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Brazilian Digital Bank Nubank gets $500 million in funding from Berkshire Hathaway
Jun, 09 2021
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Brazil’s digital bank operator Nu Pagamentos SA stated
that Berkshire Hathaway Inc. decided to buy $500 million of its shares. The
investment is attended by another, $250 million deal that takes account of
several domestic and foreign investors, Nu stated. It came into existence on
08-June-2021.
Fundraising efforts-
The new investments provide Nubank with a $30 billion
valuation at the time of its earlier fundraising round. As per the source, this
would make the upstart bank value just to some extent less than Banco Santander
Brasil SA. This gives the rank to Brazil’s No. 3 bank, which has more than
2,000 branches.
Nubank, which has 40 million clients, held in a
declaration it plans to use the takings to fund its international growth to
Mexico and Colombia. It launches new products and services and hires more
employees. The transaction also cryptos Nubank into the upper echelons of
fintech universal, on a par with brokerage startups with Robinhood Markets Inc
and China’s Lufax but still far behind Ant Group.
The appearance of such high-profile investors, who
frequently invest in publicly traded companies, suggests how close Nubank is to
a listing. Formerly in April, Reuters stated that Nubank had initiated
preparations for a U.S. stock market listing which could come as initially as
this year, as pers the sources familiar with the matter.
Berkshire Hathaway, controlled by renowned investor and
bitcoin critic Warren Buffett. He has made a $500 million investment in
Brazilian digital bank Nubank. In a declaration Tuesday, Nubank said the
Berkshire Hathaway investment is an allowance of the G Series funding carried
out in January. Series G is the eighth fundraising event for a startup.
Nubank stated in terms of its number of customers it has
freshly reached 40 million and, in the first five months of the year. It has
grown at a pace of more than 45,000 new customers every day. The digital bank
has been acknowledged as an influential company in Latin America by TIME and
one of the most pioneering by CNBC.
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Shivangi Mujumdar
CBW - External Analyst
INDIA
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