Brazil based digital bank Nubank is gearing up to get listed on the United States stock markets. This was revealed by sources involved with the matter who said the listing could happen before the year comes to an end.
Nubank is the largest financial technology company in Latin America and this could go down as the largest listing of a South American company in recent times.
In its latest private financing round held in January, the company was left with a market valuation of $25 billion which was more than double its market value before the financing round was held.
“We will probably do an IPO at some point in time, but it is not among our current priorities. We have the support of an amazing group of investors that share a long-term vision on our business,” said Nubank whose legal names are Nu Pagamentos SA.
The company said it’s working with advisers regarding getting listed on New York Stock Exchange.
The bank was established on 2013 by David Veldez as an insurer of a purple credit card without any annual charges.
In 2020, the bank recorded a net loss of $41.9 million which was on the lower side compared to the net loss of $56.92 it posted a year earlier.