brazilian online lender nubanks bloomberg news
informed of citing people familiar with the matter on Monday.

NuBank declined to comment on the report.

Earlier this month, the So Paulo-based company said it aims to raise about $3 billion at a valuation of more than $50 billion. At that valuation, NuBank — backed by Warren Buffett’s Berkshire Hathaway Inc. — would have been worth more. BrazilIts largest traditional lender is Itau Unibanco Holding SA, which is currently valued at $38 billion.

While the IPO market in the US has been strong this year, investors were intimidated by a new, possibly vaccine-resistant version of the coronavirus, which led to widespread selling on Wall Street on Friday.

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