Berkshire Hathaway is investing $ 500 million in a Brazilian digital bank

The Brazilian digital bank Nubank raised $ 500 million from Berkshire Hathaway, a multinational holding company owned by billionaire Warren Buffett.

In a Nubank ad on Tuesday The digital bank said the $ 500 million investment will be used to continue its international expansion â ???? The company was recently established in Colombiaâ ???? and attract new executives from major technology companies. Nubank reports that it has more than 40 million customers in Brazil, Mexico and Colombia.

Nubank chief David Vélez said the funding would help democratize access to financial services in Latin America. He said only half of the people in the area have bank accounts and about 21% use credit cards.

Berkshire Hathaway is investing $ 500 million in a Brazilian digital bank
Berkshire Hathaway is investing $ 500 million in a Brazilian digital bank

“Nobody thought it was possible to change the financial system, but we have always believed that there is room for disruption and innovation and, more importantly, that customers deserve better service,” said Velez.

Buffett has spoken personally about Bitcoin (BTC) and other cryptocurrencies before, saying that they are “basically worthless” and that he will never have any. At a shareholders meeting last month Vice President Charlie Munger described cryptocurrencies as “useful for hijackers and blackmailers”.

Last year, however The multinational conglomerate has invested in more tech-related companies and beyond, including cloud tech company Snowflakand. Berkshire HathawayIWell, he owns billions in Apple and Amazon as of March 31st.

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