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Neobank Nubank targets a $50 billion valuation

Published November 04, 2021 - 3 mins reading time
Banks Fintechs

Founded in 2013, Brazilian neobank Nubank is preparing its IPO on the New York Stock Exchange, scheduled for December. It hopes to raise $3 billion, which would bring its valuation to over $50 billion.

Nubank aims to raise $3 billion in its IPO

Announced as early as spring 2021, the IPO of Brazilian neobank Nubank on the New York Stock Exchange is taking shape. In a recent press release, the 100% digital company announced that it had filed the necessary form for its Nasdaq listing with the US financial regulator, the Securities and Exchange Commission (SEC), as well as certain documents required by the Brazilian financial regulator, the Brazilian Securities Commission (CVM).

The neobank hopes to raise $3 billion, with an IPO range set between $10 and $11 per share. If it achieves its targets, Nubank would be valued at $50.6 billion, making it the 3rd largest IPO ("Initial Public Offering") of 2021 on the New York Stock Exchange, after South Korea's Coupang and China's DiDi. Its valuation would exceed that of Brazil's No. 1 bank, Itaú Unibanco.

Latin America's first fintech

Neobank Nubank was founded in 2013 by Brazilian entrepreneur Cristina Junqueira, American Edward Wible and Colombian David Vélez. In May 2017, it obtained the banking license needed to provide online accounts, and attracted 1.5 million customers in the space of 5 months.

In 2018, Nubank achieved "unicorn" status, with a valuation of $1 billion. In the first half of 2021, it announced that it was profitable for the first time since its creation 8 years earlier. At that time, its profits amounted to 76 million Brazilian reals, or 11.8 million euros, on sales of 4 billion reals.

Nubank is now Latin America's leading fintech, with 48 million customers in Brazil, Colombia and Mexico. Its low-cost bank cards, managed via a mobile application, quickly won over the Brazilian population, many of whom have no access to the traditional banking system.

In Q3 2021, the neobank attracted an average of 2.1 million additional customers per month. With its IPO on the New York Stock Exchange, Nubank intends to continue its ascent.