Brazil based financial technology bank Nubank is eyeing a United States initial public offering which will leave the largest bank in Latin America with a market valuation of $55.4 billion making it the biggest traditional lender in Brazil.
The latest financing round held by Nubank left it sitting on a market valuation of $30 billion, the funding round was led by Warren Buffett owned Berkshire Hathaway Inc. (BRKA).
Nubank has a client base of over 40 million customers in Latin America, it has been severally listed as the fastest growing financial service provider in the region and this has attracted a series of high ranking investors.
An insider source revealed that investors in the bank were advocating for an over $100 billion valuation flowing the IPO. However, the source claimed that it is close to impossible that this will happen at the time it hits the IPO.
Nubank is only six years old since its establishment but the bank is making huge steps in the fintech sector. The bank is engaging on a regional expansion initiative more specifically targeting the Colombia and Mexico markets.