Brazil-based fintech Nubank has cut its valuation target by about $9 billion in its planned initial public offering in New York. The cut brings their market capitalization to about $41.5 billion, down from the previously expected $50 billion plus, the Financial Times reported. The digital lender is planning to sell 289.2 million shares at $8 to 9$ each, down from an earlier bracket of $10 to $11. The decision of lowering the price came as global equities are concerned over the new omicron variant. Despite the lowered valuation, Nubank would still be ahead of the most valuable digital bank in the world, European fintech Revolut, valued at $33 billion — and more than its largest Brazilian rival, Itau Unibanco, priced at $37.5 billion. Founded in 2013, Nubank is expected to rank among the top ten US flotations. Having more than 48 million users across Brazil, Mexico and Colombia, it started by offering zero-free credit cards and then moved into saving accounts, personal loans, investments and insurance.