• ALLVP

💳 Unpacking Nubank's IPO (21')

Last updated: December 5th, 2021.



Last year, we deep dived into Nubank's IPO filing and unpacked some of the most impressive KPIs and milestones achieved by the company. Here are some extracts from the full piece written by our collegue Chloé Novène:


"Nu Holdings, the parent company of the fintech superstar Nubank, is seeking a valuation ranging from $37Bn to $41Bn+ in its IPO on December 2021. Nubank expects to raise more than $2.8Bn+ in this operation. By doing so, it would become one of the most valuable Latin American companies, outperforming legacy banks such as Itau Unibanco in Brazil, which was valued at $38.6Bn+ by the end of October 2021. Even though this valuation may be slipping and sliding until the actual date of this IPO, it should definitely remain huge!


The first 10 pages of its IPO filing give a taste of Nubank’s performance and immediately blow your mind: 48.1M+ users ending September 2021, with 73% of them active each month (!!! — but let’s come back to the definition of active users later), a 90+ NPS, a $5 blended CAC… and the list goes on and on! After going through the 300+ pages, I want to share some takeaways from this filing.


For anyone who had doubts about the tremendous fintech opportunity in Latin America, Nubank’s F-1 filing should be a no-brainer to start looking at the region — and as a fintech investor myself, I’m more bullish than ever!"



Read the full piece here.