Backed by Warren Buffett, with more than 40m customers and Brazil’s biggest pop star on its board, Nubank is on the rise. After hitting a $30bn valuation in a funding round earlier this year, the Latin American start-up filed for an IPO in the US that could seal its place among the world’s hottest financial technology companies.
Nubank executives declined to be interviewed. But its mission to take on the big banks and promote financial inclusion was captured recently by chief executive David Vélez on LinkedIn, where he posted: “First they ignore you, then they laugh at you, then they fight you, then you win”. A successful float would be another achievement for Brazil’s booming start-up scene, which has more than a dozen “unicorns” — privately owned companies valued at more than $1bn