Nubank, the Brazilian fintech company backed by Warren Buffett and Tencent, has become the most valuable financial group in Latin America with a valuation of almost $50bn after its initial public offering. Shares in the lossmaking digital lender jumped by a quarter when they started trading on Thursday afternoon in New York, after it raised $2.6bn with the sale of a minority stake. The transaction ranks as the fifth-largest US stock market flotation of 2021, according to Dealogic. David Vélez, founder and chief executive, said the proceeds would help fuel growth in its newest markets of Mexico and Colombia as it seeks to become a pan-Latin American lender. “There is a lot of opportunity to build the next generation of financial services, so we will continue to invest and grow for a very long time,” he told the Financial Times.

https://www.ft.com/content/2ddd812b-5626-443d-9521-df0bf4b01d39