Crypto-friendly bank Nubank plans IPO on Nasdaq by year end

According to Bloomberg, people familiar with the matter said that Brazilian digital bank Nu Pagamentos SA (also known as Nubank) is planning an IPO on Nasdaq at the end of this year with a scale of more than US$2 billion.

The banks responsible for the IPO include Morgan Stanley, Goldman Sachs, Citigroup and UBS. Nubank received investment from Warren Buffett's Berkshire Hathaway in June this year and has more than 40 million customers across Latin America. According to people familiar with the matter, Nubank's valuation may exceed $40 billion by then.

But details could change as negotiations are ongoing. The bank was valued at $10.4 billion after a funding round in early 2019, and surged to $30 billion by June after Berkshire Hathaway invested $500 million. At a valuation of more than $40 billion, Nubank could become the second-largest financial institution in Latin America.

The largest company by market value is Brazil's Itau Unibanco Holding SA, with a market value of $55 billion, followed by Banco Bradesco SA, with a market value of about $41 billion.

It is reported that in June this year, Berkshire Hathaway invested $500 million in Brazilian digital bank Nubank. Nubank acquired brokerage firm Easyvest, and the two financial companies plan to join forces to provide Bitcoin ETF investment services to customers. Nubank and Easyinvest have been in negotiations since the fall of 2020, and the acquisition will take place later this year.