reported Monday, citing people familiar with the matter.
Nubank declined to comment on the report.
Earlier this month, the Sao Paulo-based company said it aimed to raise nearly $3 billion at a valuation of more than $50 billion. At that valuation, Nubank — backed by Warren Buffett’s Berkshire Hathaway Inc — would have been worth more than Brazil‘s largest traditional lender Itau Unibanco Holding SA, which is currently valued at $38 billion.
While the IPO market in the US has been robust this year, investors were spooked by a new, possibly vaccine-resistant variant of the coronavirus, which led to a broad sell-off on Wall Street on Friday.
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