LatAm List – Nubank is now one of the most valuable privately-owned startups in Latin America, after a US$180M investment from Chinese giant Tencent. Nubank previously received US$150M from DST Global in February, so this investment was strategic rather than based on capital.
“We found so much value in partnering with Tencent, particularly everything there is to learn about the Chinese financial market,” said Nubank cofounder David Velez.
Tencent has long been interested in getting involved in Latin American fintech startups. With the investment, split 50/50 between direct investment and secondary market purchases, Tencent now has access to what may be the world’s largest digital banking company. Nubank has over 5 million card users, and 20 million people have applied for a card.
Nubank still sees massive market opportunities ahead as they fight against the monopolistic system of Brazilian banking. The team will now receive guidance from one of China’s biggest companies as they continue to grow.
Read the original article in TechCrunch.
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