Nubank $750 million Series G-1 financing
Davis Polk advised Nu Holdings Ltd. (“Nubank”) in connection with its $750 million Series G-1 financing, including a $400 million primary issuance of Series G-1 preferred shares and $350 million in secondary sales by certain existing shareholders. The financing round was led by an affiliate of Berkshire Hathaway, with participation from other domestic and foreign investors.
Headquartered in São Paulo, Brazil, Nubank is the largest fintech company in Latin America, and creates banking solutions for traditionally unbanked populations through its fully mobile digital bank and credit card offerings. Nubank has over 40 million customers, and its customer base grew by more than 45,000 customers per day in the first five months of 2021.
The Davis Polk corporate team included partner Byron B. Rooney and associates Tierney O’Rourke, Dylan H. Lojac and Jakub P. Jozwiak. Partner William A. Curran and associate Elina Khodorkovsky provided tax advice. Members of the Davis Polk team were based in the New York and Northern California offices.