Nubank’s downsized IPO raises questions ⁉️; BNPL for SMBs? 🤔; Crypto.com is on a spending spree 💸

Good Morning FinTech, 2 December

Good day Everyone,

And happy Thursday! This week has been such a blast that it’s hard to comprehend it’s almost over… But don’t worry, I’ve you covered - here are 3 super interesting FinTech stories I’ve prepared for you today:

Nubank’s downsized IPO raises questions ⁉️

The news 🗞 Brazil’s Nu Holdings, the parent company of the popular Latin American neobank & local FinTech heavyweight Nubank, just announced a reduction to the expected price of its public offering.

The well-funded FinTech and the biggest neobank globally by the number of customers is going to be listed in the United States and its native home market Brazil later this year.

The change 👉 In its first F-1 filing, Nubank indicated that it expected to sell its shares at a price of up to $11 per share, raising a maximum of $3.66B in its public-market flotation.

The company now anticipates a smaller $9 per-share IPO price maximum and a $2.86 billion max raise.

The effect 📉 The above downsize means a valuation drop from as much as $55 billion in August to roughly $40 billion today.

What does that imply about the company, the neobank industry, and the IPO market as a whole? Read the takeaway👇🏼