November 17, 2021
Markets

Buffett-backed Nubank to seek IPO valuation of over $55 bln -sources

The logo of Nubank, a Brazilian FinTech startup, is pictured at the bank’s headquarters in Sao Paulo, Brazil June 19, 2018. REUTERS/Paulo Whitaker

BANGALORE/SAO PAULO, Aug 25 (Reuters) – Brazil’s Nubank is seeking a valuation in its planned U.S. initial public offering that would push the eight-year-old fintech past the $55.4 billion value of the country’s top traditional lender, two sources familiar with the matter said.

In a recent funding round led by Warren Buffett’s Berkshire Hathaway Inc (BRKa.N), Nubank was valued at $30 billion. With 40 million clients in Latin America, Nubank is the latest of several fast-growing financial services companies – often serving customers overlooked by banks – grabbing investors’ attention.

If Nubank is listed at a market cap greater than Itau Unibanco Holding SA’s (ITUB4.SA) $55.4 billion, it would vault into the ranks of the world’s largest…

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