Why Shares of Buffett-Backed Nu Holdings Are Falling Today
Shares of the Brazilian banking fintech Nu Holdings (NYSE: NU) had fallen nearly 9% as of 2:10 p.m. for no obvious reason, although the stock has had some volatility since going public last week.
Nu Holdings, the parent company of Nubank, is a digital platform that has disrupted the Brazilian banking market and is picking up steam in other parts of Latin America.
It offers a credit card with no annual fee, as well as other consumer banking services such as cash management accounts, personal loans, online investing, payments capabilities, and more. Nubank also serves business customers. The company has garnered an impressive 48 million customers with low customer acquisition costs, since it offers cheaper banking services that are easier to access than those of other traditional banks in Brazil.
Source Fool.com