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.
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.