Clarifications on Give Back Fund Allocations

As part of the IPO in 2021, Nubank created, in partnership with the bankrunners, the Give Back social impact fund, earmarking R$18.4 million for initiatives in Latin America focused on financial inclusion and education, technology and innovation, and the development of future tech leaders. The fund is managed by Sitawi and Instituto Phi, organizations dedicated to mobilizing and managing resources for social projects.

The fund is duly constituted and the allocation of resources is public, reported at least once a year in reports produced by Nubank and in the Form 20-F, submitted to the U.S. Securities and Exchange Commission (SEC).

On December 20, 2022, an agreement was signed between the fund managers and Talento Total, in the amount of R$ 2.2 million, to prepare candidates for MBAs in the United States, Canada and Europe. However, during the implementation of the project, inconsistencies were identified in Talento Total’s performance, in disagreement with clauses of the agreement, which resulted in its termination.

This Thursday (4), Nubank became aware of public statements made by Talento Total’s CEO on social media, and is evaluating the appropriate actions to be taken to defend its rights and protect itself from groundless allegations.