By Niket Nishant and Carolina Mandl

(Reuters) -Brazilian fintech Nubank, which was valued at $30 billion in a latest funding spherical led by Warren Buffett’s Berkshire Hathaway (NYSE:), has filed for an preliminary public providing in america.

Nubank’s submitting units the stage for a blockbuster flotation, which is anticipated to occur within the coming months and presumably earlier than the tip of the 12 months, an individual aware of the plans advised Reuters.

Like different massive tech unicorns this 12 months, Nubank is seeking to capitalize on a red-hot IPO market in america that’s displaying no indicators of slowing down. Firms have already raised an all-time document of over $250 billion via U.S. IPOs this 12 months, in accordance with information from Dealogic.

It permits Nubank to sidestep the Brazilian IPO market, which is down by about 15% this 12 months in greenback phrases, with a number of latest floats cancelled attributable to poor reception from buyers.

Nubank is amongst a brand new wave of Latam tech startups which have capitalized on an web growth within the area that has accelerated below pandemic lockdowns as extra consumers transfer on-line and use cellular banking apps.

Perks together with no charges or minimal stability necessities have added to the attraction of lenders comparable to Nubank.

The growth in the usage of fintech companies internationally has accelerated dealmaking within the sector. Earlier this 12 months, buy-now-pay-later agency Affirm went public at a valuation of $22 billion, whereas funds agency Sq. agreed to purchase Australia’s Afterpay for $29 billion.

Nubank, which reported earlier this month it had turned a revenue within the first half of 2021 in its Brazilian operations, might search a valuation of greater than $55 billion, Reuters reported in August https://www.reuters.com/enterprise/finance/buffett-backed-nubank-seek-ipo-valuation-over-554-bln-sources-2021-08-25, which might make it the most important ever IPO from Latin America.

The finance firm has additionally utilized to checklist its Brazilian Depositary Receipts (BDRs) in its house nation, with every BDR representing a fraction of Class A peculiar shares, it mentioned.

Based in 2013 by David Velez, a Stanford-educated Colombian, it started as an issuer of bank cards that charged no annual charge. The financial institution has since gained greater than 40 million purchasers and launched merchandise together with checking accounts and loans.

It makes cash primarily via charges which might be paid by retailers each time a buyer makes a transaction.

Nubank has attracted purchasers that had prevented opening conventional financial institution accounts, issuing extra debit playing cards than Brazil’s largest financial institution, Itau. It has additionally launched into a regional growth encompassing Mexico and Colombia.

Apart from Berkshire, Nubank counts enterprise capital corporations Dragoneer Funding Group, Ribbit Capital and Tencent Holdings (OTC:) Ltd amongst its buyers.