The funds raised will be used to expand international activities, the bank said.
The Berkshire Hathaway investment fund, owned by one of the richest people in the world, Warren Buffett, has invested $500 million in the Brazilian digital bank Nubank. This was announced on Tuesday by the press service of the bank.
“Nubank, the largest independent digital bank in the world, announces the raising of $500 million from Berkshire Hathaway, one of the world’s largest open capital companies. The transaction is a continuation of the Series G investment round, which was held in January of this year,” the statement on the financial institution’s website reads.
The funds raised will be used to expand the bank’s international activities. In addition to Brazil, Nubank also operates in Colombia and Mexico – together, these three countries account for 60% of Latin America’s GDP. According to the press service of the bank, about 50% of the population of the region does not have bank accounts, and credit cards are used by an average of 21% of residents of these countries.