Latin American fintech Nubank has gone public on the New York Stock Exchange, trading under ticker symbol NU, offering its stock at $10.33 per share.
Backed by Warren Buffett’s Berkshire Hathaway, amongst others, Nubank’s shares opened 25% above the offer price in their stock market debut on Thursday, giving the company a market capitalization of nearly $52 billion and making it the third most valuable listed firm in Brazil.
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The stock can be found under the ticker symbol NU.
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The Brazilian neobank was founded in 2013 by Colombian David Vélez, Brazilian Cristina Junqueira and American Edward Wible, when Vélez decided to venture into financial products in Latin America after he struggled with bureaucracy to open a checking account in Brazil. A year later, it launched its first financial product, an international Mastercard credit card that had no annuity fees and could be completely managed through a mobile app. In just four years, Nubank became a unicorn startup with a valuation of $1 billion.
With approximately 48 million clients in Brazil, Mexico and Colombia alone, among the company’s products are NuConta, a digital account and an international credit card, while it also offers personal loans, life insurance and investments. The company posted a total annual revenue of about $737 million in 2020, marking a year-over-year increase of 20%, while it estimates that its serviceable addressable market (SAM) added up to $99 billion in 2020. Nubank believes this will grow at a compound annual growth rate (CAGR) of 5% till 2025.
The listing adds to the year’s all-time record already set on U.S. exchanges, with at least 469 companies raising a combined total of more than $161 billion, not including blank-check companies, according to data compiled by Bloomberg.
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