, personal loans and instant payment solutions.

Through Remessa Online, Nubank customers will be able to receive and send money to more than 100 countries, including the United States, Chile, Portugal, Australia, Japan, Mexico, Argentina and the United Kingdom.

Follow the information in a format that is convenient for you: Telegram, Facebook, YouTube.

Uncategorized

15:17 | Aug 12, 2024

Alibaba's new AI models beat GPT-4o in math

Alibaba has launched a group of large language models (LLMs) with a focus on math called Qwen2-Math that “outperforms GPT-4o […]

Uncategorized

19:11 | Apr 05, 2024

Toncoin enters top 10 crypto by market capitalization, overtakes Avalanche

Toncoin, The Open Network’s native cryptocurrency token, has once again entered the list of the 10 most significant coins by […]

Hereby "Global Venture Partners s.r.o." notifies that it carries out its activities in accordance with paragraph 1 of article 15, the law on investment companies and investment funds of 19.06.2019. Listed in the ZISIF § 15 para. 1 asset management list managed by the CNB in accordance with § 596 (1) CRR. (F) ZISIF.

IČO: 08241473. LEI: 5493003MKEWYLZ837883...
This information on the site is not an individual investment recommendation, and the financial instruments or transactions mentioned in this material may not correspond to your investment profile, financial situation, investment experience, investment goals. Determining the compliance of a financial instrument or transaction with investment objectives, investment horizon and risk tolerance is the task of the investor
Venture fund Global Venture Partners s.r.o. is not responsible for possible losses of the investor in case of investing in the financial instruments mentioned in this material and does not recommend using the specified information as the only source of information when making an investment decision.
* The Venture Fund does not provide guarantees regarding the reliability and accuracy of the information provided, none of the assumptions contained in this material can be interpreted as a guarantee of investment reliability, income stability and possible benefits associated with management methods or the choice of specific financial instruments. The value of investment products may increase and decrease, the results of investing in the past do not determine future income, the company does not guarantee the profitability of investments in investment funds. All information about the profitability (value gain) of the product managed by Global Venture Partners s.r.o. are quoted excluding commissions and taxes. Charging a commission will reduce the return on investment in investment products. Before purchasing an investment product, you should carefully read the rules of trust management for this product. Services for transactions with foreign securities are available to persons who are qualified investors in accordance with applicable law and are performed in accordance with the restrictions established by applicable law.

Show

Hide