Berkshire Hathaway’s $ 500 million boosts Nubank


Investors continue to flock to financial technology (FinTech) company Nubank. Tuesday, June 8, Nubank announced both an investment of $ 500 million by Berkshire Hathaway and another $ 250 million of Sands Capital and Brazilian companies Absoluto Partners and Verde Asset Management.

The total investment that Brazil-based Nubank made this year is $ 1.15 billion, according to a company blog. Digital banking has recently been recognized as one of the most influential companies in the world by Time magazine. CNBC appointed Nubank to its Top 50 disruptive companies.

Nubank said it “has consolidated itself as one of Latin America’s most valuable financial institutions.” In total, he raised $ 2 billion in venture capital.

Nubank had already raised $ 400 million in funding, the company said in January. In one blog post, the company said investors included GIC of Singapore, Whale Rock and Invesco.

FinTech is in talks to go public in the United States via an Initial Public Offering (IPO), sources told Reuters in April. “We’ll probably do an IPO at some point, but that’s not one of our current priorities,” Nubank commented at the time. “We have the support of an incredible group of investors who share a long-term vision for our business. “

“With only eight years in the market, we have succeeded in democratizing access to financial services for 40 million people and in revolutionizing the financial sector as a whole in Latin America, to make it simpler, more transparent and more human, said David Velez, founder and CEO of Nubank. “We are now entering new territories, such as investment and insurance, and expanding our operations to other countries such as Colombia and Mexico. “

Since its inception, the company has grown from its “core credit card product offering to a comprehensive digital banking platform with a broad portfolio”. The company’s blog says it includes personal loans, investment products, life insurance, and instant payment services.



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