Brazilian digital bank Nubank has raised $500 million from Berkshire Hathaway, a multinational holding company run by billionaire Warren Buffett.
In an announcement from Nubank on Tuesday, the digital bank said the $500 million investment would be used to continue its international expansion — the company recently launched in Colombia — as well as attract new executives from major tech companies. Nubank reported it has more than 40 million customers in Brazil, Mexico and Colombia.
Nubank CEO David Vélez said the funding would help in “democratizing access to financial services” across Latin America. He said that only half the people in the region have bank accounts, with roughly 21% using credit cards.
“No one thought it was possible to change the financial system, but we were always convinced that there was room for disruption and innovation and, more importantly, that customers deserved better service,” said Vélez.