Nubank raises $400 mn in Series G funding, aims international growth
By Pavithra R
Nubank, a leading independent digital bank has announced raising $400 mn in Series G investment round, becoming one of the five most valuable financial institutions in Latin America.
The series G investment round comes precisely to support this international expansion in Latin America. The funding round saw participation from global investors, such as GIC, Whale Rock and Invesco and former investors including Sequoia, Tencent, Dragoneer and Ribbit.
The FinTech is planning to use the funding to mainly support Nu’s expansion in Mexico and Colombia. The value will also allow for even more investments in Brazil, as the product offering continues to grow. The firm in Mexico received application for Nubank card from more than 1 million people. Its roxinho waiting list already has more than 200 thousand subscribers a few months after its arrival in the country.
Nubank continues to grow to increasingly support its customers. The firm has almost tripled the number of users in Brazil – from 12 million to 34 million people, It has also launched new products, expanded in Latin America and made three important acquisitions – PlataformaTec , Cognitect and Easynvest.
Nubank was born with a great mission: to give people back control over their financial life. It started as a small startup in São Paulo, 2013, offering a credit card with no annual fee and completely controlled by the app. The FinTech launched its first product in 2014, a credit card with no annual fee managed entirely by a mobile application. In 2017, Nubank launched its proprietary loyalty rewards program (Nubank Rewards), as well as a digital account (NuConta) that is already used by more than 17 million people. In Brazil, Nubank has a series of products – such as a digital account, debit function, points program, loan and account for PJ.
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