The starting price was decided by Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and Nu Invest Corretora de Valores SA who became the owner of one of the largest “neobanks” in the world together with the British Revolut.
The latter would surpass the traditional Brazilian Itaú Unibanco, the largest in the country in the private sector, in market capitalization.
The digital bank, founded in 2013 by the Colombian David Vélez, the American Edward Wible and the Brazilian Cristina Junqueira, was born with the purpose of eliminating bureaucracy and high commissions, and being able to be used from a smartphone that provides greater transparency. It is focused on credit card payment services without associated costs.
With 48 million clients in Brazil, in addition to Colombia and Mexico, it still has ample room to grow. Only in their country of origin, some 182 million, of the 213 million Brazilians, access banking services, according to official data.
Since March 2020, 17 million new clients have been added, especially to receive government aid. In that pandemic period, Nubank nearly doubled its local customers, to 41 million.
Nubank attracted a $ 500 million investment from Warren Buffet’s Berkshire Hathaway fund in June, recognized for its successful investments. His support was added to that of renowned funds such as Sequoia (an Airbnb investor) and the Chinese Tencent.
The New York Stock Exchange opened lower on Thursday after three consecutive higher closes, in a market that awaits the Federal Reserve meeting next week.
Source From: Ambito
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