Investment fund Berkshire Hathaway, owned by one of the world’s richest people Warren Buffett, has invested USD 500 million into Brazilian digital bank Nubank.

TASS reports that the bank’s press service has officially announced the investment.

“The largest independent digital bank in the world, Nubank has raised USD 500 million investment from one of the world’s largest open capital companies, Berkshire Hathaway. The deal is the continuation of the G series investment round, which was held in January 2021,” said Nubank.

The raised funds will be allocated to the bank’s international expansion. Apart from Brazil, Nubank also works in Columbia and Mexico. These three countries combined have 60% of Latin America’s GDP.

Nubank’s press service has said that around 50% of the region’s population does not have bank a bank accounts and only 21% uses credit cards.

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