Berkshire Hathaway, led by renowned investor and bitcoin critic Warren Buffett, has made a $500 million investment in Brazilian digital bank Nubank with Bitcoin exchange-traded funds (ETF).
The privately held digital bank based in Brazil has roughly 40 million customers and, in the first five months of the year, it has grown at a pace of more than 45,000 new customers per day as digital banking expands quickly in Latin America’s largest economy.
Nubank said the Berkshire Hathaway investment is an extension of the G Series funding carried out in January. Series G is the eighth fundraising event for a startup. It has raised around $2 billion since its inception in 2013, Nu said.
The company’s CEO told The Wall Street Journal that an initial public offering is likely but is not planned.