Brazil’s Nubank is seeking a valuation for its planned U.S. preliminary IPO that would push the fintech company’s value over $55.4 billion, according to a report by Reuters on Thursday.
In the latest funding phase led by Warren Buffet’s Berkshire Hathaway Inc, Nubank was valued at $30 billion.
With around 40 million clients in Latin America, Nubank is the newest of many speedily growing fiscal products and services firms that serve customers ignored by banks, gaining investors’ interest.
In recent weeks, Nubank’s bankers have pushed for a valuation of as large as $100 billion. But the Brazilian fintech company was unlikely to be valued so high at the time of the IPO.
Nu Pagamentos, as Nubank was formally known, ended the fiscal year 2020 with a loss of $230 million reais and a loan book of around 18 billion reais.
In the first quarter of 2021, Nubank managed to turn profitable, with a net income of $1.3 million. Last year, mammoth Itau recorded 18.5 billion reais in profit, a return on equity of 14.5% despite the pandemic.