On December 9, Brazilian digital bank Nubank held an IPO on the New York Stock Exchange, raising $2.6 billion, Bloomberg reports. In two days, the shares of the company soared by 31.7%, and its capitalization reached $54.6 billion.
With this rating, Nubank has become the most valuable financial institution in Latin America.
Based in Sao Paulo, Nubank serves over 48 million customers in Brazil, Colombia and Mexico.
In September 2020, the company acquired the investment platform Easynvest. In May 2021, the Bank of Brazil approved the merger, and on June 2, the parties closed the deal.
In June, Warren Buffett’s investment holding Berkshire Hathaway invested $500 million in Nubank. The funding was a continuation of a Series G round in which the bank was valued at $30 billion.