LatamList – Nubank, the Brazilian fintech unicorn, raised a $400M Series G funding round, bringing total valuation to $25B. The round was led by GIC, Whale Rock, and Invesco, with contributions from Tencent, Dragoneer, Ribbit Capital, and Sequoia.
From 12 million customers in 2019, the company now has 34 million. Nubank is now the fourth most valuable fintech in Latin America and the largest neobank in the world by customer and app downloads.
The startup has revolutionized the financial sector in Brazil where traditional banking systems resulted in a huge underbanked population. Nubank offers full, efficient, and simple banking services including credit and debit cards, savings accounts, and more.
āNubank was born out of the conviction that people deserved better, more transparent and human financial services that would allow them to be in control of their money and their future,ā said David VĆ©lez, co-founder and CEO of Nubank.
The neobank will now consolidate its presence in the Colombian and Mexican markets, and to increase product offerings in Brazil.
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