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BusWestern numberBank Nubank announced on Tuesday that Warren Buffett (Warren Buffett)'s Berkshire Hathaway (Berkshire Hathaway) invested $500 million in the parent company of this private digital bank headquartered in Brazil.
Nubank was founded in 2013 and currently has around 40 million users.
The company's CEO said there are currently no plans for an IPO, but it is not ruled out that it may take place in the future.
Buffett is no stranger to investment finance companies, as traditional banks and insurance companies make up a large portion of Berkshire's portfolio.
However, securities filings show that by the end of the first quarter, Buffett had sold himWells FargoAlmost all of Wells Fargo's shares.