Sao Paulo, Brazil-based challenger bank Nubank announced Wednesday that it has received a post-initial public offering (IPO) infusion of $1 billion from Berkshire Hathaway, which is owned by Warren Buffett.

The equity funding was disclosed in a 13F filing with the U.S. Securities and Exchange Commission. It brings the total funding for Nubank to $3.3 billion over 13 rounds, Crunchbase reported.

In June 2021, Berkshire Hathaway invested $500 million in Nubank, leading the extension of a series G funding round. The fintech bank also raised $2.6 billion in its initial public offering in December 2021 with a price of $9 per share for a market value above $40 billion, according to a report.

Nu Holdings [NYSE:NU] was trading at $9.75 as of 3:30 p.m., down 3.22% from market open.

Neon gains $300M from BBVA-led funding round

Brazilian digital bank Neon raised $300 million in a series D funding round this week led by Madrid-based BBVA. Total valuation was not disclosed, although the company had already attained unicorn status, according to published reports.

BBVA bought a stake in Neon in 2018 through its venture capital arm Propel. Following this week’s transaction, BBVA’s stake in the digital bank is 29.7%.

The digital banking platform is a way for BBVA to grow in the Latin American market, BBVA Chairman Carlos Torres Vila said in the release.

“Neon’s value proposition connects with the financial needs of Brazilians serving as a platform to continue to grow rapidly in a market with great potential,” Vila said.

BBVA also holds investments in other digital platforms, including Atom Bank in the U.K. and Germany’s Solarisbank.

Neon was founded in 2016 as an alternative to traditional Brazilian banks. The neobank offers free checking accounts, debit and credit cards, payroll loans and specialized products for small businesses.

Prior to BBVA’s funding round, Neon had raised $423 million from investors through several funding rounds. Its shareholders include General Atlantic, Vulcan, BlackRock, PayPal and Banco Votorantim.

Low-code application development platform raises $200M

Low-code technology platform Genesis Global raised $200 million Wednesday in a series C funding round led by Tiger Global Management, with participation from Accel, GV (formerly Google Ventures), Illuminate Financial, Insight Partners, Salesforce Ventures and Tribeca Early Stage Partners.

The funding will be used to expand the Genesis platform, developer community and the company’s buy-to-build model, according to a release.

Genesis’ platform integrates with a firm’s technology ecosystem, offsetting the need to invest resources into new systems. The company’s buy-to-build approach enables companies to deploy applications with speed and scale.

Citi, which is also a strategic investor, ING, London Clearinghouse and B3 are among the companies that use the platform, according to the release.

Low-code development platforms are a growing market, said John Curtius, partner at Tiger Global Management.

“The rise of low-code development as a centerpiece of every IT stack is undeniable – the market is predicted to reach $21 billion by 2022 – but what Genesis represents is clearly the next-generation of low code/no code path forward for the highly complex, highly regulated, and extremely valuable financial markets,” Curtius said.

The London-based company has raised $249.8 million over five funding rounds, according to Crunchbase.

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