Freedom24, an online investment platform recently launched in Lithuania, has announced its results for the last quarter and shares information about one of the most promising IPOs coming soon on the market, NUBANK.
Freedom Finance Europe’s revenue increased by 349% to USD 313 million in the reporting period. This was driven by a 2011% (+167 million USD) increase in the company’s income from securities (from 8 million USD to 175 million USD) and a 115% (+62 million USD) increase in fee and commission income (from 54 million USD to 116 million USD).
The holding company’s revenue grew by more than 8.5 times from USD 24 million in the second quarter of the financial year 2021 to USD 205 million at the end of the last reporting period. Earnings per share, based on a weighted average of 59 million shares, rose from USD 3.04 to USD 3.44 during the year.
“Our key financial indicators for the second quarter were up many times compared to the first quarter. We continue to implement our plan to expand into new markets and broaden our range of services. Our European subsidiary Freedom Finance Europe Ltd. has been building its client base rapidly from the outset and is growing quite steadily compared to other European brokers. It has also received direct membership approval from the Euroclear Bank Admissions Committee, which is another guarantee of stability and reliability for the company’s clients,” said Timur Turlov, CEO at Freedom Holding Corp.
Forecast for the most promising IPOs – NUBANK
Nubank, a new digital-only bank with 48 million customers on its board, is shaking up the Brazilian market and planning a USD 40 billion moves to the Wall Street exchange.
The São Paulo-based bank, founded in 2013 by a trio of international fintech entrepreneurs, will launch an initial public offering on the New York Stock Exchange on 8 December, consolidating its rapid growth.
“Nubank expects to raise around USD 2.6 billion from its IPO, with a total value of over USD 40 billion, which could make it the largest bank in Latin America, surpassing Brazil’s traditional bank, Itau Unibanco.
This is the latest headline-grabbing topic in the investment world since the company attracted a USD 500 million investment from legendary investor Warren Buffett’s Berkshire Hathaway in June.
China’s Tencent and Airbnb backer Sequoia are also investors in the company, which is now worth around USD 30 billion, making it one of the world’s largest neobanks.
“By offering free online accounts, credit cards and mobile phone banking to lower-income customers, Nubank promises a radical breakthrough and a break from the high-fee, grimly bureaucratic traditional Brazilian banks.