Nubank's Valuation Soars Above LatAm's Biggest Banks

Nubank is quickly becoming the biggest bank in Latin America. In its latest funding round, led by Warren Buffett’s Berkshire Hathaway, it received a private valuation of $30B. Last week, it filed to go public on US Markets, with estimators valuing the company at up to $55B. At that number, Nubank would become more valuable than all of LatAm’s biggest banks.

Colombian founder David Vélez, who grew frustrated with traditional banks after struggling to open an account, made it his mission to create a transparent, 0 fees, digital banking alternative. Allowing customers to open an account online in 3 minutes, Nubank has been able to get more than 40 million customers to sign up. It is now clear that Nubank’s vision is spot on and that indeed, in Latin America, “the future is purple.”