Purple rain: Nubank debuts on NYSE as the most valuable listed bank in Latin America

“We challenge the biggest companies in Latin America”, says David Vélez; the IPO marks a new chapter for Brazilian neobank

Nubank IPO
Photo: Nubank/Courtesy
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Latin America’s largest neobank and one of the region’s biggest credit card issuers, Nubank debuted on New York Stock Exchange (NYSE). This Thursday (9), Nubank‘s founders, David Vélez, Cristina Junqueira, and Edward Wible rang the bell in the ceremony that marks not only its IPO but also a new era for Nu Holdings (NU) as its papers are listed on the U.S. stock exchange.

The market set the prices for NU shares at $9. Founded eight years ago in Brazil to offer credit cards free of charges, Nubank became the most valuable listed Latin American bank, valued at $41,5 billion.

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During the presentation at NYSE, the trio of founders thanked customers and remembered the fintech‘s mission: to make the financial lives of its clients less complex.

It’s hard to describe. We were crazy. What the hell were we thinking? A bunch of people thinking they could challenge the biggest companies in Latin America. And, somehow, here we are.

David Vélez, co-founder of Nubank

The trio also pointed out this is a new moment for Nubank, which plans to extend its financial offerings to more clients. The U.S. IPO will happen only a day before the debut of the company’s BDRs (assets representing on the Brazilian stock exchange the shares of a company listed on a foreign stock exchange) on B3.

Nubank’s founders at NYSE; NU is now the most valuable listed Latin American bank. Photo: YouTube/Nubank

A new chapter for Nubank

During the presentation, Cristina Junqueira thanked the bank’s customers. “I want to thank our customers, you are the reason we are here. I feel touched by the feedback from all our clients for the IPO”, commented the Brazilian co-founder of Nubank. “It is the beginning of a new phase, not a finish line. It is a moment that allows us to have a greater impact than we already have. And for millions of Brazilians who are now officially our partners”.

READ ALSO: Brazil’s Nubank arrives in e-commerce with a marketplace within its app

Junqueira also revealed that more than 815,000 customers became investors when they bought Nubank shares and another 7.5 million consumers accepted a BDR that the company offered in a marketing action carried out on its mobile application.

From left to right: Edward Wible, Cristina Junqueira, and David Vélez, the founders of Nubank. Photo: Nubank/Courtesy

At the end of November, Nubank slashed its IPO valuation target to roughly $40 billion, as a recent global sell-off in technology stocks weighs on year-end initial public offerings. Backed by Warren Buffett‘s Berkshire Hathaway, the company had earlier planned to raise nearly $3 billion by selling its 289.2 mln shares priced between $10 and $11 apiece.

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