Fintech firm Nubank is eyeing to become Brazil’s lender with the highest valuation of over $55 billion in its maiden offering in US markets, Reuters reported.
- Bankers have floated a valuation of as much as $100 billion, but sources believe this is unlikely to be met by the time Nubank goes public. The bank was valued at $30 billion in its last funding round.
- Should the $55-billion valuation be met, this would rank Nubank higher than Brazil’s top traditional lender and bring it among the biggest fintechs across the globe ahead of Robinhood Markets Inc.
- Nubank posted a net income of 6.8 million reais in the first quarter, following the 230-million reais loss and a loan book or roughly 18 billion reais in 2020. It has 40 million clients in Latin America.
- Nubank is the seventh-most valuable unicorn across the globe and has continued to issue more debit cards than Itau as clients shift from traditional to digital banks. It has also expanded across the region in Mexico and Colombia.
The company tapped Morgan Stanley, Goldman Sachs, and Citigroup for the US IPO.