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Monopoly: Brazil’s Nubank is ready to be listed on the US stock market

© Reuters. Logo of Nubank, a Brazilian FinTech startup, pictured at the bank’s headquarters in Sao Paulo

By Joshua Franklin and Carolina Mandl

NEW YORK / SAO PAULO (Reuters) – Brazilian digital bank Nubank has begun preparing for a US stock market listing that could arrive as early as this year, according to people familiar with the matter. .

This will be one of the largest stock market launches by a South American company in recent years. Nubank was valued at around $ 25 billion in a private funding round in January, more than doubling its valuation.

Nubank, whose legal name is Nu Pagamentos SA, is working with advisors on the New York public offering, the sources said, asking for anonymity as the plans were secret. honey.

“We may have an IPO at some point, but that’s not one of our current priorities. We have the support of a great pool of investors in the same league. Long-term view of our business, “Nubank said in an emailed statement. It declined to comment specifically on timing or preparation for its IPO.

Sao Paulo-based Nubank was founded in 2013 by David Velez, a Colombian trained at Stanford, as an annual zero-fee purple credit card issuer.

Since then, it has attracted more than 35 million customers, launched new financial products such as checks and loans, and expanded across Latin America. Over the past seven years, it has raised $ 1.2 billion in various funding rounds.

Nubank ended 2020 with a net loss of 230.2 million reais ($ 41.9 million), down from 312.7 million reais from a year earlier.

Investors of Nubank include venture capital firms Dragoneer Investment Group, Ribbit Capital, Tencent Holdings (OTC 🙂 Ltd and Tiger Global Management, as well as the Foundation Fund backed by billionaire Peter Thiel.

($ 1 = 5.4945 reais)

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