NYSEImportant events
Feb 232022
A Nu fintech leader proves itself
NuBank releases Q4 earnings that prove why it’s Latin America's most valuable fintech.Key points:
- Shares rallied nearly 8% in extended trading on Tuesday after the neobank reported its first earnings as a public company. It reported a narrower net loss than expected at $66.2m, down from $107.1m a year ago; and revenue more than tripled y-o-y to hit $635.9m.
- New clients and new products are to thank for the results. It now boasts 53.9m clients and its monthly revenue per active client lifted to $5.60, up from $3.30 in the previous quarter, thanks to a bunch of new products – the gains came despite Brazil’s challenging fourth-quarter economic environment.
- NuBank got a boost from the big boys last week. Prices lifted 11% on February 17 after Warren Buffett’s Berkshire Hathaway sold some of its stake in Visa (V) and Mastercard (MA) to put $1bn into the crypto-friendly Brazilian bank – prices closed Tuesday just below their $9 IPO price.
NuBank
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Dec 102021
There’s a NuBank on the scene
This Buffet-backed Brazilian fintech firm becomes Latin America’s most valuable listed bank after a stellar IPO.- NuBank shares opened up 25% from their $9 IPO price and closed up nearly 15% at $10.33, leaving it with a market cap just short of $50bn.
- It’s only been around since 2013, but the bank's quickly climbed the ranks – coming through both a recession and a pandemic with 48m loyal customers.
- It raised $2.6bn in its IPO with a minority stake, which is the fifth largest stock market flotation in the U.S. this year. This year has seen around 470 IPOs raise over $161bn.
Nubank