According to a source familiar with the matter at hand, Brazilian digital bank Nubank, which has the backing of Berkshire Hathaway, has hired Morgan Stanley, Goldman Sachs and Citigroup to help lead its U.S. initial public offering.
Earlier in June, Nubank had invited investment banks to pitch for roles in the upcoming IPO, which could value the company at more than $40 billion.
At this valuation, Nubank’s IPO would be one of the biggest- ever stock market debuts of a South American company, putting it on par with other high-profile offerings such as that of online brokerage Robinhood Markets Inc, which went public in July.
According to sources, Nubank is likely to file for the IPO by the end of this year or by early 2022.
Nubank’s legal name is Nu Pagamentos.
Morgan Stanley, Citi and Goldman Sachs declined comment.
In June, Nubank raised $750 million in a funding round led by Berkshire Hathaway Inc, which valued it at $30 billion.
Founded in 2013, Nubank has 40 million clients. While most of them are in Brazil, it has recently expanded to Mexico and Colombia.