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Bershire Hathaway of Warren Buffet has invested $500 million in the parent company of Nubank, a privately held digital bank based in Brazil.
Nubank was founded in 2013. As per the company, it has almost 40 million customers.
As per news source, the company’s CEO said that an initial public offering is likely but is not planned.
Buffett is no stranger to investing in financial firms, as traditional banks and insurance companies make up a large portion of Berkshire’s investment portfolio. However, Buffett had sold nearly all of his stake in Wells Fargo by the end of the first quarter, according to securities filings.
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