Nubank, a leading digital bank based in South America’s biggest economy, recently revealed that it had received about half a billion dollars in investments from Berkshire Hathaway, a multinational holding company founded and operated by the world’s arguably most popular investor, Warren Buffett.
In a press release by the Brazil-based bank, Nubank disclosed that the investment proceeds will be used primarily for its international expansion and attracting talents from leading tech brands.
The fast-growing bank reportedly has more than 40 million customers in Brazil, Mexico, and Colombia.
The new round is the result of Nubank’s hyper-accelerated and sustainable growth. The company is the largest digital bank in the world in terms of a number of customers — it has just reached the 40 million mark and, in these first five months of the year, it has grown at a pace of more than 45,000 new customers per day.
“Around 50% of the population in Latin America still does not have a bank account. Credit card penetration is, on average, 21%, while in the United States this number is over 70%. This new funding will help us to keep democratizing access to financial services across the region,” says founder and CEO, David Vélez.
The bank is also known for its exposure to the pioneer Crypto asset, Bitcoin, after acquiring Easynvest, a fast-growing unicorn brokerage platform with 1.5 million customers and a reported S$ 3.8 billion in assets under management.
Nubank is known for offering its customers a Bitcoin Exchange Traded Fund investment service. The Brazilian firm disclosed that Berkshire Hathaway’s investment is an extension of the eighth fundraising event carried out early this year.
It is interesting to note that Warren Buffet, the highly revered billionaire worth about $109 billion at the time of drafting this report, has a negative bias on digital assets investments, saying it basically has no real value and that he will never buy or invest directly in the Crypto market.