Fresh from a $500 million investment from Berkshire Hathaway earlier this year, Nubank is seeking a market valuation of $55 billion in anticipation of its upcoming IPO in the United States.
Like any fintech firm, Nubank has seen its share of ups and downs over its history. At the time of its establishment in 2013, the company offered only a single credit card. Though the bank brought in steady growth over the following years, accumulating more than 40 million customers, Nubank went on to make headlines for all the wrong reasons as one of the few banks in Brazil to post significant losses in 2020.
However, in a striking illustration of how quickly fortunes change in the financial world, Nubank’s luck seems to have changed in 2021. In addition to making inroads in other Latin American markets, including traditionally neglected sectors such as Mexico and Colombia, Nubank has issued more debit cards this year than establishment Brazilian bank Itau Unibanco Holding. If successful in its latest valuation bid, Nubank is poised to become the largest financial institution in Brazil, as well as a major player in the global banking world.