Brazil’s Nubank files for U.S. IPO

Brazilian financial technology Nubank, which reached a US$30 billion valuation in a recent funding round led by Warren Buffett’s Berkshire Hathaway, has filed for an initial public offering in the United States.

Nubank’s filing is the necessary first step for what is expected to be a mega, record-setting deal. The IPO is now expected to happen in the next few months. A source close to the proceedings put the most likely timeline at anywhere before the end of the year.

Following in the footsteps of other large tech unicorns, Nubank is seeking to leverage the continual and unrelenting surge in IPOs across the United States. Various firms have so far raised an all-time high of over US$250 billion through US IPOs.

This move will also allow Nubank to go around the Brazilian IPO market which has been down by almost 15percent this year in dollar terms. This caused low investor confidence, which brought about the cancellation of many deals.