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Brazilian Fintech Nubank Submits Confidential Filing for U.S. IPO

David Velez, founder and chief executive officer of Nubank, speaks during an interview in Sao Paulo, Brazil, on Thursday, Feb. 7, 2019. 

David Velez, founder and chief executive officer of Nubank, speaks during an interview in Sao Paulo, Brazil, on Thursday, Feb. 7, 2019. 

Photographer: Rodrigo Capote/Bloomberg
Updated on

Nu Holdings, the Brazilian fintech firm backed by billionaire Warren Buffett’s Berkshire Hathaway Inc., has picked the New York Stock Exchange for its initial public offering, according to a person familiar with the matter.

The transaction is expected to take place in December and value Nubank, as the firm is known, at more than $50 billion, the person said, asking not to be named because the matter isn’t public yet. Deliberations are ongoing, so the details may change.