Nubank gets $650 million credit line
Nubank, the Brazilian digital banking company backed by Berkshire Hathaway, received a $650 million line of credit to support its operations in Mexico and Columbia.
The new funds were financed by Morgan Stanley, Citigroup, Goldman Sachs, and HSBC, institutions that were underwriters of Nubank’s initial public offering in December 2021.
Founded in 2013 to give consumers a credit card with no fees, Nubank has become Latin America’s most valuable listed bank, at $41.5 billion, down from its $52 billion launch. In Q4 2021 the company added 5.8 million customers, reaching 53.9 million customers to become one of the largest digital banking platforms in the world.
Aside from banking products, Nubank also offers life insurance and cell phone insurance in partnership with Chubb.