Brazilian neobank called Nubank (NYSE: NU) raised $2.6 billion through an initial public offering (IPO) on the New York Stock Exchange (NYSE), Bloomberg reports. The company's shares soared by 31.7% just in two days as its market capitalization reached $54.6 billion.
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As a result, the bank became the most valuable financial institution in Latin America. Based in Sao Paulo, Nubank serves over 48 million customers in Brazil, Colombia and Mexico. The company also has engineering offices in Berlin, Germany, Buenos Aires, and Argentina.
In June, Warren Buffett's investment holding Berkshire Hathaway invested $500 million in Nubank. The funding was a continuation of a Series G round, in which the digital bank was valued at $30 billion.
A month later, Brazil's largest cryptocurrency exchange, Mercado Bitcoin, attracted $200 million from SoftBank Latin America Fund. The investment brought 2TM Group's (parent company) valuation at the $2.1 billion mark. This is the largest capital investment made by SoftBank in a Latin American crypto-related company so far.
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