Exclusive Brazil’s NU Bank readies U.S Stock Market Listing Sources

Brazilian digital bank Nubank has initiated preparations for a U.S. stock market listing. As yearly as this year this would come, according to some people well versed with this matter. In recent years, it would be one of the biggest stock market debuts of a South American company. David Velez, a Stanford-educated Colombian founded the Sao Paulo-based Nubank in 2013. It is as an issuer of a purple credit card with no annual fee.

In January around $25 billion has been valued in Nubank, in a private fundraising round, more than doubling its valuation. Nu Pagamentos SA, is the legal name of Nubank. An initial public offering has been worked out with the advisers in New York. This statement was given by the sources requesting anonymity as the plans are confidential.

Through an emailed statement Nubank stated that they will probably do an IPO at some point in time, but it is not among their current priorities. They also have the support of an amazing group of investors that share a long-term vision on our business. Specifically, on the timeline of or preparations for its IPO, the Nubank has refused to make any comments.

From the launch of the bank, to till date it has gained more than 35 million clients. New financial products such as checking accounts and loans, have been launched. And it also has been expanded throughout Latin America. $1.2 billion funding has been raised over the last seven years.

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. Nubank’s investors include venture capital firms Dragoneer Investment Group, Ribbit Capital, Tencent Holdings (0700.HK) Ltd and Tiger Global Management, as well as the Founders Fund, which is backed by billionaire Peter Thiel.