Berkshire Hathaway to Buy $500 Million Stake in Brazil’s Nubank
Brazil’s digital bank operator Nu Pagamentos SA said Berkshire Hathaway Inc. agreed to buy $500 million of its shares, as digital banking expands quickly in Latin America’s largest economy.
The investment is accompanied by another, $250 million deal that includes various domestic and foreign investors, Nu said. Both deals were signed late Friday and put the company’s value at $30 billion, Nu said.
The São Paulo-based, privately held firm operates via its Nubank brand. It is the largest fintech in Latin America and one of the largest in the world, with 40 million users in Brazil, Mexico and Colombia, the company said. It has raised around $2 billion since its inception in 2013, Nu said.
The company said Berkshire’s is the largest single investment it has ever received. Nu didn’t disclose the size of any investor’s stake.
