Nubank seeks $55bn valuation in IPO - Reuters

Nubank seeks $55bn valuation in IPO - Reuters

Brazilian digital banking juggernaut Nubank is looking for a $55 billion-plus valuation when it lists in the US, according to Reuters.

With an IPO rumoured for late 2021 or early 2022, the valuation would make eight-year-old Nubank more valuable than any of Brazil's established banks, says Reuters, citing sources.

It would also be considerably more than the $30 billion valuation Nubank held in June when it scored a $500 million investment from Warren Buffett's Berkshire Hathaway.

With more than 40 million customers, Nubank has seen rapid growth in the last year for its digital banking platform.

From a core credit card product, the firm now offers personal lending, life insurance, products for micro entrepreneurs, instant payment services, and investment products.

While Brazil dominates the customer base, Nubank has won 1.5 million customers in Mexico in just over a year and has 300,000 Colombians signed up to a waiting list. Moves into more countries are expected.It has already made its first strides out of Latin America, co-leaing a $45 million round in Indian neobanking startup Jupiter earlier this month.

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