Brazilian digital lender Nubank has reportedly hired Morgan Stanley, Goldman Sachs, and Citigroup to lead its US initial public offering (IPO).
Nubank, which is backed by Warren Buffett’s Berkshire Hathaway, is expected to file for the IPO by the end of this year or early 2022, Reuters reported citing sources.
In June this year, the news agency had reported that the lender had invited investment banks to pitch for roles for its upcoming IPO, which could value it over $40bn.
Also in June, Nubank bagged a $500m investment from Warren Buffett’s Berkshire Hathaway.
The bank also raised a second $250m Series G extension, which was led by Sands Capital.
The fundraising valued the digital bank at $30bn, up from $25bn in the earlier fundraising this January when it obtained $400m.
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Before that in April, Nubank’s Mexican arm received $135m to support its early-stage operations.
Founded in 2013, Nubank currently has 40 million customers and in the first five months of 2021 is said to have grown at a pace of over 45,000 new customers per day.
The digital lender, whose legal name is Nu Pagamentos, has a presence in Brazil, Colombia, and Mexico.
Prior to that, the bank purchased Brazilian digital investment platform Easynvest with more than $5bn in assets under custody and a client base of 1.6 million.