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Buffett-Backed Nubank Is Said to Plan $2 Billion Nasdaq IPO

  • Brazilian fintech’s initial offering is set for fourth quarter
  • The company may seek a valuation of more than $40 billion
Nubank co-founders David Velez and Cristina Junqueira
Nubank co-founders David Velez and Cristina Junqueira

Nu Pagamentos SA, the Brazilian fintech backed by billionaire Warren Buffett’s Berkshire Hathaway Inc., is planning an initial public offering of more than $2 billion on the Nasdaq for the end of this year, according to people familiar with the matter.

Nubank, as the firm is known, may seek a valuation of more than $40 billion, the people said, asking not to be identified because the transaction details aren’t yet public. Deliberations are ongoing, so the details may change. Nubank declined to comment.