Berkshire Hathaway invests $500M in Brazilian digital bank

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

In an announcement from Nubank on Tuesday, the digital bank said the $500 million investment would be used to continue its international expansion — the company recently launched in Colombia — as well as attract new executives from major tech companies. Nubank reported it has more than 40 million customers in Brazil, Mexico and Colombia.

Nubank CEO David Vélez said the funding would help in “democratizing access to financial services” across Latin America. He said that only half the people in the region have bank accounts, with roughly 21% using credit cards.

“No one thought it was possible to change the financial system, but we were always convinced that there was room for disruption and innovation and, more importantly, that customers deserved better service,” said Vélez.

Buffett has personally spoken on Bitcoin (BTC) and other cryptocurrencies previously, saying they “basically have no value” and that he will never own any himself. In a shareholders meeting last month, vice chair Charlie Munger referred to crypto as “useful to kidnappers and extortionists.”

However, over the last year, the multinational conglomerate has invested in more firms related to technology and beyond, including cloud technology company Snowflake. Berkshire Hathaway also holds billions of dollars worth of Apple and Amazon stock as of March 31.