Tencent-backed Brazilian online lender Nubank prepares for US listing

Photo: Nubank website

Brazilian digital bank Nubank has initiated preparations for a U.S. stock market listing that could come as early as this year, according to people familiar with the matter.

It would be one of the biggest stock market debuts of a South American company in recent years. Nubank was valued at around $25 billion in a January private fundraising round, more than doubling its valuation.

Nubank, whose legal name is Nu Pagamentos SA, is working with advisers about an initial public offering in New York, the sources said, requesting anonymity as the plans are confidential.

“We will probably do an IPO at some point in time, but it is not among our current priorities. We have the support of an amazing group of investors that share a long-term vision on our business,” Nubank said in an emailed statement. It declined to comment specifically on the timeline of or preparations for its IPO.

Sao Paulo-based Nubank was founded in 2013 by David Velez, a Stanford-educated Colombian, as an issuer of a purple credit card with no annual fee.

Since then, it has gained more than 35 million clients, launched new financial products such as checking accounts and loans, and expanded throughout Latin America. Over the last seven years, it raised $1.2 billion in various funding rounds.

Nubank ended 2020 with a net loss of 230.2 million reais ($41.9 million), down from 312.7 million reais from a year earlier.

Nubank‘s investors include venture capital firms Dragoneer Investment Group, Ribbit Capital, Tencent Holdings Ltd and Tiger Global Management, as well as the Founders Fund, which is backed by billionaire Peter Thiel.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.