FILE PHOTO: The logo of Nubank, a Brazilian FinTech startup, is pictured at the bank’s headquarters in Sao Paulo, Brazil on June 19, 2018. Image dated June 19, 2018. REUTERS / Paulo Whitaker / File Photo

Brazilian fintech Nubank, valued at $ 30 billion in a recent financing round led by Warren Buffett’s Berkshire Hathaway, has filed for an IPO in the United States .

Nubank’s filing sets the stage for a blockbuster marketplace to take place in the coming months and possibly before the end of the year, a person familiar with the plans told Reuters.

Like other big tech This year’s unicorns, Nubank is trying to capitalize on a red-hot IPO market in the United States that is showing no signs of slowing. According to data from Dealogic, companies have already raised an all-time record of over $ 250 billion through US IPOs this year.

It enables Nubank to bypass the Brazilian IPO market, which is trading in US dollars this year is down about 15 percent, with several recent IPOs canceled due to poor investor response.

Nubank is one of a new wave of Latam tech startups that have benefited from an internet boom in the region, the accelerated under pandemic lockdowns as more shoppers go online and use mobile banking apps.

Perks like no fees or minimum balance have made lenders like Nubank more attractive.

The global usage boom of fintech services has accelerated business execution in the industry. Earlier this year, Affirm went public with a valuation of $ 22 billion, while payment company Square agreed to buy Australia’s Afterpay for $ 29 billion.

Nubank, which reported earlier this month that it was in Had a profit in Brazil in the first half of 2021 could aim for a valuation of more than $ 55 billion, Reuters reported in August, making this the largest IPO in Latin America ever.

The financial firm has also requested to list its Brazilian Depositary Receipts (BDRs) in its home country, with each BDR representing a fraction of its Class A common stock, it said.

The company was founded in 2013 by David Velez, a Stanford-trained Colombian and started out as a no-annual fee credit card issuer. Since then, the bank has acquired more than 40 million customers and launched products like checking accounts and loans.

It makes money primarily through fees paid by merchants when a customer makes a transaction.

Nubank has attracted customers who avoided opening traditional bank accounts and issued more debit cards than Brazil’s largest bank, Itau. It has also started a regional expansion, which includes Mexico and Colombia.

In addition to Berkshire, Nubank has among its investors the venture capital firms Dragoneer Investment Group, Ribbit Capital and Tencent Holdings Ltd.

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