(Reuters) - Brazil’s Nubank has raised $500 million in funds from Warren Buffett’s Berkshire Hathaway, giving a high profile boost to the fast-growing online bank.
Nubank, which has 40 million clients, said in a statement it plans to use the proceeds to fund its international expansion to Mexico and Colombia, launch new products and services and hire more employees.
The company also said it raised an additional $250 million with investors such as Sands Capital, Canada Pension Plan Investment Board, MSA Capital, Advent’s Sunley House Capital and Brazilian asset managers Verde Asset Management and Absoluto Partners.
The new investments give Nubank a $30 billion valuation, up from $25 billion at the time of its previous fundraising round, according to a source familiar with the situation.
The $750 million new funding round is part of its series G, which totaled $1.15 billion. An initial part of the series G round was announced in January.
Reporting by Noor Zainab Hussain in Bengaluru and Carolina Mandl in Sao Paulo; Editing by Maju Samuel and Christian Plumb
Source: Reuters