Nubank set to go public in New York at a multi-billion dollar valuation
Nubank, the giant Brazilian fintech company, has filed to go public in the United States and Brazil. The new move will see the company join other fast-growing fintech firms that have gone public this year.
Nubank spectacular growth
Nubank is a leading fintech company that is headquartered in Brazil. It offers digital banking solutions to millions of people in the country.
Over the years, the company has accelerated its growth by focusing mostly on the unbanked population. It has been helped by significant cash inflows from global investors like Warren Buffett. It has grown its total customers to more than 40 million, up from about 6 million in 2018. Additionally, the company managed to turn its first profit ever recently.
In total, NuBank has raised $2.3 billion from investors, according to Crunchbase. Its most recent funding came in June this year when the company received $750 million at a $30 billion valuation. In addition to Buffett, other investors in the company are Sequoia, Tencent, and Ribbit Capital.
IPO loading
In a press conference published on Wednesday, Nubank said that it had filed is papers with the Securities and Exchange Commission (SEC). It also filed papers with the Brazilian regulator. The IPO will have class A shares that will be traded in the United States.
The firm will also have Brazilian Depositary Receipts that will enable people in Brazil to buy the stock. The valuation during the IPO was not disclosed. Nubank is not the only fintech company going public. Stripe, a buy now pay later the company went public early this year. Similarly, Wise also went public in London. And soon, Chime, a company that is similar to Nubank will also go public at a $40 billion valuation.
