Berkshire Hathaway buys $500 million stake in Nubank

Brazilian digital banking company Nubank has raised $500 million in funds from Berkshire Hathaway. The investment is accompanied by another $250 million deal that includes various domestic and foreign investors. With the deal, Berkshire Hathaway becomes Nubank’s largest shareholder.

Founded in 2013, Nubank offers a variety of financial products including a digital bank account, a debit card, P2P payments, loans, rewards, and life insurance. Late last year, the digital bank and Chubb announced the launch of a fully digital life insurance offering called Nubank Vida in Brazil.

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Nubank is the largest fintech in Latin America and one of the largest in the world, with 40 million users in Brazil, Mexico and Colombia. It has raised around $2 billion since its inception.