According to two sources familiar with the matter at hand, Brazil’s Nubank is seeking a valuation above %55.4 billion in its planned U.S. initial public offering.

In Nubank’s recent funding round, led by Berkshire Hathaway Inc, Nubank was valued at $30 billion. With 40 million clients in Latin America, the company is the latest of several fast-growing financial services companies grabbing investors’ attention.

If Nubank is listed at a market cap greater than Itau Unibanco Holding SA’s $55.4 billion, it would vault into the ranks of the world’s largest fintechs, ahead of recently listed Robinhood Markets Inc.

According to a source, in recent weeks Nubank’s bankers have pitched a valuation of as much as $100 billion. However it is doubtful whether the Brazilian fintech unicorn would manage such a high valuation at the time it goes public.

Nubank declined to comment on the expected valuation.

In 2020, Nubank posted a loss of 230 million reais and reported a debt of around 18 billion reais. It reported a net income of $1.30 million (6.8 million reais) in its first quarter, according to Brazil’s central bank.

According to a ranking by CBInsights, Nubank is the seventh most valuable unicorn worldwide, behind fintechs Stripe, Klarna and Revolut.

Nubank has hired investment banking units of Morgan Stanley, Goldman Sachs and Citigroup to help lead its United States.

($1 = 5.2117 reais)

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