Brazilian digital lender Nubank has raised $2.6bn in its US initial public offering (IPO), which gave it a valuation of $41.5bn.
The digital bank sold more than 289 million shares for $9 each after pricing them between $8 and $9.
Recently, the lender slashed the size of its IPO which would have given it a valuation of nearly $50bn.
Nubank stated that it cut down the IPO size to meet the current market conditions.
Nubank’s other backers include Dragoneer, DST Global, Ribbit, Tencent, Tiger Global and Sequoia Capital, whose stake is valued at $7.1bn.
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Nubank CEO David Velez’s stake in the company is worth approximately $8.9bn at $9, while Nubank co-founder Cristina Junqueira’s share is valued at $1.1bn.
Nubank, which was founded in 2013, now stands ahead of Brazil’s established traditional lender Itau Unibanco Holding in terms of valuation.
The lender plans to use the proceeds from the IPO for general corporate purposes, including working capital, operating expenses, and capital expenditures.
Additionally, it will be used for acquiring or investing in businesses, products, services and technology.
The digital lender has a presence in Brazil, Colombia, and Mexico and caters to over 48 million customers.