By Carolina Mandl and David French

(Reuters) – Nubank, the Brazilian digital bank backed by Warren Buffett’s Berkshire Hathaway, has hired Morgan Stanley, Goldman Sachs and Citigroup to help run its U.S. IPO, a source familiar with the matter said on Monday. .

Reuters reported in June that Nubank had invited investment banks to propose roles in the upcoming IPO, which could value the company at more than $ 40 billion.

By this valuation, Nubank’s IPO would be one of the biggest stock market debuts ever for a South American company, putting it on par with other leading offerings such as online brokerage. Robinhood Markets Inc, which went public in July.

Nubank is expected to file an IPO application by the end of this year or early 2022, sources told Reuters.

Nubank, whose legal name is Nu Pagamentos, declined to comment on the case. Morgan Stanley, Citi and Goldman Sachs declined to comment.

In June, Nubank raised $ 750 million in a funding round led by Berkshire Hathaway Inc, valuing it at $ 30 billion.

Founded in 2013, Nubank has 40 million customers. Although most of them are in Brazil, fintech has recently spread to Mexico and Colombia.

(Reporting by Carolina Mandl in Sao Paulo and David French in New York; Editing by Dan Grebler)

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